THE tides of European history are turning, and each day brings a new reminder of the huge challenges the future holds for our continent from agile and well-supported rivals across the globe.

Europe’s position as a shipping superpower, controlling 33.6% of global tonnage, has always given her major advantages, providing economic resilience, trade security and industrial competitiveness.

But with geopolitical tensions and technology reshaping supply chains, energy security and our industries, it is not an understatement to say we stand at a pivotal moment in which Europe cannot afford a fragmented approach to its most strategic industry. Circumstances call for decisive action to maintain the continent’s advantages as a global leader in maritime trade.

The strategic role of shipping in Europe’s economy

Shipping is and always has been the backbone of the European economy, moving 75% of the EU’s external trade, directly contributing €58.5bn to EU GDP, and supporting 1.4m jobs globally. Greece, as the leading maritime nation in Europe, represents 61.5% of the EU-controlled fleet. In this respect Greek shipping is European shipping.

This all shows shipping is more than just another industrial sector. It is a lifeline for European commerce, energy security, and industrial supply chains. Yet, despite its importance, European shipping faces growing regulatory complexity and uncertainty that threatens its global standing. As former European Central Bank president Mario Draghi clearly stated in his recent report, these hurdles are putting European business at a “competitive disadvantage”.

The FuelEU Maritime Regulation and the extension of the EU Emissions Trading System to maritime transport are examples of how regional regulations for an international industry like shipping, if not aligned with global frameworks set by the International Maritime Organization, risk undermining Europe’s competitiveness without delivering meaningful environmental benefits.

A global industry with globally moveable assets requires global solutions. The EU’s Industrial Maritime Strategy now presents an excellent opportunity to create a comprehensive framework for a thriving EU shipping sector, provided that it focuses on the whole shipping ecosystem, including the core shipping sector which is the pillar of the EU maritime cluster.

Investing in a sustainable future

The industry has already made significant strides in decarbonisation when you consider that over the past two decades, global shipping activity has doubled, yet its share of CO2 emissions has declined. Greek shipping remains a leader in this transition, operating the world’s largest fleet of alternative fuel-capable vessels. Some 43% of our fleet is now equipped with Energy Saving Technology compared to a global average of 39%.

However, the route to full decarbonisation remains difficult especially given that many technologies we need either do not yet exist at scale or are not available on the market. What is clear is the requirement for substantial investment amounting to an estimated €39bn per year from 2031 to 2050, according to the Draghi report.

Yet at this time of acute need for finance, stricter EU capital requirements for banks have actually helped to precipitate a significant €149bn fall in ship financing between 2013 and 2023.

Nonetheless, the energy transition is an opportunity. If Europe acts decisively, it can lead the way in maritime innovation, securing its position as a centre for sustainable shipping and advanced shipbuilding.

Decisive action can entail using the Innovation Fund and the EU’s Sustainable Transport Investment Plan for bridging the price gap between alternative and fossil fuels and for targeted financial support for green technologies including carbon capture solutions. Decisive action should entail the inclusion of alternative marine fuels in the Clean Industrial Deal accompanied with measures that lead fuel suppliers to ensure the availability of viable, safe alternatives at commercial scale.

With our most important asset being our people, investment in maritime education and upskilling to prepare our workforce for the digital and green transition is, above all, an absolute priority.

A call for unified action

I’m outlining these objectives at the European Shipping Summit in Brussels this week. They will only be achieved through a coordinated and collaborative effort between policy makers and industry leaders. We must move beyond fragmented, short-term decision making and instead embrace a cohesive, long-term maritime strategy that balances sustainability and global competitiveness.

If we fail to act, we risk ceding our leadership position to other global maritime powers. If we succeed, we will set a course for prosperity, innovation and resilience in the face of global uncertainty.