Market Intelligence
Marine Technology Cybersecurity Greece

Greece Shipping Sector Opportunities

Greek shipowners control more than one-fifth of the world’s entire fleet, totaling 5.514 vessels, or 21% of the global fleet in deadweight ton (dwt) terms. Greek owned fleet represents 59% of the total EU controlled fleet. As a major industry in Greece which accounts for close to 7% of the nation’s GDP, this client base is a sizeable and attractive one for U.S. firms looking to sell products and solutions. Greek ships are also on the newer side, with the average age being 9.99 years in comparison to the global standard of 10.28 (Union of Greek Shipowners).  

Although the shipping industry is traditionally associated with products such as engines, ship parts, or coatings, the immediate need for this sector is digital solutions. As Greece and other shipping nations plot their compliance towards 2050 International Maritime Organization (IMO) decarbonization goals, the need for IT solutions is becoming more apparent. 

IT needs
The shipping industry’s IT needs range from basic to the advanced. On a basic level, firms need better platforms for enterprise resource management to fully integrate various procedures and increase efficiency. This could include established platforms for employee benefits and fully digitized logs. Cloud storage also seems to be something that has yet to be adopted on a wider scale. Moving to advanced needs, cybersecurity solutions, and utilization of AI for engine efficiency and route planning would be key. In 2021, one of Greece’s leading maritime software providers suffered a cyberattack where 10% of its clients saw their files affected. This has raised awareness regarding the need for cybersecurity solutions and the risks of third-party remote maintenance. Greece as a nation is slowly focusing on cybersecurity with the Ministry of Digital Governance officially creating a Cybersecurity Unit last year. As Greece continues to bring on high value infrastructure assets, the nation will need to reexamine cybersecurity protocols. 

The Greek Shipping Firm Profile
Greek shipping is made up of many family-owned enterprises. While some may be in the scale of Dynacom Tankers, Niarchos, or Onassis, many operate on a much smaller scale. With a huge population of so-called SME shipowners, standardization of platforms and practices is nonexistent. In fact, many may be slow to adopt IT divisions or solutions give a lack of awareness and funding. However, there will be no way to comply with IMO requirements unless greater efficiencies are explored and monitored, and new fuels and technologies deployed. The interface for all measures will undoubtedly be an IT solution. Whether it be hydrogen, nuclear, or ammonia, the shipowners will need agility in maneuvering their way forward despite great uncertainties over the final fuel that will dominate global trade. 

The current landscape
Currently, discussions are ongoing regarding the importance of digital solutions, which is a major topic of discussion in shipping industry conferences and discussions. With a new government administration as of July 2023, it appears that there will be stability and consistency for major decisions to take place. 

Greece will host the 9th Our Ocean Conference which brings together governments and non-state actors to make concrete commitments to protect ocean health and security. Since its establishment in 2014, the forum has collected 1,800 commitments worth nearly $108 billion. Greece will likely prepare to make a major announcement during this conference and assert its leadership in sustainable shipping. With a series of high-profile hackings setting the stage, we hope that all the factors will come together to create the right environment for urgency and decision making.

Upcoming Opportunities
2023 and 2024 offers many platforms U.S. firms to connect with the Greek shipping industry:

*Digital Ship has two conference a year. Posidonia is held once every two years.

Interested U.S. firms may also consider connecting with the Greek Association for Maritime Managers in Information Technology and Communications (AMMITEC).

The U.S. Commercial Service Athens, Greece is available to discuss opportunities with individual U.S. firms. Please reach out to Shipping Sector Industry Specialist