Financing the transition of capital-intense maritime industries is challenging, especially within a climate of geopolitical uncertainty, unpredictable markets, and competing green technologies. However, make the right moves at the right time, with the right financial partners, and the rewards can outweigh the risk. Jan Ole Huseby, Head of Global Ocean Industries at DNB, discusses how innovative new products, small steps and valuable partnerships, like DNB’s with Nor-Shipping 2025, can accelerate sustainable progress.
“We don’t want to adopt a wait and see attitude to the future, we want to help enable, and steer, the industry forward.” The future may be uncertain, but Jan Ole Huseby is not. After four years as Head of Global Ocean Industries at DNB, Huseby exudes a quiet confidence, and a not so quiet ambition, when it comes to the bank’s role in the evolving business landscape. His tenure has seen a consolidation in DNB’s leading standing in shipping and traditional oil service industries, while building positions of global strength in sectors ranging from offshore wind to aquaculture. At the time of writing, DNB was easily 2024’s top provider of syndicated loans for the maritime market and is by far and away the world’s dominant lender in the seafood sector.
This strength, Huseby notes, gives DNB stable foundations to develop innovative new solutions along with its clients, the most recent being the Transition Loan Framework.
“We see this as a positive step on the pathway to sustainability,” Huseby comments, “both for customers seeking change, and for a financial industry that must support them on that journey. “We strive to be leading in finding financial solutions to our client’s needs and in meeting growing regulatory requirements”.
Sustainable steps
Transition loans are a relatively new concept. They open an accessible route into sustainable financing, supporting companies that are committed to work towards decarbonization, but who may not yet qualify for traditional ‘green’ financing. “Transition loans are about creating a bridge,” explains Huseby, “allowing companies in traditionally high-emitting sectors, such as shipping, to take important first steps to reduce emissions, while still achieving the financial and reputational benefits of sustainable finance.” As such, they’re about accelerating the shift from ‘brown’ to ‘green’ for industry at large; ensuring that the transition becomes possible for all players, rather than just those capable of making headline grabbing investments in trailblazing technology.
The sustainable focus of the loans opens favourable terms – DNB itself is driving for a goal of net zero emissions from its financing and investment activities by 2050, so is strategically focused on incentivising the shift – but there are strict criteria for lenders to satisfy.
This, Huseby, notes is an essential part of the deal.
Verifying impact
“Transparency is key,” Huseby emphasizes. “It’s not enough to say you’re working toward sustainability; you need to show measurable results as part of a company’s overall sustainability and transition plan. That’s why we’ve built reporting requirements into the framework. It’s about building trust—with our clients, with investors, and with the public.”
Alongside the reporting, which will be verified by DNV to ensure quality and robustness of results, the product is classified as a ‘use of proceeds loan’ whereby investments must be made in reducing emissions and, where possible, the “best available” technology to achieve this. The potential applications for funds are wide ranging but include activities such as energy-efficient retrofits for existing vessels, investments in alternative, low or zero carbon fuel technologies, greener newbuilds, and services to decommission oil and gas infrastructure.
Incremental improvement
Huseby is keen to stress, in a ‘big picture’ view extending far beyond any one financial product, that investments are needed in taking “practical, realistic and meaningful incremental steps today”, rather than waiting for “leaps forward” in new fuels. He explains: “There’s a need to focus on the existing fleet, looking at how currently available, new technologies can increase efficiency, tackle emissions and also deliver commercial benefits. Transition financing fits well within this context, but it’s also about adopting the right mindset; the willingness to embrace innovation and start the sustainability journey.”
Huseby says he understands a degree of inaction on the “big fuel question” as there are so many competing options, presenting owners with a tricky nut to crack when it comes to assessing the most viable solutions for their fleets. This is further complicated by the competition for green fuels, with shipping forced to take its place in the queue for supply alongside every other transitioning sector. “Which,” he notes, “makes it all the more important to take whatever smaller, but still very meaningful, steps we can take now. We need to take a holistic view and act accordingly. Luckily, from DNBs perspective, we have the privilege of working with globally leading, forward-thinking owners that are as committed to progress as we are. Working together we can have a strong collective impact on this major issue.”
Nor-Shipping opportunity
The mention of collective impact pivotsHuseby onto the subject of Nor-Shipping. DNB has once again committed itself as one of the two Main Partners for the week-long exhibition and event programme, taking place 2-6 June 2025, and, in a fresh initiative for Nor-Shipping’s 60th anniversary, as a key contributor to the new OceanInvest conference.
Nor-Shipping 2025 – bringing together the world of shipping and ocean industries to #future-proof progress
OceanInvest, which joins a packed knowledge sharing programme including headline events such as the Ocean Leadership Conference, The International Ship Autonomy and Sustainability Summit, and the Nor-Shipping Offshore Wind Conference (amongst others), will create a forum looking at next generation investments in sustainable ocean business opportunity. An objective that dovetails perfectly with both Nor-Shipping’s main theme of #Future-Proof and DNB’s decarbonization ambition.
Partnering for progress
“We are trusted partners,” Huseby notes, “to Nor-Shipping and our customers of course, but also to the wider industry, as shown by our active participation in endeavours such as the Poseidon Principles, Responsible Ship Recycling Standards (RSRS), the Getting to Zero Coalition, and the Norwegian Green Shipping Programme.”
Jan Ole Huseby – working in partnership with Nor-Shipping on the new OceanInvest initiative
He continues: “We have supported the industry for more than 100 years, since the age of tall-ships, and look to translate that long expertise into advisory services and collaborations that help steer shipping and ocean developments along a responsible and profitable path. OceanInvest feeds into that mission, providing a platform for knowledge sharing, discussion and inspiration that will help businesses not just with investment decisions, but with the value they can unlock from them. “It’ll be fascinating to engage with the Nor-Shipping audience on such a focused initiative.”
Clear commitment
Although there’s still some months to go, Huseby hints that new approaches to releasing capital for projects that tick both the environmental and business efficiency boxes are bound to be a key subject for discussion, as will wider trends and geopolitical developments influencing this most global of sectors. “There’s a lot of uncertainty facing the world at present,” he states, “but the need to change is the one thing that remains clear. “With the right investment strategies we believe our customers can take control of that transformation, and seize opportunities, rather than being steered by it. We’re here to help in that respect – both through initiatives such as Transition Loans, and physical arenas like Nor-Shipping. “We are fully committed to playing our part in a brighter future for ocean business… you can be absolutely certain of that.”
For further details please contact:
Sidsel Norvik
Director Nor-Shipping
Email: sn@nor-shipping.com
Phone: +47 932 56 387
