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BSM and CMMI on a “True North 72” heading for cooperation on maritime innovation

BSM and CMMI on a “True North 72” heading  for cooperation on maritime innovation

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.


 About “True North 72”

The initiative name is a reference to a concept central to BSM’s value system and its approach to business, with a vintage cue to a pivotal year in the company’s long history as part of the Schulte Group.

Besides its geographical definition and relation to nautical navigation, the “True North” idiom is a fundamental concept to an organisation’s operating philosophy. It embodies a precise, concise and universal set of ideals and values which, when taken together, provide the foundation of a strategic plan for achieving the vision of excellence an organisation should be constantly striving towards. “True North” can be viewed as a mission statement, signifying the direction the organisation should follow to get from the current position, to where they want to be.

“72” is reference to 1972, which was the year BSM (ex-Hanseatic Shipping) first established a presence in Cyprus and became one of the first foreign companies to ever register in the country. Since then, BSM has been a key contributor to establishing and developing the local maritime industry, in becoming one of the leading maritime destinations globally. Today, the organisation employees more than 200 people in Cyprus.