LOC Group set to launch LOC Digital – supporting Signatories to the Poseidon Principles as a preferred service provider
LOC Group, the international marine and engineering consulting firm, is set to launch a digital platform, TRITΩN, which will support the signatories to the Poseidon Principles and their clients by assessing the carbon performance of assets and the alignment of investment portfolios, with the targets set out in the Principles. The platform will be operated by LOC Digital, an LOC Group company, which is expected to be established over the coming weeks.
TRITΩN will facilitate the collection and safe and secure management of the confidential data required from the owners and financiers and carry out the required calculations, the results of which will be displayed on the platform. The system will enable registrants to navigate their multi-vessel investment portfolios, so they can make informed decisions which are aligned with the values of the Poseidon Principles. The platform is a strategic collaboration between a number of highly established partners, including; Braendler Engineering, a provider of data analytics services and software solutions, and VesselsValue, a leading online valuation provider.
LOC Digital was invited to demonstrate their solution to the Poseidon Principles steering committee and PPA, including the 17 financial institutions that have already signed up to the Poseidon Principles. The TRITΩN platform is expected to be commissioned in Q1 2020 and will be available to signatories of the Poseidon Principles thereafter. It will also be available to owners and non-signatory Financial Institutions.
The project has been led by Nikos Benetis, Head of Due Diligence Services at LOC Group, and George Savvopoulos, Shipping Decarbonisation Senior Consultant at LOC Group, who have supported the Poseidon Principles message by presenting the concept to signatory and non-signatory banks, owners, legal firms and the wider Insurance industry over the past six months.
This announcement heralds an exciting new era for LOC Group, as the Group look to proactively support the topic of Green and Sustainable Shipping by providing a value-added digital solution in TRITΩN.
Andrew Squire, Deputy Chairman of LOC Group, commented:
“We are very excited by the prospect of TRITΩN and the imminent launch of LOC Digital. We are increasingly assisting our clients on how to best transition to a lower carbon footprint and building a more sustainable business. With the launch of TRITΩN and LOC Digital, we are set to become the go-to service provider for the Stakeholders to the Poseidon Principles.”
David Braendler, LOC Digital Director, commented:
“We believe the Poseidon Principles will fundamentally change the shipping and maritime industry, so we are very proud to have developed a product that will enable the vessel owners, financial institutions and the wider industry participants to make effective decisions aligned with the Principles.”