Banks are on the horns of a dilemma when it comes to finance shipping's decarbonisation initiative, a panel of top financiers said on Tuesday.

The problem was laid out by Citi's Shreyas Chipalkatty, global head of shipping, in reply to what has been a classic question for lending panels over the years: are banks open to taking in new customers, or rather sticking to the lower risk entailed by an existing list of "Tier One" shipowners?