Software

Start-up hotbed

The Greek capital can boast some of shipping’s best-known tech brands

Everyone, from shipowners and charterers to cargo owners and lenders, is preparing for a lowcarbon future, with the widespread adoption of zero-carbon fuels expected over the next decade. In support of this transition, ongoing digitalisation, including ports and the supply chain, will drive efficiency. Maritime cities and clusters will play a leading role in the green shift, with new business models driving the transition, as they develop unique strategies to deal with these global transformations.

Cities compete to attract the best tech start-ups and the most talented people in today’s world, particularly in the maritime industry. In terms of how Athens is evolving as a breeding ground for groundbreaking innovations supported by cutting-edge technologies that are set to transform shipping, industry experts suggest the city is and will continue to be one of the leading maritime centres in the world. With the support of the Hellenic

Shipping Chamber and the Chamber of

Commerce of Piraeus in cooperation with the maritime cluster, the municipality, and

Piraeus University there are competitions and investments by funds and shipping companies to maritime tech start-ups that have successfully been operating for some years in Athens and Piraeus, thereby attracting more interest with the goal of leveraging the vast wealth of experience and knowledge from the existing maritime market. Mike Konstantinidis, CEO of Greece’s METIS Cyberspace Technology, claims the Greek start-up scene is vibrant and thriving, and all the signs suggest that it will continue to flourish in the years ahead. “Given the importance of the local shipping ecosystem, we are certain to see some highly promising maritime technology-focused initiatives attracting worldwide interest in the near future. I am confident that the leading reputation of the Greek shipping community will soon be accompanied by more widespread awareness of the local technology sector,” he asserts. Simon Ward from Ursa Shipbrokers also sees many tech start-ups in Athens tied into the actual ships and the business of shipping. “It is true innovation rather than top-down or tech-driven only. They realise that tech is a tool, not an end in itself,” he says. Harry Vafias, CEO of StealthGas, says most shipowners are generally conservative old-styled businessmen but they are slowly realising that they have to embrace technology in order to compete internationally. “We have seen lately more and more Greek start-ups making their first rounds around Athens. The city is also giving grants for small revolutionary start-ups which also seems to help,” Vafias tells Splash. Sustainability has long been on the radar of the maritime community, driven by a desire to reduce the industry’s carbon footprint, and digital technologies can play a critical role in assisting the sector in meeting the International Maritime Organization’s looming milestone deadlines.

This year’s international shipping exhibition Posidonia is expected to see a huge number of tech start-ups from around the world to showcase their solutions and platforms. “The success of Posidonia demonstrates the interest and potential for both Athens and Greece – attracting as it does a worldwide audience for business discussions and networking,” says Nicholas Georgiou, the CEO of Lomar Shipping.

He stresses that Athens has to continue to innovate with new technologies and services – not only to maintain a competitive edge but also to retain its best and brightest people. Despite being based in the UK, Lomar has together with Libra, supported community interests through its internship and mentoring programmes, and is looking to invest directly in tech start-ups.

China’s top Med destination

Under the control of Cosco since 2009, Piraeus has become the Mediterranean’s top port

Situated on the Saronic Gulf on the western coasts of the Aegean Sea, a strategic jewel for nearly 2,500 years the Port of Piraeus is the largest port in

Greece as well as one of the largest in

Europe. Also called the port of three continents,

Piraeus sits at the crossroads of Europe,

Asia and Africa, being the natural port of Athens and Greece’s main gateway and one of the busiest ports in the

Mediterranean. It is the first European westbound port after crossing the Suez

Canal with the suitable infrastructure to serve international trade and landside transportation. Piraeus is one of the oldest seaports in the Mediterranean. It reached the pinnacle of its glory in the fifth century BC as the port of the city of Athens and was the commercial centre of the then-known world. Today, it is the leading port in

Europe in terms of passenger traffic, but also the main port connecting most islands with the mainland. “Owing to the geography of Greece with hundreds of islands, Piraeus is a major ferry market and is quickly becoming a favorable cruise port too with berthing being possible in the port because of its depth. Also recently reopening yards with the support of the current government,” remarks Marina Tzoutzouraki, CFO and co-founder of eShipfinance.com. Piraeus has become a major transhipment hub for goods destined for Mediterranean and Black Sea ports since China’s Cosco took over its container operations in 2009 and upgraded its infrastructure. Cosco acquired the majority of Piraeus Port Authority (PPA) shares in 2016 after an international tender, and the Port of Piraeus has since become one of the most critical links in Beijing’s landmark Belt and Road Initiative – also known as the New Silk Road – that connects Asia, Africa, and Europe. In just a few years, the port has grown to be one of the fastest-growing in the world as well as the leading port in the Mediterranean in terms of container transport. Today it is switching places with Spain’s Valencia port as the top Mediterranean port in terms of teu handling. Meanwhile, it is one of the largest ports in Europe with integrated business encompassing many activities such as the cruise terminal, ferry terminal and car terminal business, all of which contribute significantly to the local economy and industry. As of 2021, Cosco has made investments exceeding €1bn, including €600m for the construction of Pier 2 and Pier 3, leading to an impressive capacity increase reaching annual container handling of well over 7.2m teu. The ultimate goal is to reach a container throughput of 10m teu so as to become the largest and most efficient logistics hub in Central and Eastern Europe. Activities of the PPA continue on an upward trend in all segments. The company, founded in 1930, last year recorded its highest ever profit of around $40m with an annual turnover of close to $170m. Further investments are planned as part of the Cosco privatisation deal, including the expansion of an existing cruise terminal. The scheme still needs to be approved as Greece’s top administrative court in March ruled that approval by the authorities was deficient and had to be amended.

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