“The emphasis on ESG by banks and lenders and owners has grown stronger. This has also affected lenders in vessels which are not deemed to be in line with reducing emissions,” wrote said Ted Petropoulos, Head of Petrofin Research.
Petrofin: the emphasis on ESG by banks and lenders and owners has grown stronger.
The shipping sector, which accounted for about 2% of global energy-related CO2 emissions, is not on track yet to cut emissions to meet global climate goals, the International Energy Agency says. The industry has just adopted a more ambitious decarbonization strategy for international shipping, but more efforts – including in adopting fuels other than oil products – would be needed for the sector to materially cut its emissions.
The spike in U.S. interest rates from near-zero to 5% were among the many challenges for the shipping industry over the past year, also including a major shift in global trade patterns after the Russian invasion of Ukraine, Petrofin Research said. “It is noticeable that loan terms for eco vessels are better than for non eco vessels. Oil and gas related vessel use is also frowned upon despite evidence that alternative fuels cannot yet fully replace hydrocarbons,” according to Petrofin’s Petropoulos.
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