Major lenders to shipping are set to swing behind the voluntary Poseidon Principles to align their lending with climate change mitigation aims, the project's founder has claimed.
Citi’s Michael Parker told the opening of the Global Maritime Forum in Singapore today that he expects up to 90% of ‘serious’ lenders to shipping to sign up in the next year.
So far just 12 banks representing about 20% of the $400bn global shipping debt market have committed to incorporate the Poseidon Principles into their lending, notably with no Asian or US banks with the exception of Citi.
