Symposium: Financing the maritime transition

Summary

Report of the round table on financing the maritime transition held at the Symposium of European Marine Academies in Marseille in March 2025, in partnership with Deep Blue. Moderated by Jean-Emmanuel Sauvée, it brought together Michel-Pierre Flipo (Crédit Agricole CIB), Frédéric Robard (Fimar) and Philippe Renaudin (Mer Invest and Crédit Maritime) to discuss fleet decarbonisation, maritime savings, public guarantees and European sovereignty.

General information

• Event title: Symposium of European Marine Academies, round table on financing the maritime economy
• Organiser: Académie de marine, with the European marine academies, in partnership with Deep Blue
• Date: 25 and 26 March 2025
• Venue: Marseille (and Paris by videoconference for some participants)
• Moderator: Jean-Emmanuel Sauvée
• Theme: Financing the maritime sector in the face of the challenges of decarbonisation, European sovereignty and the mobilisation of stakeholders.
• Summary written by: Deep Blue

Presentation of the symposium

This meeting, held as part of a symposium of the European marine academies, was devoted to the challenges of financing the maritime sector, which faces a massive need for investment to decarbonise and modernise. Moderated by Jean-Emmanuel Sauvée, the symposium brought together representatives of the banking sector, shipowners, experts and members of academic institutions to explore financing solutions for the energy transition. The discussion centred on the key question of mobilising the capital needed to achieve environmental objectives while keeping the European fleet competitive in the face of growing international competition. The exchanges followed a set order, beginning with a framing by the moderator, followed by the presentations of Michel-Pierre Flipo (Crédit Agricole), a video contribution from Frédéric Robard (Fimar) and the presentation of Philippe Renaudin (Mer Invest and Crédit Maritime), before opening up to a broader discussion and conclusions.

Participants

Moderator

• Jean-Emmanuel SAUVÉE — President of the Académie de marine; former President of Armateurs de France; co-founder of Ponant

Speakers

• Michel-Pierre FLIPO — Deputy Head of the shipping sector, Crédit Agricole CIB
• Frédéric ROBARD — Founder, Fimar (video contribution)
• Philippe RENAUDIN — Chief Executive, Mer Invest and Crédit Maritime
• Jean-Marc SCHINDLER — Permanent Secretary, Académie de marine
• François-Charles — President of the IRCE
• Bernard MAZUEL — Member, Académie de marine
• Francis BAUDU — Member, Académie de marine
• Amine LEHNA — President of Deep Blue
• Rena LEE — Ambassador (role in the BBNJ process)
• Simon CASPAN-BERMAN — Participant, winner of the Tribune Bleue

Report of the presentations

I. Ways of financing the decarbonisation of the maritime sector: a 3,000-billion-dollar challenge

Presentation by Jean-Emmanuel SAUVÉE, President of the Académie de marine

Opening the round table, Jean-Emmanuel Sauvée sets the framework for the debate by stressing the scale of the financial challenge posed by the decarbonisation of maritime transport. He calls for great financial creativity, since traditional bank financing can cover only a small share of the needs.

A. A colossal investment need against insufficient traditional financing

The speaker puts the investment needed to decarbonise the world fleet at 3,000 billion dollars over 25 years. This colossal sum is intended to finance new fuels, adapted port infrastructure, research and fleet renewal. In view of this, and since conventional bank financing would cover only about 10% of this need, he calls for every effort to be mobilised.

B. Mobilising private savings and using public guarantees

Mr Sauvée recalls the historical effectiveness of private maritime savings in France. He cites the example of his own company which, at the end of the 1980s, was able to finance the construction of four ships thanks to 3,500 savers. This model, also applied to fishing through the “Sofipêche”, offers a way forward.

A second avenue lies in public guarantees, on the model of export credit (provided by Bpifrance) or the State-guaranteed loans (PGE) of the Covid-19 crisis. By guaranteeing long-term loans, the State encourages banks to finance projects more readily, while being less constrained by prudential rules (Basel IV). This mechanism can prove profitable for the State if companies pay insurance premiums and there are no defaults.

C. Strengthening equity through dedicated investment funds

One of the main obstacles to financing, particularly for family businesses, is a lack of equity. To remedy this, Mr Sauvée argues for the development of investment funds dedicated to the maritime sector (private equity, infrastructure funds). He welcomes initiatives such as Mer Invest but calls for a stronger commitment from public players, notably sovereign funds, to multiply investment capacity.

D. Allocating carbon taxes to an “ocean fund”

The last avenue mentioned concerns revenue from European carbon taxes (ETS), which amounts to billions of euros. Currently, 25% of this revenue must be allocated to innovation funds. Mr Sauvée proposes that the remaining 75% should not be diluted in national budgets but should feed a dedicated “ocean fund”. This fund would be used to strengthen companies’ equity, subsidise projects or help blue economy start-ups.

II. The maritime finance landscape: geographical redistribution and challenges for European banks

Presentation by Michel-Pierre FLIPO, Deputy Head of the shipping sector, Crédit Agricole CIB

Michel-Pierre Flipo analyses how the players in maritime finance have changed, the role of banks in the energy transition and the regulatory constraints weighing on them.

A. A major redistribution of financing players since 2008

The speaker presents a comparative analysis of the maritime finance market showing profound changes between 2008 and 2023.

• In 2008, the market (nearly 400 billion dollars) was 90% dominated by European banks, with German banks alone accounting for nearly 50%.
• Fifteen years later, outstanding loans had fallen to 340 billion dollars. The share of European banks had dropped to 40%, while that of Asian banks had reached 28.5%. The most spectacular change is the emergence of Chinese leasing companies, whose market share rose from 0.6% to nearly 25%.

Within Europe, French banks (BNP Paribas, Crédit Agricole, Société Générale) have become the leaders, accounting for 34% of European maritime finance.

B. The triple constraint: climate, regulation and competition

Mr Flipo identifies three major challenges for European banks.

• 1. Supporting the energy transition: Banks that have signed the Poseidon Principles, such as Crédit Agricole, have committed to reducing the carbon footprint of their portfolio. He highlights a gap between the targets and actual emissions, which are influenced by events such as the closure of the Suez Canal. He warns that ending the financing of ships carrying fossil fuels could reduce banking capacity and threaten energy supply.
• 2. The regulatory constraint (Basel IV): By requiring more equity to be allocated, this new regulation raises the cost of credit. Mr Flipo believes that this measure will above all penalise maritime SMEs, which are more dependent on bank credit.
• 3. Increased competition: European banks face Asian players, which are less subject to the same constraints, and Alternative Credit Providers (private equity funds such as KKR), which can finance older assets over longer periods.

C. Banking mechanisms supporting the transition

In response to a question on innovation, Mr Flipo describes two types of financing.

• 1. “Green” loans (Green Loans), intended for virtuous assets (LNG- or methanol-fuelled ships).
• 2. Sustainability-linked loans (Sustainability Linked Loans), whose margin is adjusted according to whether the shipowner meets performance indicators (lower consumption, investment in energy efficiency). These loans encourage optimisation technologies (routing, paints, etc.), but financing 100% autonomous ships is considered premature.

III. For a French and European maritime ambition: the need to invent new tools

Presentation by Frédéric ROBARD, Founder, Fimar (video)

Frédéric Robard argues for the creation of new financial mechanisms to support the French fleet in the face of decarbonisation and global competition.

A. The challenges of decarbonisation and high capital intensity

The sector faces a twofold challenge: a costly ecological transition (hydrogen, wind propulsion, e-fuels) and high capital intensity requiring equity that most French companies struggle to raise.

B. A history of French financing schemes, between innovation and abandonment

Mr Robard traces the evolution of financing tools in France, regretting the abandonment of ambitious schemes.

• The 1996 law (article 238 bis HN), which made it possible to raise funds from individuals and companies, was repealed after one year.
• It was replaced by tax EIGs (GIE fiscaux, 1998-2005), then by the current scheme of article 39C, which limits fundraising to banks.
• For fishing, the SOFIPECH were also abolished following a ban by Brussels.

C. Proposals for a new financing strategy

For France to have a place on the maritime stage, Mr Robard proposes once again allowing funds to be raised from individuals and investment funds, mobilising State guarantees through Bpifrance, introducing a “green over-depreciation” allowance and shortening depreciation periods.

IV. Local financing and support for maritime SMEs

Presentation by Philippe RENAUDIN, Chief Executive, Mer Invest and Crédit Maritime

Philippe Renaudin approaches financing from the angle of SMEs and very small businesses, stressing the practical needs of companies on the ground.

A. Crédit Maritime: a local player rooted in the regions

He presents Crédit Maritime as a century-old institution, born of the fishing world and extended to all maritime activities (marine farming, marine renewable energy, biotech). Through its investment funds such as Mer Invest, it has supported more than 30 companies in western France, including Neoline.

B. The three essential needs of maritime companies

Mr Renaudin identifies three conditions for the development of SMEs.

• 1. Clarity and long-term stability: Heavy investments (a 25 m fishing vessel costs €6-7 million) require a clear vision, whereas political time is often disconnected from economic time.
• 2. Support for the transition through a public-private mix: The risk associated with new technologies must be shared. He cites the role of BPI France in wind propulsion projects such as Neoline, made possible by co-investment.
• 3. Support for entrepreneurs: SMEs often lack cross-cutting skills. He welcomes the incubators and support structures that enable large groups to back young companies.

C. Removing the regulatory lock on aid to the fishing fleet

Mr Renaudin warns of a major obstacle: European regulations, designed to limit overcapacity, prohibit the allocation of public funds to the construction of new fishing vessels. This lock, now counterproductive, is holding back the ecological transition and the upgrading to safety standards of a fleet whose average age exceeds 32 years. He calls for this lock to be “blown open” to allow renewal and decarbonisation, not to increase fishing capacity.

V. General discussion and outlook

A. Exchange on past financing models and European sovereignty

Responding to the presentations, Jean-Emmanuel Sauvée regrets the abandonment of the German “KG” (limited partnerships), which financed a considerable fleet thanks to private savings. He proposes a European-level “maritime investment certificate” guaranteed by the ECB.

Michel-Pierre Flipo tempers this enthusiasm, recalling the excesses of the KG system, which led to ships being 100% financed, a dangerous practice. Poor risk management caused the collapse of German banks in this market.

A speaker from the floor (“a friend from Germany”) confirms that private investors (“the dentists”) lost everything in the post-2008 crisis. Above all, he warns of the strategic risk of a European fleet financed by Chinese banks, which would expose Europe to threats to its sovereignty in a crisis.

B. Towards mobilising the EIB and private savings

Philippe Renaudin suggests that the European Investment Bank (EIB) could play a role by sharing the risks associated with innovation. He also proposes channelling the private savings of retail bank customers towards virtuous maritime projects, building on the sector’s positive image.

C. The question of maritime savings and the involvement of young people

Concluding the symposium, Jean-Marc Schindler (Permanent Secretary of the Académie de marine) supports the idea of reviving participatory financing (such as “parts de quirat”, shipping shares), which creates a strong social bond and draws the French towards the sea. He stresses that renewing the fishing fleet is an imperative for the “safety of life at sea”.

Jean-Emmanuel Sauvée confirms that the notion of “maritime savings” will be one of the key proposals of the symposium’s work. He describes it as “impact savings”.

Amine Lehna (President of Deep Blue) underlines the strategic role of young people. Their involvement is a lever for mobilising public opinion, a necessary condition for securing the “political will” and the funding for the sector.

VI. Closing speech: sailing in company towards European sovereignty

Presentation by Jean-Emmanuel SAUVÉE, President of the Académie de marine

Closing the symposium, Mr Sauvée draws the lessons of the work. He calls for moving beyond passions to find calm compromises on fishing and protected areas, guided by science. He highlights the global awareness of plastic pollution and calls for the data on the blue economy to be updated. Noting that science and multilateralism are “in danger”, he calls for “sailing in company” at European level to assert economic, food and defence sovereignty.

Rena Lee, Ambassador, had earlier stressed the “BBNJ Spirit”, the spirit of compromise and cooperation that is essential to meeting ocean challenges, drawing on science and multidisciplinary approaches.

General conclusion

This meeting highlighted a major paradox: while the maritime sector faces an unprecedented need for investment to decarbonise, traditional sources of financing, notably from European banks, are shrinking under the effect of regulatory constraints (Basel IV) and increased international competition, mainly from Asia.

A strong consensus emerged on the need to diversify financial tools. The proposals of Jean-Emmanuel Sauvée (mobilising private savings, public guarantees, dedicated investment funds and earmarking carbon taxes for an “ocean fund”) and of Frédéric Robard (new tax schemes) were well received. The idea of “maritime savings”, supported by Jean-Marc Schindler, was adopted as a major economic and social lever.

However, points of caution were raised. Michel-Pierre Flipo warned of the risks of unregulated mechanisms, referring to the excesses of the German “KG”, and stressed the loss of competitiveness of European banks. Philippe Renaudin, for his part, highlighted a fundamental divergence between the transition objectives and a European regulatory framework that blocks public financing for renewing the fishing fleet, a point he considers critical for the safety of seafarers.

The questions left open are crucial: how can the various levers (public, private, regulatory) be combined in a coherent strategy? How can the regulatory locks hampering public action, particularly for fishing, be removed? Finally, how can it be ensured that the European strategic fleet does not depend on non-European financing, a sovereignty risk highlighted by several speakers? These questions outline a strategic field of action for decision-makers in the run-up to the United Nations Ocean Conference.

Bibliographic information

Type

Conference

Date

March 2025

Author

Deep Blue Foundation

Editor

Deep Blue Foundation

Study Centre

ILEB

Original language

French

Original document

PDF, 9 pages

Full text

Transcription of the original document

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