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Marsoft launches PoseidonConnector ™ - FLAGSHIP for Poseidon Reporting, supported through data supplied by UMAS

Aug 03 2020

Marsoft, in partnership with UMAS, announces the immediate availability of FLAGSHIP for Poseidon Reporting. The Poseidon Principles are a ground-breaking initiative launched by a group of ship finance banks to integrate climate considerations into their lending decisions. The initiative requires signatories to measure the climate alignment of their portfolios by November each year. Signatories can now rely on FLAGSHIP for Poseidon Reporting, and take advantage of the PoseidonConnector™, a common platform free to join by any party, to meet their 2020 Poseidon Principles reporting commitments.

Marsoft’s new FLAGSHIP for Poseidon Reporting is already up and running at several bank sites, including Poseidon Principles signatories. It saves banks time and ensures quality control as they fulfil the necessary reporting requirements” says Arlie Sterling, President of Marsoft. “The FLAGSHIP platform integrates market, climate, and counterparty risk to help banks select and structure deals to meet their standards. The simultaneous roll-out of our open-source PoseidonConnector™ provides a neutral and secure RESTful API platform by which class societies, banks, and third parties may exchange information necessary for Poseidon Principles reporting via a secure and fully automated process. Data is fully encrypted and is not stored, ensuring complete confidentiality”

UMAS’ unique estimated compliance data is available via FLAGSHIP and the PoseidonConnector™. Sophie Parker, Principal Consultant at UMAS: "We are excited to work with Marsoft to help banks succeed in their Poseidon Principles commitments. The measurement and disclosure of their climate alignment score is just the first step in determining climate-related financial risk. UMAS' estimated data, used to inform the latest IMO GHG inventory estimates, provides the ability for banks to see how the ships in its portfolio perform relative to their peer fleets and to deep dive into what is driving their alignment score. As we move to a more regulated environment, it will become increasingly important for banks to understand how they can meet their climate alignment targets, as ships that cannot meet their target could have a shorter economic lifetime than other more climate-resilient ships.