Poseidon Principles banks could tackle ship scrapping next

The Poseidon Principles could be expanded to cover ship demolition, the leader of the decarbonisation-focused banking initiative says.

Chairman Michael Parker told the SHIPPINGInsight conference in Stamford, Connecticut that the “logical next step” would be to include scrapping once an International Maritime Organization treaty enters force.

“We’re guided by and not following the IMO. But the scrapping issue is one which, when it becomes a global regulation, enables a global group of banks to register,” he said.