To ensure that information provided under the Poseidon Principles for Marine Insurance is practical, fair, and accurate, Signatories will exclusively rely on the data types, data sources, and service providers identified in the Technical Guidance.
We recognize the important role that unbiased information plays in data collection and reporting fuel consumption from ships in order to achieve the decarbonization goals of the sector. We will rely on trusted entities and mandatory regulations as explicitly identified in the Technical Guidance for the provision of information used to assess and disclose climate alignment.
For each step in the assessment of climate alignment, Signatories will rely exclusively on the data types, data sources, and service providers identified in the Technical Guidance.
Affiliate members will, for each step of the assessment and as necessary, support Signatories by sharing knowledge about the Accountability principle and data collection process with relevant stakeholders, in line with the Technical Guidance.
What is IMO DCS?
The information flow process relies on data that shipowners are required to report in order to be compliant with the IMO DCS and accordingly be granted a Statement of Compliance or a Verification Letter by a Recognized Organizaion.
The IMO DCS (Data Collection System) is intended to be the first step in the process to collect and analyze emission data related to the shipping industry. Under IMO DCS, data collection on fuel consumption started 1 January 2019. It is mandatory for all ships 5,000 gross tonnage and above and engaged on international trade.