International ship manager Bernhard Schulte Shipmanagement (BSM) and the Cyprus Marine and Maritime Institute (CMMI) have signed an MoU to launch a game-changing initiative named “True North 72” aiming 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. 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.

The collaboration between BSM and CMMI will capitalise on both partners’ shipping expertise, global reach and specialist technical expertise to create an ecosystem for experimentation. 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 tremendous 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.

Yiannis Sykas, Director of Strategy and member of BSM’s management board, said: “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. This partnership embodies our company’s mission statement and values enabling colleagues, clients, business partners and the communities we operate in, to apply knowledge, experience and innovation to develop solutions to important industry challenges.”

Zacharias Siokouros, CEO of CMMI said: “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. The Institute aims at promoting excellence in research and innovation, investing in creative capital, fostering education, training and entrepreneurship, and nurturing socio-economic and cultural transformation overall. Therefore, we are very excited to participate in “True North 72” and partner with one of the world’s leading third-party ship managers. 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 initiative name “True North 72” 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 precise set of ideals and values embraced by the company.