Episode 94: Maritime Digitalization Year in Review 2024
Guest: Evangelos Efstathiou, Managing Director of SkySail Advisors Ltd and Chief Executive Officer of Burmester & Vogel
Editor’s Note: Please note that there were some minor audio inconsistencies on the host’s side during this episode. We appreciate your understanding and hope you enjoy the discussion!
Episode Overview: In this annual tradition, Christopher Aversano is joined by Evangelos Efstathiou for the third year in a row to review the year in maritime digitalization and tech. They discuss the biggest trends of 2024, including the evolution of AI in the maritime industry, private equity’s increasing influence, and the critical intersection of decarbonization and digitalization. Evangelos also shares updates on SkySail’s exciting partnership with AMA Capital and Burmester & Vogel’s game-changing advancements in AI for demurrage management.
Key Points:
- AI’s Transformational Role: AI’s integration in maritime operations has moved beyond hype, with practical applications driving revenue growth and operational efficiency. Burmester & Vogel’s AI solutions now account for 25% of its revenue, highlighting the technology’s real-world impact.
- Regulatory Push Toward Decarbonization: 2024 saw an increased focus on decarbonization initiatives such as FuelEU, with digital tools playing a pivotal role in tracking and optimizing emissions.
- Private Equity and Platform Consolidation: Evangelos highlights Kpler’s acquisition of Spire Maritime and MarineTraffic as an example of the ongoing trend of private equity-backed consolidation in maritime tech.
- SkySail’s Partnership with AMA Capital: The collaboration combines SkySail’s maritime tech expertise with AMA Capital’s proven investment banking capabilities, creating a new suite of services for maritime tech investments.
- The “Real AI” at Burmester & Vogel: After three years of development, Burmester & Vogel’s AI tools for demurrage management are redefining the workflow, automating processes, and significantly reducing human labor.
- Challenges in AI Adoption: While enthusiasm for AI is high, customers are navigating the noise created by vendors offering AI solutions without clear value. Evangelos draws parallels with the blockchain buzz five years ago.
- Consolidation in Maritime Efficiency Solutions: A bold prediction for 2025 suggests significant mergers between software and hardware players, offering holistic efficiency services from hull coatings to weather routing.
- Interest Rates and VC Funding: Rising interest rates have forced startups to focus on self-sustaining economics, challenging maritime tech ventures to prove product-market fit in a high-CAC environment.
Special Mention: Christopher Aversano’s podcast is proud to be a media sponsor of London International Shipping Week, coming in September 2025. Stay tuned for more updates on this exciting collaboration!
Learn More: Check out Episode 89: Seafarers, Decarbonization, and Diversity at Sea with Ralph Juhl, EVP, Technical at Hafnia
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Music by: Peg and The Rejected ‘King of SKA’
Art Work By: GA Design
Produced by: Chris Aversano
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