Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Euronext Paris  >  Société Générale    GLE   FR0000130809

SOCIÉTÉ GÉNÉRALE

(GLE)
  Report  
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

Major Banks to Weigh Environmental Impact in New Shipping Loans -- 2nd Update

share with twitter share with LinkedIn share with facebook
share via e-mail
0
06/18/2019 | 01:30pm EDT

By Costas Paris

Eleven banks, including Citibank, France's Société Générale SA and Norway's DNB ASA, say they will take climate considerations into account when extending new shipping loans.

The goal is for the ship-financing sector to support an industry target to cut greenhouse-gas emissions by half in 2050.

The banks, which have a combined shipping portfolio of about $100 billion, or about one-fourth of the global ship-finance market, have signed on to an industrial framework known as the Poseidon Principles, which seeks to direct new money for shipping toward environmentally-friendly, oceangoing vessels.

"As banks, we recognize that our role in the shipping industry enables us to promote responsible environmental stewardship throughout the global maritime value chain," said Michael Parker, global industry head of shipping and logistics at Citibank, the consumer division of Citigroup Inc.

Mr. Parker said the banks will look at the type of ship, the kind of fuel it uses and other criteria that will support a target by the International Maritime Organization, the global marine regulator, for ships to pare back their emissions compared with 2008 levels.

"We hope that around 90% of lenders will sign the Poseidon Principles," Mr. Parker said, adding that Chinese lenders could join by next year.

Chinese banks control about 25% of all ship finance and more than half of all shipbuilding capacity, according to shipping and bank executives.

"We will say yes for those kind of vessels that contribute to green shipping and no to others that are not needed in the world fleet. Secondhand ship financing will become more difficult," Mr. Parker said.

Paul Taylor, global head of shipping and offshore at Société Générale, said the new loan criteria will help banks "to align and de-risk portfolios in line with shipping's green transition."

Other founding signatories include Danske Bank A/S, Dutch bank ABN Amro Group NV and France's Crédit Agricole SA. The principles are also supported by some of the industry's biggest ocean cargo movers, including Danish shipping giant A.P. Møller-Maersk A/S, agriculture commodities giant Cargill Inc. and Belgium-based tanker operator Euronav NV.

The International Maritime Organization has taken the first step to reduce ship sulfur emissions by more than 80% starting next January, when cleaner ship fuels will become obligatory.

Experts say cutting carbon-dioxide emissions substantially over the coming years will require that new vessels begin running on alternative fuel sources such as biofuels or hydrogen batteries. Ships that run on such fuels could take years to develop, according to industry executives.

Write to Costas Paris at costas.paris@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
ABN AMRO BANK N.V. 1.43% 19.52 Delayed Quote.-6.30%
DANSKE BANK A/S 0.91% 105.05 Delayed Quote.-19.24%
DANSKE BANK AS (ADR) -0.20% 7.814 Delayed Quote.-21.52%
DNB ASA -1.05% 159.95 Delayed Quote.17.01%
SOCIÉTÉ GÉNÉRALE 1.25% 23.1 Real-time Quote.-17.99%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on SOCIÉTÉ GÉNÉRALE
07/15SOCIÉTÉ GÉNÉRALE : Sued Over Seized Cuban Bank
DJ
07/15SOCIETE GENERALE : Enters Exclusive Talks With Promontoria MMB for Sale of SGBA
DJ
07/15SOCIETE GENERALE : and PROMONTORIA MMB enter into exclusive discussions for the ..
PU
07/10SOCIETE GENERALE : sued for $792 million by heirs of Cuban bank seized by Castro
RE
07/10SOCIETE GENERALE : Family Sues Societe Generale in Florida Over Cuban Business T..
DJ
07/10SOCIETE GENERALE : success of the inaugural Positive Impact covered bond issuanc..
PU
07/10MSCI : Lyxor launches Europe's first Emerging Markets ex-China ETF
AQ
07/09Casino's parent Rallye shares slump after court backs SocGen
RE
07/04SOCIETE GENERALE : and Wavestone reward three startups for the Banking Cybersecu..
PU
07/04SOCIETE GENERALE : Appointments within the board of directors of Sogecap
PU
More news
Financials (EUR)
Sales 2019 24 622 M
EBIT 2019 6 742 M
Net income 2019 3 073 M
Debt 2019 -
Yield 2019 9,34%
P/E ratio 2019 6,24x
P/E ratio 2020 5,42x
Capi. / Sales2019 0,78x
Capi. / Sales2020 0,77x
Capitalization 19 205 M
Chart SOCIÉTÉ GÉNÉRALE
Duration : Period :
Société Générale Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends SOCIÉTÉ GÉNÉRALE
Short TermMid-TermLong Term
TrendsBullishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 22
Average target price 28,76  €
Last Close Price 22,82  €
Spread / Highest target 62,2%
Spread / Average Target 26,0%
Spread / Lowest Target -25,3%
EPS Revisions
Managers
NameTitle
Frédéric Oudéa Chief Executive Officer & Director
Lorenzo Bini Smaghi Chairman
Philippe Amestoy Head-Operations & Transformation
William Kadouch-Chassaing Group Chief Financial Officer
Carlos Goncalves Head-Global Technology Services
Sector and Competitors
1st jan.Capitalization (M$)
SOCIÉTÉ GÉNÉRALE-17.99%21 312
JP MORGAN CHASE & COMPANY18.11%370 083
INDUSTRIAL AND COMMERCIAL BANK OF CHINA5.86%279 743
BANK OF AMERICA19.52%279 161
WELLS FARGO & COMPANY2.78%211 863
CHINA CONSTRUCTION BANK CORPORATION12.72%200 723