World News
Swedish Bank SEB Encourages Uptake of Alt-Bunker Fuels with New Emissions Target for Shipping Portfolio
Swedish Bank SEB today said it has set a new emissions intensity target for companies within its shipping portfolio in a move it says will, among other things, encourage uptake of low and zero-carbon bunker fuels.
Specifically, it means the emission intensity in the bank's shipping portfolio must be reduced by 41% by 2030 compared to the base year 2022.
The target covers all lending where ships are used as collateral for the lending, which makes it possible to follow the emission development at the ship level.
The financed vessels and the credit exposure covered are the same as those covered by reporting under the Poseidon Principles.
SEB said the target was made in line with its commitments to the Net-Zero Banking Alliance.
"The shipping sector faces a major challenge in transitioning to a low-carbon future. This target shows that we and our customers are ready to contribute to the transition," says Hans Christian Kjelsrud, Head of Shipping at SEB.
"To reach this target, it is necessary that we continuously review our credit portfolio, but above all, that our customers optimise their fleets with new energy-efficient ships, investments in energy-saving devices and technologies, and adoption of low and zero-carbon fuels when available."
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 571.00 | 1.50 | 685.50 | 5.50 |
| Rotterdam | 516.50 | 1.50 | 677.50 | 3.50 |
| Houston | 556.00 | 6.00 | 679.00 | 1.00 |
| Fujairah | 565.00 | 4.50 | 755.00 | 1.50 |
| Global 20 Ports Average | 589.00 | 3.00 | 764.50 | 3.50 |
| Global 4 Ports Average | 552.00 | 3.00 | 699.00 | 2.50 |
| Global Average Bunker Price | 635.50 | 1.00 | 811.50 | 11.00 |
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