Ship banking's emissions tracking scheme expands to include private lenders

The decision to expand membership to private finance came at the same time the Poseidon Principles released its annual performance figures, which showed significant improvement in adhering to IMO’s emissions trajectories for shipping to reach net-zero emissions levels around 2050. 

The improvements in emissions came despite IMO tightening emissions standards in 2023.

"Ship financiers’ lending portfolios are getting closer to reaching climate alignment with the International Maritime Organization’s (IMO) ambitious decarbonisation trajectories, with average scores against the ‘minimum trajectory’ improving by nearly eight percentage points," the report found. 

The report, prepared by Poseidon Principles’ administrators, the Global Maritime Forum (GMF), said signatories disclosed 95% of their eligible portfolio activity in 2025, up from 93% in 2024.

According to GMF, the report shows that emissions data is increasingly informing credit decisions and driving the creation of ’innovative’ financial products, such as sustainability-linked loans.

"Operational efficiency, retrofits and emerging fuel pathways are noted as key drivers of score improvements this year, and the scores were also impacted by evolving methodologies and external factors, including rerouteing vessels on longer routes and disruptions in supply chains," the GMF said.

Vice chair of the Poseidon Principles and global head of maritime industries, Societe Generale, Paul Taylor, said “The results of this year’s report show encouraging, measurable, real-world momentum and progress in action. Signatories are disclosing the vast majority of their portfolios, showing increasing collaboration between financiers and clients, and climate alignment scores have moved closer to IMO’s decarbonisation pathways. This progress is particularly striking considering the pathways become more stringent year-on-year. In short, the Poseidon Principles continue to demonstrate the power of financial transparency in guiding the shipping industry’s transition.”  

Twenty-nine Poseidon Principles signatories disclosed 90% or more of their in-scope portfolio, while nine signatories hit 100% reporting, the highest number of signatories to reach the two respective targets to date. The average disclosure rate across all signatories was 95%, the GMF said.

While the average scores remain misaligned with IMO’s net-zero pathways, substantial year-on-year improvements were recorded. Against IMO’s ‘minimum trajectory’, the scores went from just over 19% misaligned last year to just under 12% misaligned this year, representing a nearly 8 percentage-point improvement. Against IMO’s ‘striving trajectory’, scores went from 25% misaligned to just over 18% misaligned, according to GMF. 
The cargo and passenger segments saw improvements from 14% to 6% misaligned, and from 38% to 26% misaligned, respectively.

"These shifts demonstrate advances in vessel efficiency, increased uptake of low-emissions fuels, and the entry of more-efficient dual-fuel vessels into the fleet," the GMF said.  

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