Sailing towards a sustainable future: The role of finance in the shipping energy transition

Whilst shipping is undeniably a global industry, the Asia-Pacific region plays a pivotal role — home to some of the world’s busiest ports, largest shipbuilders, and leading shipowners. With over 80% of global trade transported by sea, a sizeable portion of it passing through this region, decarbonising the sector is both a regional and global imperative. ING’s shipping finance business has been active in the Asia-Pacific since the 1990s, with Singapore — a global maritime hub — as its APAC regional headquarters.

The International Maritime Organization (IMO) has charted a course for the global shipping industry: to achieve net-zero emissions by around 2050. For shipping stakeholders across APAC and beyond, this poses both a challenge and an opportunity — one that can drive innovation and leadership.

China, South Korea, and Japan — among the world’s largest shipbuilding nations — are central to constructing next-generation vessels and retrofitting existing fleets to meet emission-reduction requirements.

ING is committed to supporting the maritime sector’s transition — not just through capital, but by contributing insights, forging partnerships, and encouraging cross-sector collaboration. As a leading financier of deep-sea shipping across all major segments, ING works closely with clients navigating this transformation.

One of ING’s key enablers is GreenKnot — a proprietary platform incubated in-house by the Global Shipping Sector team and developed in Singapore. It assesses the sustainability performance of financed vessels and our shipping portfolio, providing a robust foundation for client dialogue and decision-making.

“It gives us a solid foundation for data-driven conversations,” explains Gerbrand Vroegop, ING’s head of Transport & Logistics for APAC. “While not every client relationship aligns perfectly with our sustainability targets from the outset, we use these insights to guide discussions and explore varying perspectives.”

ING adopts a rigorous client engagement model — one that enables the team to understand each client’s individual transition strategy and identify the most effective means of support.

“Our clients in APAC aren’t only reacting to regulation or investor expectations. Fundamentally, many genuinely aspire to lead the transition,” says Gerbrand. “We support them with insights, benchmarking data, and cross-sector connections — all of which contribute to tailored financial solutions that advance both business and sustainability goals.”

Beyond individual financing solutions, ING’s Global Shipping Group plays a proactive role in shaping the broader shipping ecosystem. As a founding signatory of the Poseidon Principles, ING consistently ranks among the most aligned commercial banks in terms of portfolio emissions for shipping loans.

ING actively collaborates across the regional maritime ecosystem — engaging with regulators such as the Monetary Authority of Singapore (MAS), industry bodies like the Maritime and Port Authority of Singapore (MPA) and the Singapore Shipping Association (SSA), Global Maritime Forum, and classification societies including Lloyd’s Register and Det Norske Veritas (DNV). Since 2022,Stephen Fewster,  ING’s global head of Shipping has also served on the Maritime International Advisory Panel, convened by Singapore’s Ministry of Transport and the MPA, and chaired by Singapore’s Minister for Transport; in addition he has been Treasurer of Poseidon Principles since 2020..

Additionally, ING remains the only commercial bank participating in the Silk Alliance — an Asia-based green corridor initiative designed to aggregate demand for alternative fuels and scale decarbonisation efforts.

“Scaling low-carbon fuels requires broad coordination across the maritime value chain,” notes Gerbrand. “Our strength lies in connecting these dots and creating financial solutions that support long-term investment.”

ING’s commitment is reflected in several pioneering transactions:

• Blue Bond with Korea Ocean Business Corporation (KOBC): Financing maritime projects that promote ocean health and clean shipping
• Green loans for three global container liners: Supporting the construction of dual-fuel vessels
• Sustainability-linked loans (SLLs): Spanning a wide range of vessel types, with ING playing a trailblazing role in introducing this structure to maritime finance

“These aren’t isolated transactions. They reflect how we progress together,” says Gerbrand. “It’s about building smarter, lower-carbon supply chains through collaboration and partnership.”

The transition to zero-emission shipping is gathering pace, and our clients across APAC are leading from the front. At ING, we’re proud to be more than a financier. Through long-term commitment, strategic partnerships, and insightful engagement, we aim to help chart a course towards a greener, more resilient maritime future.

Whether through energy efficiency retrofits or alternative fuel propulsion, our shipping clients are already investing significantly — going beyond minimum regulatory requirements.

“I’m optimistic,” Gerbrand reflects. “Our clients have made major strides in energy efficiency and new technologies, and they’re ready to do more. ING is well placed to support their journey and continue playing a leading role in the energy transition.”