ABS: Innovation, Investment and Business Savvy

John McDonald ABS President and Chief Operating Officer Analyses Greek Shipping's Sustainability Response and how ABS is helping.

The hallmarks of the Greek shipping industry include the ability to create innovation in business opportunities and an appetite for commercial risk-taking combined with high quality operations. 

And we have certainly seen this borne out by the Greek market’s response to the industry’ emissions challenge. Greek shipowners have invested heavily in new ships –mainly tankers and bulk carriers– in the last couple of years. 

The fleet is 102 vessels larger than it was in March 2023. All the signs are that this trend will continue, driven by the need for fleet renewal, demand for more efficient tonnage, and that Greece will remain a global shipping powerhouse. 

To date, the Greek market remains cautious in adopting alternative fuels, with concerns rooted in a combination of the economics of the fuel and engines and technology risks around safe use and handling. As a result, while orders for dual fuel ships are increasing, the number of new vessels designed to operate principally on alternative fuels is more limited.

The past year has, however, seen a 50 percent surge in newbuilding orders, indicating a growing enthusiasm among Greek shipowners for modern vessels. The latest statistics confirm the Greeks are keeping shipbuilders busy with an orderbook of 373 vessels.

Greek shipowners have responded strongly to the opportunity presented by the new energy value chains, with orders for ships that will carry the emerging cargoes of the energy transition: ammonia, methanol, hydrogen and CO2 itself. In the process, they are demonstrating their traditional, innovative approach, responding to the prevailing economic environment and capturing the commercial opportunity.

The Greek market has always been highly competitive and continues to be so. There is so much expertise available locally and ABS is investing to ensure it continues to offer industry leading services and remains the number one class in Greece. 

ABS has invested in broadening the capabilities of the Athens office, drawing on specialists to create world-leading centers in sustainability, ship systems and digital capability. Our Global Sustainability and Regulatory Affairs services are run from the Athens office, with specialists on hand to provide advice across a range of subject areas. We have personnel dedicated to sustainability and performance, while three engineers represent ABS to IACS and one to IMO to provide real capability and knowledge from these bodies on topics like safety, machinery and the environment.

To respond to the needs of shipowners we have to innovate; establish new departments and services and be the leaders in the services we provide. As competition increases it is important that we improve every day and move continuously forward. For that we have to always be close to clients and give them reasons to be with ABS; because we are proactive and responsive as their technical advisor and safety partner.