Headwinds Hamper the Poseidon Principles
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.
Headwinds for the Poseidon Principles
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…
ClassNK Supports Ship Finance for Decarbonization with CO2 Emissions Calculations
ClassNK will calculate the CO2 emissions from the ships to be financed under the Sustainability-Linked Loan provided by ORIX Corporation (ORIX). The ship finance agreement signed between ORIX and a shipowner in Hong Kong is a sustainability-linked loan. A standard value is set for the annual CO2 emissions of the vessels to be financed, and if the annual CO2 emissions of the vessels after the loan has been granted is below the standard value, a preferential interest rate is given for the following year. ClassNK will calculate the CO2 emissions of the vessels to ensure objectivity and fairness of the loan framework.
Mitsubishi Corporation Part-divests in Moray East Offshore Wind Project
Japan's largest trading company Mitsubishi Corporation (MC) announced the divestment of shares in Diamond Green Limited, with 30% to be transferred to The Kansai Electric Power Co., Inc (KEPCO) and 20% to Mitsubishi UFJ Lease & Finance Company Limited (MUL).Diamond Green is an intermediate holding company wholly owned by Diamond Generating Europe, which itself is a wholly owned subsidiary of MC based in the UK. DGE has been MC’s executing arm for the Moray East Offshore Windfarm Project located in the North Sea, 22 km off the coast of Scotland.With this transaction, KEPCO and MUL now join Moray East Offshore Windfarm’s existing shareholders DGE…
Glencore Sells Russian Blend to Chevron for U.S. Delivery
Swiss-based trader and miner Glencore has sold 100,000 tonnes of Urals for loadings from Primorsk on Jan. 16-17 to Chevron for delivery to the US Gulf Coast, traders said, making a return to the United States after a four-year hiatus. Glencore originally bought the cargo from Russia's Rosneft under a five-year pre-finance agreement, according to the traders. Rosneft declined to comment. Glencore does not typically comment on its trading deals. The cargo had been loaded from the Baltic Sea port of Primorsk on the vessel called Sparto, port agents' data shows. Sparto was heading to Skagen in Denmark, where it would be re-loaded onto another tanker for shipment to the United States, traders said.
China, France Sign deal Shipping
Industrial cooperation is high on the agenda during Premier Li Keqiang's stay in France. China's deals with the world's third largest container shipping group - CMA CGM was highlight. "July 1st will be a milestone in our Group’s history. The Chinese Prime Minister’s visit is a great recognition of the unique links our Group has developed with China, a strategic country in the Group’s development history. Those two agreements signature reinforces those links and offer new perspectives. We are proud of the honor and of the confidence that this visit demonstrates," said Jacques R. Saadé, Founder, Chairman and Chief Executive Officer of CMA CGM Group. Two major agreements were signed by Jacques R.
IHC Merwede Nails Down Finance Agreement
A ceremony for the largest ever working capital guarantee issued by Atradius Dutch State Business – on behalf of the Dutch Government – took place on April 5, 2012 at IHC Merwede’s shipyard in Krimpen aan den IJssel. With this finance agreement in place, IHC Merwede will start work on the construction of two pipe-laying vessels for its Malaysian customer SapuraCrest. The ships are part of a recent offshore order worth €450 million and will install flexible pipelines in Brazilian waters, where large quantities of oil have been discovered. The delivery dates for the vessels, which will be built in The Netherlands, have been set for May and August, 2014, respectively.
