Ship manager Bernhard Schulte Shipmanagement (BSM) and the Cyprus Marine and Maritime Institute (CMMI) have signed a memorandum of understanding (MoU) to launch an initiative named ‘True North 72’ with an aim to encourage innovation across the maritime supply chain and logistics industries.

The maritime industry is already undergoing a massive disruption of its existing business models with longer-term pressure to become even more efficient and environmentally friendly.

As explained, the True North 72 initiative aims to be a catalyst in reinventing the value chain in the digital age and delivering sustainable solutions to solve customer challenges throughout their businesses.

Specifically, the initiative will explore new ideas, testing and iterating potential solutions, all with the goal of creating entirely new markets, services or products. As such, the joint programme will leverage the capabilities of the two organisations to research and explore the commercialisation of ideas in areas of strategic interest, unlocking value at the forefront of innovation for the wider maritime sector.

“The industry has reached a turning point and the coming decade will be critical in defining the next generation of maritime trade and business. Through the ‘True North 72’ initiative and the partnership with CMMI, BSM is clearly demonstrating its commitment to nurturing creativity and innovation,” Yiannis Sykas, Director of Strategy and member of BSM’s management board, commented.

“CMMI, as a R&I Centre of Excellence for the marine and maritime sectors, aspires to become a partner of choice for all relevant blue economy research, technology development and innovation activities at local, regional, European and global level,” Zacharias Siokouros, CEO of CMMI, said.

“Therefore, we are very excited to participate in ‘True North 72’…This initiative is fully aligned with our key objective to address the needs of the maritime industry and society and develop solutions that will contribute to sustainable Blue Growth.”

The name of the initiative refers to 1972, when BSM first established a presence in Cyprus, as one of the first foreign companies to register on the island. Today, the organisation employs more than 200 people in Cyprus and has been a key contributor to supporting and developing the local maritime industry. True North designates the north according to the earth’s axis, not the ever-changing magnetic north, symbolising the set of ideals and values embraced by the company.

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