Speaking at a recently-held shipping conference, Orphanidou explained that the transition of artificial intelligence (AI) from a futuristic idea to a critical operational tool “can bring dramatic changes and significant benefits, creating new opportunities for the industry”.

She mentioned, citing Gartner figures, that by 2024, AI had already created $4.7 trillion in value for the global economy.  Moreover, she stated that organisations are already benefiting from AI as it “accelerates processes, reduces operational costs through automation, simplifies complex organisational functions, and facilitates the development of new innovative products and services.” In the shipping sector, AI is supporting the adoption of technologies that improve efficiency and safety, she added.

She explained that innovations such as predictive maintenance and energy efficiency are enabling shipping companies to cut maintenance and fuel costs, while at the same time ensuring compliance with environmental regulations. According to her, the implementation of smart systems not only predicts risks but also mitigates emergencies before they escalate, thereby improving safety. She added that “automated navigation processes allow ships to operate without human intervention, thus reducing errors and delays.” As with all sectors, the successful integration of AI in shipping requires a clearly defined strategy, she mentioned, underlining that AI adoption must ensure the right combination of people, processes and technology to drive business success. She said that successful adoption also involves training staff and proper communication to enhance understanding and secure the active participation of all stakeholders.

Turning to the regulatory framework, she pointed out that the deployment of AI systems is governed by regulations aimed at ensuring their safety and ethical use. She referred to the EU AI Act, a regulation that categorises AI systems based on the level of risk they pose to citizens’ safety, health or fundamental rights.

According to her, high-risk AI systems, as defined under the Regulation, require strict transparency and oversight procedures. She mentioned that the ethical challenges linked to AI “cannot be ignored,” stressing that any system should embody values such as fairness, transparency, resilience, accountability and safety. “The way in which AI systems make decisions and the consequences of these decisions must be transparent and understandable,” Orphanidou concluded.

Source: Cyprus Mail