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Euronav secures Poseidon-compliant loans and credits

Belgian tanker shipping company Euronav has for the first time financed nine tankers after the so-called Poseidon Principles. The banks behind the initiative pose requirements to shipping's carbon emissions.

Hugo de Stoop, CEO, Euronav. | Photo: PR / Euronav

Euronav has restructured loans and credits for a new sustainable loan of USD 713 million to finance 12 of the Belgian shipping company's tankers.

"This is the first major financing of our fleet we have with specific emission requirements," writes Euronav in its interim report for the third quarter.

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Poseidon Principles set to raise ambitions in coming weeks

The banks in Poseidon Principles are working on the basis of halving CO2 emissions in shipping by 2050. At the same time, some of the same banks are working towards a target of CO2 neutrality by 2050 as part of the Net-Zero Banking Alliance. Before long, Poseidon will reassess its ambition.

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