Shipping Finance - The Emergence of Poseidon Principles: Pointers for Nigerian Financial Institutions

On Tuesday, June 18, 2019, eleven (11) major global shipping banks decided to embrace the Poseidon Principles. The Poseidon Principles were developed in an effort spearheaded by global shipping banks – Citi, Société Générale, and DNB – in collaboration with leading industry players – A.P. Møller Maersk, Cargill, Euronav, Gram Car Carriers, Lloyd’s Register, and Watson Farley & Williams LLP – with expert support provided by the Global Maritime Forum, Rocky Mountain Institute, and University College London Energy Institute.