Capt Kamal Chadha –
Banking giants like ING and Citigroup respond to Red Sea incidents by monitoring adherence to safety protocols
Major Banks are set to limit loans to shipowners neglecting crew safety, following Red Sea vessel attacks and other controversies shedding light on seafarers’ predicament.
Top executives from eight banks, including ING and Citigroup, will convene in October this year to explore ways to oversee clients’ safety commitments and impose lending restrictions on non-compliant businesses.
This action stems from an earlier pact among these lenders, typically funding significant ventures like ship construction, to assess and disclose the environmental impact of shipowners in their portfolios, a measure with mixed outcomes since 2019.
The development underscores mounting apprehensions regarding the working conditions of the 1.9 million seafarers worldwide, crucial in sustaining global trade but often isolated in international waters beyond conventional oversight.
Marex Media
