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Standard Chartered Joins Poseidon Principles Initiative
The move by ship finance banks to align investment decisions to cutting carbon -- the Poseidon Principles -- has attracted another signatory.
Standard Chartered Bank joins 25 other signatories to the declaration.
"Signing up to the Poseidon Principles is an important addition to our existing efforts to reduce our financed emissions," said the bank's head of ship finance, Abhishek Pandey.
Lenders, lessors and financial guarantors – including export credit agencies – with shipping portfolios can become signatories of the Poseidon Principles. Following a formal declaration by a new joiner, the process is concluded when the institution submits a self-assessment form delivered within five months of its declaration.
Among the Principles' supporters are Nordea, DVB and Societe General. Prior to Standard Chartered, export finance provider Finnvera was the latest finance house to declare its support for the initiative.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 570.00 | 1.00 | 683.00 | 2.50 |
| Rotterdam | 515.50 | 1.00 | 685.00 | 7.50 |
| Houston | 555.00 | 1.00 | 678.00 | 1.00 |
| Fujairah | 563.00 | 2.00 | 754.50 | 0.50 |
| Global 20 Ports Average | 587.50 | 1.50 | 765.00 | 0.50 |
| Global 4 Ports Average | 551.00 | 1.00 | 700.00 | 1.00 |
| Global Average Bunker Price | 634.50 | 1.00 | 812.50 | 1.00 |
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