The prospects of the Maritime Industry for 2023

Over the years, Greek shipping has always adapted to global requirements and now we are seeing the Greek market in the forefront of the industry in terms of complying with greener shipping standards and rising to the challenges of maintaining the global supply chain. Although, new types of financing have been introduced and generally there are many different entities offering finance today, banks have always been the backbone of the shipping finance. The four Greek systemic banks have become very important providers of capital and are now ranked in the list of the 10 largest financiers of Greek shipping, playing an important role in the global players of ship financing.

The Banks face growing calls to play their part in addressing today’s environmental and social concerns. Although most lenders’ risk assessment models and credit teams are not yet ready to make the most of the opportunities of green banking, banks are acting now to integrate ESG data into their credit risk models and reskill their lending practice employees. The Borrowers on the other hand, have to provide solid reporting with quality and reliable ESG information in order to achieve performing scores in the banks’ risk assessment models. Inevitably there is need for advisory and consulting activities in order to achieve the target.

Although the shipping industry always needed specialized executives, the new challenges require greater specialization and a change in mindset. The ship management diversification in different types of ships requires a corresponding expertise from the financial executives.

In 2003, the “Association of Banking & Financial Executives of Hellenic Shipping” was founded in Greece, whose members are financial executives working in shipping banks, financial institutions, shipping companies and stock exchanges. It is the only Association that consists exclusively of members of the maritime finance industry, regardless of specialty. The purpose of the Association is the activation of its members and the promotion of the shipping financial profession, while its field of action extends to its continuous contribution to the maritime cluster for jointly addressing the risks and continuous changes of the maritime industry.

George Xiradakis, Founder/Managing Director XRTC Business Consultants, President of the Association of Banking and Financial Executives of Hellenic Shipping