Banks that are part of the Poseidon Principles are reported to be considering curbing lending to shipowners who put their crews at risk.
Executives at eight banks, including ING and Citigroup, plan to meet from October to discuss how to track clients’ commitments to safety, reported the UK’s Financial Times.
Stephen Fewster, head of shipping finance at ING, told the financial daily: “Can you imagine sailing down the Red Sea, not knowing if you’re going to be hit by a missile?”
“The crew members are coming from typically low-income backgrounds.
