World News
Gas-Powered Ships Can Access Cheaper Financing Through Poseidon Principles: SEA-LNG
Shipping companies choosing to buy vessels capable of running on natural gas may be eligible for cheaper financing than other firms because of the Poseidon Principles, according to LNG bunker industry group SEA-LNG.
The emissions savings delivered by these vessels would make them eligible for preferable asset financing versus conventionally fuelled ships for as much as eight years, the industry group said in an emailed statement Friday.
The Poseidon Principles "establish a common framework to quantitively assess and disclose whether financial institutions' lending portfolios are in line with climate goals set by the International Maritime Organization," according to the organisation's website.
"Asset finance (banks) and charterers are two incredibly powerful forces when it comes to moving shipping towards its decarbonization goals," John Hatley, chairman of SEA-LNG's investment committee, said in the statement.
"These incentives provide a compelling pathway for shipowner's aspiring to achieve lower emissions and also gain a competitive advantage with LNG fuel."
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 565.50 | 4.50 | 678.50 | 4.50 |
| Rotterdam | 512.00 | 3.50 | 676.00 | 9.00 |
| Houston | 552.00 | 3.00 | 682.00 | 4.00 |
| Fujairah | 555.50 | 7.50 | 753.00 | 1.50 |
| Global 20 Ports Average | 583.50 | 4.00 | 762.50 | 2.50 |
| Global 4 Ports Average | 546.50 | 4.50 | 697.50 | 2.50 |
| Global Average Bunker Price | 632.50 | 2.00 | 811.00 | 1.50 |
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