Poseidon News

Swedbank has signed the Poseidon Principles, a global framework for integrating climate considerations into lending decisions within ship financeThe Poseidon Principles provide a standardised methodology for data collection and reporting of emissions from banks’ shipping portfolios, with the overall ambition of supporting and facilitating the decarbonization of the shipping industry.The Poseidon Principles are consistent with the policies and ambitions of the IMO, including its…

Oil and fuel tanker traffic in the Red Sea was stable in December, even though many container ships have rerouted due to attacks by Iran-aligned Houthi militants, a Reuters analysis of vessel tracking data showed.The attacks have driven up shipping costs sharply along with insurance premiums, but have had less impact than feared on oil flows, with shippers continuing to use the key East-West passage. The Houthis, who have said they are targeting Israel-bound vessels, have largely…

Every day, nearly 60 fully loaded very large crude-oil carriers sail between the Persian Gulf and Chinese ports, carrying about half of the oil that powers the world's second-largest economy.As the vessels enter the South China Sea, they ply waters increasingly controlled by China's growing military, from the missile batteries and airfields at its bases on disputed islands to its stealthy Type 055 destroyers.But when crossing the Indian Ocean, joined by others headed to China from Africa and Brazil…

A Royal Navy task force of seven ships will deploy with allies early next month to jointly patrol areas with vulnerable undersea critical infrastructure, following an unprecedented agreement by ministers of the 10 Joint Expeditionary Force (JEF) nations.The UK contribution to the deployment will include two Royal Navy frigates, two offshore patrol vessels and mine countermeasures vessels, as well as a Royal Fleet Auxiliary landing ship – supported by a Royal Air Force P-8 Poseidon…

ABB has secured an order with Spanish state-owned shipbuilding company Navantia to supply the Spanish Navy’s forthcoming submarine rescue vessel, Poseidon, with high-performance, DC-based power and distribution.Following the delivery scheduled for 2026, the vessel will be the first of its kind equipped with this system. The ship will be responsible for executing and supporting submarine missions, including diving operations, intervention and rescue in accidents and shipwrecks and underwater surveillance…

Hamburg-based ship finance platform oceanis’s Q4 State of Ship Finance Report comes with a thank-you to shipping companies that are committed to the green transition.Over the past decade, oceanis has seen large changes to the ship financing landscape towards greener projects. The most obvious green financiers are the Poseidon Principles banks, the initiative launched in 2019 whose signatories manage 70% of the world’s shipping loans. At the same time, many other banks and funds are moving away from financing ‘brown’ assets and trades.

Deutsche Bank has set emissions reduction targets for loans to clients in the coal mining, cement and shipping sectors and now has a net-zero plan for 55% of its financed emissions, its chief sustainability officer told Reuters.A key funder to polluting sectors, Germany's biggest lender, like many of its peers, is under increasing pressure from policymakers and investors to push clients to curb climate-damaging emissions.Its corporate loan book stood at 107 billion euros ($112.72 billion) at the end of 2022."Once we have pathways…

Norwegian marine equipment and technology firm Kongsberg will provide scientific sensors and scientific handling equipment for Germany’s new ocean research vessel, the 135-metre Meteor IV. The new 10,000GT vessel will be able to house 35 scientists plus 36 crew. Meteor IV will be built by MeyerFassmer Spezialschiffbau (MFSB) for the German Federal Ministry of Education and Research. The vessel, due for delivery in 2026, replaces existing research vessels Meteor and Poseidon.“We…

Bellingham, Wash. boatbuilder All American Marine (AAM) has delivered a new tour and dive vessel for Hawaii Dolphin Tours based in Honolulu, Hawaii. The highly customized vessel 50- by 17-foot Poseidon features a semi-displacement aluminum catamaran hull developed by Nic de Waal of Teknicraft Design in Auckland, New Zealand and was constructed to USCG (US Coast Guard) Subchapter T regulations in AAM’s facility on Bellingham Bay. The new vessel started operations this week in Oahu…

Over the past year North Korea has moved to boost its navy with new nuclear weapons, including an underwater drone, warships, and its first operational missile submarine, unveiled on Friday.North Korea's navy has historically been dwarfed by the country's land forces, and overshadowed by its rapidly advancing ballistic missile program.Now, leader Kim Jong Un has said the navy will play a key role in the country's nuclear deterrence, and analysts say it may also assure support among naval commanders and boost national pride."Until quite recently…

The Meyer Group's Neptun Werft officially laid the keel for the new German research vessel Meteor IV during a ceremony at the Rostock, Germany shipyard.The Meyer Group is building the research vessel together with the Lower Saxony shipyard Fassmer on behalf of the Federal Ministry of Education and Research."Only two months after the burning start, the assembly of the individual components for the Meteor IV is now beginning. At our shipyards in Rostock and Papenburg, and together with Fassmer Werft…

The Sustainable Shipping Initiative (SSI) has published a green steel and shipping report calling for circularity in shipbuilding. Steel is the primary shipbuilding material, making over 75% of a vessel by weight, and the steel industry is responsible for 7-9% of global GHG emissions. Addressing steel emissions is critical to decarbonizing across the ship lifecycle, says SSI, and provides opportunities for collaboration with the steel sector and other steel demand sectors. The report identified drivers and barriers to closing the loop on steel in shipping…

U.S. and British naval forces on Sunday came to the aid of a commercial ship that was "harassed" by the Iranian Islamic Revolutionary Guard Corps Navy in the the Strait of Hormuz, the U.S. Navy said.Civilian crew aboard the merchant vessel reported three Iranian fast-attack craft with armed personnel approached and followed their vessel at close distance while it transited the narrow strait. The radio distress call was made at 4:56 p.m. local time.U.S. Navy guided-missile destroyer USS McFaul (DDG 74) and U.K.

A Singapore-registered containership that lost power and steering in heavy seas off the west coast of New Zealand has been towed to safety.The 5,100 TEU capacity Shiling requested assistance from Maritime New Zealand at around 8:30 a.m. local time Friday, after losing main propulsion while en route from Auckland to Wellington.The 294-meter-long containership started rolling severely after drifting into heavy swells about 22 nautical miles northwest of Farewell Spit and issued a mayday call at 11 a.m.

Iran seized a Marshall Islands-flagged oil tanker in the Gulf of Oman in international waters on Thursday, the U.S. Navy said, the latest in a series of seizures or attacks on commercial vessels in sensitive Gulf waters since 2019.Iran's army said it had seized a Marshall Islands-flagged oil tanker in the Gulf of Oman after it collided with an Iranian boat, injuring several crewmen, Iranian state media reported."Two members of the boat's crew are missing and several were injured due to the collision of the ship with the boat," an army statement said.The U.S.

DNV has launched Emissions Connect, an emissions data verification engine and data management platform designed to help the maritime industry accurately assess and work with emissions data.The solution provides a trusted, verified source of emissions data that can be shared securely with all relevant stakeholders along the maritime value chain. High-quality emissions data provided by the shipowner is verified by DNV and shared with customers for self-service in settlement of transactions or other purposes such as compliance reporting…

The Poseidon Principles provide a platform for financing shipping’s sustainable future, but the technical guidance underpinning the initiative remains under scrutiny.In July 2023, the International Maritime Organization’s Maritime Environment Protection Committee (MEPC) will consider revising the UN agency’s strategy on greenhouse gas emissions from ships. Moving on from a current target to reduce CO2 emissions from ships by at least 50% by 2050, based on 2008 levels,  influential administrations seek to accelerate towards net-zero or even zero by 2050.

North Korea has tested a new nuclear-capable underwater attack drone, state media reported on Friday, as leader Kim Jong Un warned joint military drills by South Korea and the U.S. should stop.During the test, the new North Korean drone cruised underwater at a depth of 80 to 150 metres (260-500 feet) for over 59 hours and detonated a non-nuclear payload in waters off its east coast on Thursday, North Korean state news agency KCNA said.Analysts say North Korea is showing off its increasingly diverse nuclear threats to Washington and Seoul…

The Poseidon Principles provide a platform for financing shipping’s sustainable future, but the technical guidance underpinning the initiative remains under scrutiny.In July 2023, the International Maritime Organization’s Maritime Environment Protection Committee (MEPC) will consider revising the UN agency’s strategy on greenhouse gas emissions from ships. Moving on from a current target to reduce CO2 emissions from ships by at least 50% by 2050, based on 2008 levels, influential…

Three of New Zealand’s nine naval ships are sitting idle in port as higher civilian salaries lure personnel out of the military, the country’s Defence Force said on Wednesday, even as tensions in the Pacific rise between China and the U.S. and its allies.The HMNZS Wellington, an offshore patrol vessel, headed back to New Zealand early from what was meant to be a three-month deployment in the Pacific and was taken out of operation in November because of shortages, the New Zealand Defence Force said.The Wellington is the third ship to be put into “care and custody”…

Iran has released two Greek-flagged tankers that it seized in the Gulf in May, the Greek shipping ministry said on Wednesday.Iran detained the tankers in response to the confiscation of oil by the United States from an Iranian-flagged tanker off the Greek coast, fuelling bilateral tensions amid a broader deterioration in relations between Iran and the West."The final agreement was reached today in Tehran," the ministry said in a statement, confirming an earlier Reuters reportof a deal.Ship tracking data showed the vessels, Delta Poseidon and Prudent Warrior, were under way from Iran.The Prudent Warrior's destination was listed as the United Arab Emirates port of Khor Fakkan and the Delta Poseidon as the UAE port of Fujairah, according to the data.Merchant shipping remains prey to hazards i

A U.S. Navy reconnaissance aircraft flew near the site of the ruptured Nord Stream 2 pipeline in the Baltic Sea hours after the first damage emerged, according to tracking reviewed by Reuters, a flight Washington said was routine.Russia's Nord Stream 1 and 2 pipelines burst on Sept. 26, draining gas into the Baltic Sea off the coast of Denmark and Sweden. Seismologists registered explosions in the area, and police in several countries have launched investigations.Flight data showed…

NAVTOR signed an Integrated Partner agreement with Veracity by DNV, a deal intended to help shipowners and operators simplify reporting, enable sustainable shipping and unlock green finance.“Our ecosystem collects, aggregates and utilizes enormous amounts of business-critical data,” said Bjørn Åge Hjøllo, Chief Sustainability Officer, NAVTOR. “That is used to make shipping safer, simpler and more efficient – automating tasks, reducing fuel consumption, saving costs, and, in short, delivering complete asset awareness and control for our customers.