With only around 500 ships flying the Greek flag compared with a Greek-owned fleet of approximately 6,000 vessels, strengthening the Greek registry requires addressing the shortage of Greek seafarers, adapting crewing requirements and making the relevant services more efficient. This was one of the key messages delivered by Aristides Pittas, Petros Pappas, Haris Vafeias and Antonis Kanellakis at the 16th Annual Capital Link Operational Excellence in Shipping Forum.

The four Greek shipowners focused on human resources and the competitiveness of the Greek flag, while also sharing their views on decarbonization, alternative fuels, the cost of the energy transition and artificial intelligence.

Greek flag: The challenge of crews and competitiveness

Petros Pappas, CEO and Director of Star Bulk Carriers, stressed that the Greek registry must operate with the speed and efficiency required by international shipping in order to compete with registries such as Liberia, Cyprus and Malta. This, he said, means services on a 24/7 basis.

Crewing remains a critical issue, as it is not realistic to require a specific Greek crew composition when there are not enough Greek seafarers available. Pappas nevertheless estimated that progress can be made in the coming years, stressing that every Greek shipowner would like to see their vessels flying the Greek flag.

A positive experience with the Greek registry was shared by Antonis Kanellakis, Executive Director of Alpha Bulkers Shipmanagement, Pantheon Tankers Management and Alpha Gas. His companies, he said, have approximately 35 ships flying the Greek flag, while whenever they have needed assistance from the Greek authorities, both the ministry and the Coast Guard have responded quickly and effectively.

He nevertheless acknowledged that when it comes to Greek officers, “the numbers don’t add up.” He expressed optimism that more young people can be attracted to the sea as salaries and living conditions on board improve and the amount of time spent continuously at sea decreases.

Haris Vafeias, founder of StealthGas, Imperial Petroleum and C3is, was particularly pointed, highlighting the enormous gap between the Greek-owned fleet and the Greek flag. He referred to approximately 500 ships flying the Greek flag compared with around 6,000 Greek-owned vessels, arguing that without changes to the rules governing the minimum Greek crew composition, it will be difficult to substantially increase the number of ships registered under the Greek flag.

Vafeias also placed particular emphasis on maritime education. “Shipping must be taught in schools,” he stressed, questioning how Greece can be a leading shipping power while children are not systematically introduced to the country’s largest international industry.

The panel pointed out that the seafaring profession continues to offer significant financial prospects, with a captain able to earn $10,000–$15,000 a month. The decline in the number of Greeks at sea, moreover, does not concern crews alone: captains and engineers have traditionally been an important pool of talent for shipping offices, directly linking maritime education with the preservation of Greek shipping expertise.

Decarbonization: Regulations, costs and available fuels

On decarbonization, Aristides Pittas, Chairman & CEO of Euroseas, EuroDry and Euroholdings, described regulation as the most important factor in investment decisions, while warning that regulators must be extremely careful.

The cost, he explained, is passed from the shipowner to the charterer and ultimately to the consumer. “Bad regulation is bad for consumers,” was his message. At the same time, he noted that new technologies should first prove that they work reliably before shipping is asked to invest billions in adopting them.

Petros Pappas approached the issue from a commercial perspective. As he noted, regulation will be important in the future, but today the regulatory framework remains unclear, while the fuel that could become the universal solution of the future “does not exist yet.”

For the head of Star Bulk, the strongest incentive today remains reducing consumption, which combines commercial and environmental benefits: “You burn less, you pollute less.”

Haris Vafeias cited LPG carriers as an example, noting that companies have paid $10–15 million more for vessels capable of burning LPG, without ultimately using that capability and continuing to burn conventional fuel.

According to him, the real test comes when someone has to pay the premium for the green transition. Charterers may promote their environmental commitments, but it is not certain that they will accept a higher freight rate for a “green” vessel. Vafeias was categorical that the additional cost will ultimately be passed on to the consumer, while he also made a pointed reference to Donald Trump and the geopolitical circumstances that have pushed freight markets to particularly high levels.

Antonis Kanellakis, for his part, estimated that LNG will play an important role through 2035, as it is already available, has developed bunkering infrastructure and represents a mature technology. Biofuels will also play a role, as they can be used in existing engines, although their limited availability prevents them from becoming the sole solution. He sees greater difficulties with methanol and ammonia.

The “DNA” of Greek shipping and AI

Asked what makes Greek shipping so resilient in the face of wars, crises and successive market cycles, Kanellakis pointed to the accumulated experience of decades. Greek shipowners have gone through extremely difficult periods, learned from them and do not easily repeat the same mistakes, with adaptability having, as he put it, become part of their “DNA.”

Pappas emphasized human capital, young people with high-level education, and captains and engineers who bring their experience at sea into the offices. He also highlighted the strong shipping ecosystem in Athens and Piraeus, where shipowners exchange information and support one another.

On the technological front, Aristides Pittas made no secret of his reservations about artificial intelligence. “I am very afraid of AI,” he said, describing it as a potentially dangerous technology, while making clear at the same time that shipping must adapt to it and adopt it.

Today, according to him, AI is still at an early stage and its results require human oversight. It is already being used, however, in applications for monitoring fuel consumption, vessel performance, cargo loading and voyage optimization. Kanellakis added that performance monitoring and voyage optimization are currently among the most practical applications of AI in shipping.

The picture that emerged from the discussion was that of a Greek shipping industry that remains open to the technological and energy transition, but is calling for solutions that work in practice and are economically viable. At the same time, the immediate Greek challenge remains clear: more Greeks at sea, stronger maritime education and a more competitive Greek registry capable of attracting a larger share of the Greek-owned fleet.