A digital platform will be launched this month to enable signatories to the Poseidon Principles and their clients to assess their assets’ environmental performance
LOC Group’s digital team will unveil digital platform, TRITΩN (Triton), in March to provide information and analysis of shipping fleets’ carbon footprint.
Poseidon Principles are a global framework for assessing and disclosing the climate alignment of financial institutions’ shipping portfolios.
They establish a common and global baseline to quantitatively assess and disclose whether financial institutions’ lending portfolios are in line with their adopted climate goals.
LOC collaborated with data analytics and software provider Braendler Engineering and online valuations service VesselsValue on Triton.
This platform will facilitate the collection and secure management of confidential data required from financiers and shipowners. Triton will conduct the required calculations and display the results.
LOC said this system “will enable registrants to navigate their multi-vessel investment portfolios, so they can make informed decisions which are aligned with the values of the Poseidon Principles.”
It will also be available to shipowners and non-signatory financial institutions in Q2 2020.
LOC deputy chairman Andrew Squire said the group will introduce its LOC Digital division in parallel to launching Triton. “We are increasingly assisting our clients on how to best transition to a lower carbon footprint and build a more sustainable business,” said Mr Squire.
“With the launch of Triton and LOC Digital, we are set to become the go-to service provider for the stakeholders to the Poseidon Principles.”
LOC Digital director David Braendler said industry participants could use the information to change their financial decisions. “We believe the Poseidon Principles will fundamentally change the shipping and maritime industry,” said Mr Braendler. “Our product will enable the vessel owners, financial institutions and the wider industry participants to make effective decisions aligned with the principles.”
Poseidon Principles apply to lenders, relevant lessors and financial guarantors including export credit agencies. They must be applied by all signatories in all business activities that are credit secured by vessel mortgages or finance leases secured by title over vessels that come under IMO regulations.
Poseidon Principles are consistent with IMO’s policies and ambitions, including its goals for reducing greenhouse gas emissions by at least 50% by 2050 compared to 2008.
As of 5 March, 17 financial institutions were signatories to the Poseidon Principles, representing a bank loan portfolio to global shipping of approximately US$140Bn, or around 30% of the global ship finance portfolio.
Signatories commit to implementing the Poseidon Principles in their internal policies, procedures and standards, and to work in partnership with their clients and partners on an ongoing basis to implement the Poseidon Principles.
Green shipping, inland transportation and harbour operations will be discussed at Riviera Maritime Media’s Optimised Ship Forum and Maritime Air Pollution Conference, Europe, both in Amsterdam, the Netherlands, from 18-20 May
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