BECOMING A SIGNATORY
Who can become a Signatory of the Poseidon Principles?
At present, lenders, lessors and financial guarantors – including export credit agencies – with shipping portfolios can become Signatories of the Poseidon Principles.
The Poseidon Principles must be applied by Signatories in all Business Activities that are 1) credit products—including bilateral loans, syndicated loans, club deals, and guarantees—secured by vessel mortgages or finance leases secured by title over vessel, or unmortgaged ECA loans tied to a vessel and 2) where a vessel or vessels fall under the purview of the IMO Data Collection System (DCS) i.e. vessels 5,000 gross tonnage and above trading on international voyages.
The scope of financial products will be reviewed and may be expanded by Signatories in due course.
How to become a Signatory?
Institutions wishing to become a Signatory of the Poseidon Principles must submit the Standard Declaration together with the Signatory Application to the Secretariat of the Poseidon Principles Association. Once accepted into the Association, the Signatory will have five months to complete and submit the Signatory Self-Assessment to the Secretariat. All relevant documents are available from the Secretariat.
STEPS TO BECOMING A SIGNATORY