Seatrade Maritime: Michael Parker steps down as Poseidon Principles chair

Michael Parker, chairman of Global Shipping & Logistics at Citi and chair of the Poseidon Principles Association since its founding, has stepped down from his role at the Global Maritime Forum’s finance initiative.

Parker will remain on the Poseidon Priniciples Association steering committee as representative of Citi, and the chair role will be filled by vice-chair Paul Taylor, global head of maritime industries at Société Générale until elections are held at the association’s annual meeting in May.

The group oversees the Poseidon Principles for Financial Institutions, a framework that enables the benchmarking of financial institutions’ shipping portfolios against environmental criteria. Through assessment and disclosure, banks, export finance organisations, and other financial institutions can measure the alignment of their portfolios with climate trajectories under the IMO’s new ghg strategy.

Financial institutions have significant power in shipping investment decisions and the Poseidon Principles aim to bring about a reduction in emissions from shipping through investment transparency, steering lenders to greener assets.

“The Poseidon Principles have become an established, globally recognised standard for transparent disclosure, with the 36 signatories collectively representing nearly three-quarters of the world’s ship finance portfolio,” said Parker.

“The association has gone from strength to strength since its founding, inspiring other industries like steel, aviation, and aluminium to follow suit. It has been an honour to serve as the chair of the Poseidon Principles over the last six years, and I look forward to watching signatories continue to lead the way on shipping finance disclosure.”

Development of the principles was led by Citi, Société Générale, and DNB. Société Générale’s Taylor will pursue election as chair in May this year to extend his interim term.

“It’s a privilege to step into Michael Parker’s shoes as Chair,” Taylor said. “His leadership, vision, dedication, and resilience have been critical factors in the Poseidon Principles being the benchmark of climate finance stewardship for the maritime sector that they are today. I will do my best to continue Michael’s excellent work, particularly in this next phase as we introduce associate membership for a broader range of financial institutions to increase the positive impact of the Poseidon Principles.”

Last year, the Poseidon Principles announced the expansion of its membership criteria to include any financial institution that underwrites or arranges transactions for shipping in the debt and equity capital markets, including hedge funds and private equity firms.

Stephen Fewster, global head of shipping finance at ING Bank NV and Poseidon Principles treasurer will serve as both treasurer and vice-chair until the May elections.

The leadership changes took effect on 1 January, 2026.