World News
Poseidon Principles Expands Membership to Marine Insurers
The Poseidon Principles has expanded its associate membership to marine insurers, bringing the financial services sector under a single platform to support shipping’s decarbonisation.
The move follows a unanimous vote by signatories at the Annual Meeting on May 28 to include insurers and related organisations, such as P&I clubs, brokers, reinsurers and insurance institutions, it said in a press release yesterday.
The Poseidon Principles’ signatories represent nearly three quarters of global shipping finance.
Marine insurers previously participated through the separate Poseidon Principles for Marine Insurance (PPMI), established in 2021.
PPMI ceased operations as a distinct entity on September 9, with five former members becoming the first marine insurance associate members of the Poseidon Principles.
They are COSCO SHIPPING Captive Insurance, CTX Special Risks, Gard, Norwegian Hull Club and Willis.
“Financial institutions and insurers play complementary roles in supporting shipping’s decarbonisation,” Paul Taylor, Chair of the Poseidon Principles, said.
Poseidon Principles is a framework that helps banks measure and report how closely their shipping loans align with the IMO’s climate targets.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 865.50 | 8.50 | 1289.50 | 14.50 |
| Rotterdam | 686.50 | 12.00 | 1390.00 | 40.00 |
| Houston | 740.50 | 7.50 | 1388.00 | 1.50 |
| Fujairah | 963.50 | 12.50 | 1666.50 | 19.50 |
| Global 20 Ports Average | 876.00 | 6.00 | 1520.50 | 13.50 |
| Global 4 Ports Average | 814.00 | 10.00 | 1433.50 | 18.00 |
| Global Average Bunker Price | 935.00 | 3.00 | 1594.00 | 14.00 |
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