While many maritime innovation centres are being developed, the UK seems to lack behind, the report notes. However, UK now experiences a growing digital sector. Led by start-ups, the UK shipping technology sector is worth £4 billion and can reach £13 billion per year by 2030.

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A large number of UK startups are creating new solutions to solve chronic problems. For example, a new platform helps containerships limit delays in port, while an AI-powered maintenance platform for vessels maximises uptime while minimising risk and cost.

According to Nick Chubb, the report found that, while the UK maritime sector has been slow to change, it can make the UK a hub for digital innovation in maritime. To achieve this, the country needs to enable more cooperation between regulators, academic institutions, shipping companies and entrepreneurs.

However, the fact is that corporate innovation is too slow. Thus, in order for UK to adopt faster digitalisation in the maritime sector, it has to focus to start-ups that are working on innovation. By only focusing on startups won't solve every problem in the industry, but it will be a good step to open new opportunities, the report mentions.

The findings from the report will be presented on 30th October.

You can see more in the PDF below