Posidonia 2024: AI Emerging as Prominent Player in Maritime Industry

Photo source: Lloyd’s Register

The maritime industry, often viewed as conservative and measured in its approach to technological integration, is on the cusp of a transformative era with Artificial Intelligence (AI) emerging as a prominent player, according to Posidonia Exhibitions SA.

Ahead of the Posidonia 2024 shipping trade show in Athens, the organizer sees a significant rise in demand for exhibition space from advanced technology and innovation companies providing services to the shipping industry.

The summer edition of Posidonia will take place at the Athens Metropolitan Expo Center during June 3-7.

Maritime AI segment: 276 active companies

“A comprehensive report on the future landscape of AI in the maritime sector, indicates that the market for AI-driven systems and vessel autonomy is anticipated to achieve a collective value of $5 billion by 2028,” said Posidonia Exhibitions Managing Director Theodore Vokos.

According to the report, titled ‘Out of the box’ and produced by Lloyd’s Register and maritime innovation consultancy Thetius, presently there are already 276 active companies identified in the maritime AI segment.

“The report underscores the significance of proactive investment by maritime organisations in enhancing their comprehension of AI across various levels,” Vokos said.

“It recommends a strategic focus on workforce education and training initiatives to augment awareness of safety measures and regulations pertinent to advanced technologies within the maritime domain.”

Posidonia 2024 exhibitors anticipate paradigm shift in maritime industry as AI gains traction

Insights from key exhibitors at the upcoming Posidonia exhibition reveal a new landscape, where industry leaders strategically align with the inexorable rise of AI and consider adopting it already.

EMMIS MARINE S.A., an industrial manufacturer of premium electrical supply and control solutions, signifies a broader industry sentiment.

According to the company’s owner & CEO, Andreas Miserlis, AI stands at the forefront of meeting the technological demands of the maritime industry.

“Our commitment to incorporating AI into our research and development department and production lines reflects our proactive approach to staying ahead in the era of digital transformation,” he said.

The maritime manufacturing sector in general, also exemplified by Captain Nemo, foresees rapid AI adoption.

“With early AI projects already underway, we look forward to incorporating AI in data analysis, automating standards, and developing new projects within the maritime manufacturing sector,” said the company’s CEO, Merkouris Panoutsopoulos.

But the adoption of AI is not only limited to the manufacturing sector, but is also rapidly embraced in the services sectors.

According to Bureau Veritas, AI is already being adopted by the shipping industry.

“AI investment rates leave little doubt AI is becoming a key enabler in the digitalisation of the shipping industry, offering benefits such as reduced costs, less risk, reduced emissions, improved forecasting, and faster deliveries through optimised routes’ said Laurent Hentges, Vice-President, Digital Solutions and Transformation.

Verifavia, a company specialising in marine surveying services and auditing, already navigates the challenges and promises of AI.

“At Verifavia, we are using AI where it matters most, especially in voyage optimisation, data quality enhancements and carbon market transparency,” said Nicolas Duchene, President.

An EverClean robots cleaning a ship’s hull. Photo source: Greensea IQ

AI also plays a role in the peripheral services sector of the marine industry, aiding marine travel management companies, like GMT Greece, in predicting travel movements for cost-saving benefits.

Additionally, vessel cleaning companies, like Greensea IQ, utilise small robots equipped with AI to enhance the prediction of cleaning routines, enabling more efficient and faster hull cleaning services.

On the other hand, companies such as N. Bogdanos Marine Bureau Ltd bring a sober perspective to AI in shipping.

Adamantios Papapetros, Vice President & CEO, highlights the industry’s historical prudence, which will wait for AI technology to be further tested before fully embracing it and applying it on ships.

“Shipping historically waits for proven results before adopting new technologies. Applications like unmanned navigation are still away from being applied, however, the lack of skilled seamen will accelerate the introduction of similar applications,” he said.

Posidonia Exhibitions, drawing from the industry insights and considering broader trends in maritime technology, sees a dynamic and transformative future of AI in shipping.

“As the industry navigates towards digital maturity, AI is set to play an increasingly pivotal role in optimising operations, ensuring safety, and steering the sector towards a sustainable and technologically advanced future. The Posidonia Shipping Exhibition stands as a testament to the industry’s collective recognition of AI’s potential, marking the dawn of a new era in maritime innovation.”

Posidonia 2024 is organised under the auspices of the Ministry of Maritime Affairs & Insular Policy, the Hellenic Chamber of Shipping and the Union of Greek Shipowners and with the support of the Municipality of Piraeus and the Greek Shipping Co-operation Committee.