Maritime Industry Briefing: Poseidon Principles Expands Governance, Sinar Mas Clears Korean Regulatory Hurdle, and Ship Recycling Sector Gains New OFAC-Cleared Buyer

## Maritime Industry Briefing ### Poseidon Principles Assembles High-Profile Advisory Council The Poseidon Principles has significantly broadened its industry engagement with the formation of a new advisory council, appointing Watson Farley & Williams managing partner Lindsey Keeble as chair. The 16-member body brings together some of the shipping world's most prominent figures, including Navios Maritime boss Angeliki Frangou, Seaspan chairman Bing Chen, and Pacific Basin CEO Martin Fruergaard, according to Splash247. The move signals a maturing of the Poseidon Principles framework, which was established in 2019 to align ship finance with international climate targets. By drawing senior shipowners, operators, and legal professionals into a formal advisory structure, the initiative aims to strengthen industry buy-in and ensure the principles remain practically relevant as decarbonisation regulation intensifies. The appointment of Keeble — a leading figure in maritime finance law — as chair underscores the framework's continued focus on the intersection of capital markets and climate accountability. ### South Korea Clears Sinar Mas Takeover of Hyundai LNG Shipping In a significant cross-border transaction, South Korea's Ministry of Trade, Industry and Energy has granted conditional approval for the sale of Hyundai LNG Shipping to Indonesia's Sinar Mas Group, Splash247 reports. The clearance removes the final regulatory obstacle in a deal that had been stalled for months amid national energy security concerns. The ministry's foreign investment review process had placed the transaction under heightened scrutiny given the strategic sensitivity of LNG infrastructure to South Korea's energy supply chain. The conditional nature of the approval suggests Sinar Mas will be required to meet specific operational or governance commitments as part of the transfer. The deal represents a notable expansion of the Indonesian conglomerate's footprint in the global LNG shipping sector. ### Best Oasis Becomes Second Cash Buyer to Secure OFAC Authorisation Dubai-based ship recycling cash buyer Best Oasis has obtained authorisation from the US Treasury's Office of Foreign Assets Control (OFAC) to negotiate transactions involving sanctioned vessels, according to Splash247. The company becomes only the second firm — after industry heavyweight GMS — to receive such approval. The development carries meaningful implications for the ship recycling market. With a growing number of vessels subject to US sanctions — particularly those associated with Russian, Iranian, and Venezuelan interests — the ability to legally facilitate their sale for demolition has become a commercially valuable and legally complex capability. Best Oasis's OFAC clearance opens an additional channel for sanctioned tonnage to reach recycling yards through a compliant route, potentially easing bottlenecks in a market where regulatory risk has constrained deal flow. Industry observers will be watching whether further cash buyers seek similar authorisations in the months ahead.