The fourth panel discussion, “Adapting Ship Financing to Evolving Industry Demands – Symphony of Sustainability: Navigating Financial Currents” was moderated by Mr Angelos Roupas-Pantaleon, Conference Chair and Founder, Second Wind and Partners, who posed intriguing questions on lending, sustainable financing and profitability to Mr Alexandros Damianidis, Partner, Assets and Structured Finance Group, Watson Farley & Williams, Mrs Zefi Gritza, Claims and Insurance Manager at Allseas Marine SA, Mr Alexis Stephanou, Chief Financial Officer, Goldenport Group, Mrs Ann-Christin Stucke, Sustainability Expert Corporate Banking ABN AMRO Bank N.V., and Mr Yiannis G. Timagenis, Partner, Timagenis Law Firm.
The first question concerned banks: are they ready to finance sustainably and make a profit? Ms Stucke gave a positive reply and noted that companies are interested in sustainable investment and that KPIs are very helpful and help companies improve their sustainability performance. She believes that the ecosystem that has developed in Europe will not change much in the years to come and that European banks will keep their commitments under Poseidon principles. Mrs Gritza noted that if she had to advise her principals, she would go for sustainability incentives. As for AI, it seems it will take some time to work properly, but it is taking away the chance of the younger to prospect in the field. Mr Damianidis noted that there is no overregulation when it comes to sustainable finance – though there is too much regulation when it comes to shipping.
He believes that banks in the EU are incorporating compliance considerations that are already in effect in shipping. AI solutions are being explored and so far, available solutions in the market are too expensive. Mr Timagenis explained that Greek banks are very competitive, and one may even see terms out of the market, in favour of the borrower. The banks take into account who the borrower is, and this shows the value that the bank attributes to the client. He went on saying that if a ship is not able to approach European or Asian ports, because it is not compliant with the principles, will a US bank be able to provide a loan? Probably not. AI is expensive and premature; we can have this discussion again in 5 years. Mr Stephanou believes that things have changed over the past decade with the emergence of alternative capital providers (who are rather less regulated and cost-wise more expensive).
Panelists agreed that effective, efficient and sustainable shipping finance requires strong collaboration among stakeholders. In the regulatory front, it would be helpful if the increasing burden in terms of documentation would be simplified, maybe in terms of uniformity; though there are no signs that this will happen.
The Spotlight on Maritime Miles shone on Mr Konstantinos Oikonomou, CEO Marine Tours Group of Companies and Angelos Roupas-Pantaleon, Greek Representative, EUROMAR and Founder, Second Wind and Partners, who discussed “Maritime Travel Trends: Advancing Sustainability in Crew Mobility”. In greater detail Mr Oikonomou explained that a sustainable travel programme can be an investment (it promotes business, gives satisfaction and helps the crew feel safe and taken care of). A travel policy can envisage and include the company’s ESG goals; it should be communicated within the company, as it is an internal investment in the company. Very serious geopolitical challenges ahead (the course of which cannot be predicted), regulatory changes, a potential new pandemic: these are issues that have to be discussed and travel has to be a part of an educated discussion among stakeholders.
Source: Slide2Open