Azimath Index
The risk, priced.
A country premium for your discount rate and a route score for the lanes you sail. Every quarter, with sources.
Explore the Azimath IndexFor shipping, cruise, offshore and port companies
Price the risk. Keep the reason.
Geopolitical risk and reused numbers decide your margin. We make both visible before you sign.
Nektaria Themistokleous & Jurriaan GrootFounders · Utrecht, Netherlands
€0 · break even
The bid model says you make+€21.4M
You would actually lose−€37.2M
€58.6MThe difference between the two. Azimath puts it in front of you before you sign.
See how the numbers add up
Azimath in 30 secondsSharper bids. Protected margins.
- Who it is for
- Shipping, cruise, offshore and port companies making long-term investments.
- Why it matters
- The risk is estimated and key numbers are reused. Nobody checks either, and the margin pays.
- What we do
- The Index prices the geopolitical risk. Decisions shows where your numbers came from, and whether they still hold.
- What it is worth
- Sharper bids, protected margins. In our example, €58.6M you see before you sign.
How the numbers add up
Same bid. Two blind spots. €58.6M.
A €200M cable project: €40M a year for 8 years, at 9%.
The bid+€21.4M
What the model shows. On paper, a winner.
Country premiumIndex−€52.6M
Egypt carries a 790 bps premium. At 16.9% instead of 9%, the same cash is worth €52.6M less.
The seabedDecisions−€6.0M
400 m/h was reused from a sandy site. This seabed is clay: 250 m/h. 30 extra vessel days.
The real value−€37.2M
A bid you would have won, and lost money on.
Without Azimath
You sign at +€21.4M. You find the €58.6M later, on the project.
With Azimath
You see −€37.2M before you sign. Then you choose: raise the price, change the terms, or walk away.
Illustrative example. Country premium: Azimath Index sample reading, Q4 2026. Vessel day rate €200k.
The instruments
Two instruments. One for each blind spot.
Azimath Decisions
The reason, kept.
Every reused number traced to where it came from, and checked against the job in front of you.
Explore Azimath DecisionsHow we start
One project. Your numbers. Then you decide.
- Week 0A 20-minute demo
We show both instruments. If it fits, you pick one project.
- Weeks 1 to 3We run both instruments
The Index on your countries and routes. Decisions on one finished project.
- ThenYou decide
Subscribe, run a pilot, or stop. The diagnostic fee is credited.
Who we are
What we built in banking, and what it becomes here
Proven in finance. Built for the maritime sector.
See how it works. Then pick one project.
A 20-minute demo. If it fits, we run it on one of your projects.
Azimath Index · for finance and bid teams
A price for geopolitical risk.
A sourced number for the geopolitical risk in your project, every quarter. A country premium that goes on your discount rate, and a route risk score for the lanes you sail. So you see what the risk does to the value before you commit.
100 basis points is 1 percentage point on your discount rate.
+790 bpsEgypt, on your discount rate
9.0% becomes 16.9%
Q4 20269.0% becomes 16.9%
sample
Reading one · the country premium
Six parameters. One number.
Six parts, each with a source. Together they go on your discount rate.
Egypt · Q4 2026 sample790 bps
Your 9.0% rate becomes 16.9%
- 637Borrowing costDamodaran
- +34PoliticsWorld Bank
- +68PolicyAzimath rating
- +40AttentionAzimath rating
- +0DirectionAzimath rating
- +11CompoundingWhen politics and attention are both high
On top of the premium: a stress range for when attention moves, a path view for where the country is heading, and an overlap setting for risk your cash flows already carry.
Reading two · the route risk score
A second reading for the lanes you sail.
The premium covers where your asset sits. The score covers the straits your vessels pass through. It has its own scale and is never added to the premium.
Route risk score, 0 to 100 · Q4 2026 sample
Strait of Hormuz90Listed war-risk area, premiums rising
Suez Canal64Listed war-risk area, premiums elevated
Strait of Malacca50Not listed, premiums stable
Panama Canal10Not listed, premiums stable
The Taiwan Strait is tracked as a flashpoint.
Try it with your numbers.
Pick a country and set your project. You see what the country premium does to its value.
At your rate+€21.4M
With Egypt’s country premium−€31.2M
Pricing
Early-access prices. We run one of your projects with you before you subscribe.
Starter
€2,500–4,000 a year
10 countries and one trade lane. Every premium with its stress range and sources. Quarterly refresh. One user.
Full coverage
€8,000–15,000 a year
All countries and the four main chokepoints. Quarterly refresh, API, and an alert when a country passes your level. Up to five users.
Embedded
On request
Delivered into your own systems, with your own country and route list.
Damodaran (NYU Stern) country default spreads, World Bank Worldwide Governance Indicators, the Caldara-Iacoviello Geopolitical Risk index, Lloyd’s Market Association Joint War Committee listed areas, IMF PortWatch and the US Energy Information Administration. Policy durability, attention and momentum are Azimath ratings, published with the method behind them.
See the Index on your countries.
A 20-minute demo with the countries and routes you work in.
Azimath Decisions · built for your company
Keep the reason behind every number.
Your archive shows what was decided. We reverse engineer why, and under which conditions. So your next tender knows what still applies.
Why, not whatEvery number keeps its reason
AzimathDecisions
How it works
- We read your archiveReports, minutes and drawings you already have. Nothing to move or install.
- We reverse engineer each decisionWhat was decided, why, and the conditions it depended on. Every line linked to its page.
- Your next project learns from the pastBefore reusing a number, your team sees if the conditions still hold.
Ask why.
An illustrative cable tender. Click to walk back from the contract to the number it rests on.
- ContractCompletion guaranteeRests on the scheduleSigned contract · clause 14
- CommercialBid priceVessel days × day rate, plus 10%Estimating model
- OperationsVessel days400 m/h plus 25% weather downtimePlanning sheet · rev 4
- Engineering400 m/h burial speedDense sand, per the site surveyGeotechnical appendix · p. 37
Today, the price is in one file and the reason is in another. Click “Why?”
090°
What your team actually opens.
An engineer types the job in front of them. The answer comes back from your own finished projects, with the page it came from and the way each one differs.
The job in front of you
Burial to 3.5 m in dense sand, export cable, nearshore, mechanical trencher
Closest cases in your own archive
Project 142023 · export cable
Trencher kept after a jetting trial underperformed in the same soil class. Written up in the method review, never in the final package.
Differs inMethod review rev 2 · p. 11
Project 092021 · export cable
Target depth reduced by agreement after the survey varied between sample points. The basis sits in the deviation record.
Differs inDeviation record 09-44
Project 212025 · array cable
Same trencher, same soil class, full depth reached. The pass sequence changed mid-campaign and the reason is in the daily reports.
Differs inDaily report · 12 Jun 2025
And when there is nothing
Ask about ground you have never worked in and the answer is “not in your documents”. It does not fill the gap with a guess.
The tool does not score the cases or say which one applies. Whether the reduced depth on Project 09 matters here is your engineer’s call. Our job is to put it in front of them.
How you start
Small first. Each step proves the next.
- 2 to 3 weeks · fixed feeDiagnosticOne finished project, reverse engineered. A short report on which decisions you can still explain, and which you cannot.
- 12 weeks · fixed feePilotThe full set for that project, across engineering and commercial. The diagnostic fee is credited.
- YearlyLicenceAll live projects. Your own track record of which assumptions held, growing every project.
Start with one finished project.
20 minutes to see if it fits.
About us
Read the wind. Price the risk. Keep the reason.
Every captain reads the conditions before heading out. The Azimath Index prices the geopolitical risk before you commit, by country and by route. Azimath Decisions keeps the reason behind every number you bid.
Bearing047°
AzimuthAzimath
- Az·i·muth n.
- which way the ship went.
- Az·i·math n.
- why it went that way.
One letter changed. Which way are you heading?
000°
Built from conversations, not assumptions.
Azimath is a Netherlands-based start-up, founded in 2026. Before building anything, we sat down with the people who design, build and run the maritime sector.
They told us the same two things. The sector is rich in data but short on decision support. And when a big bid or investment is made, the risk is often driven by unvalidated assumptions and the reasoning gets lost once the project ends. Azimath exists to fix exactly that.
090°
Who we spoke to.
From the quay out to the open sea. Five parts of the sector, one question each time: how do you decide, and what do you keep?
- 01Ports, logistics and industry bodiessetting the standards the sector works to
- 02Naval architects and shipyardsfrom workboats to superyachts
- 03Ship owners and operatorsrunning dry bulk and charter fleets
- 04Marine and subsea contractorsoffshore wind, dredging and EPCI projects
- 05Offshore cable installerslaying power and data cables at sea
The founders
Together: geopolitical risk you can price, and decisions you can trace.
Nektaria Themistokleous
Co-founder The maths behind the risk.Mathematician. A decade building the risk models banks bet their capital on: credit, stress tests and scenarios, every number traceable to its source.
nektaria@azimath.nl
Jurriaan Groot
Co-founder The intelligence behind the data.AI specialist. Nearly two decades making bank data tell the truth: stress tests, risk reporting, data platforms, and running the European arm of a data software company.
jurriaan@azimath.nl180°
What we stand for.
Trust
Every number comes with its source. If we can’t explain it, we don’t deliver it.
Openness
We expose our method and its limitations. No black boxes, no hidden issues.
Respect for expertise
We don’t replace your engineers or your board. We just give them better instruments.
270°
From banking to the maritime sector.
What we did in financeWhat it becomes for you
Stress-tested bank portfolios for the ECBIndexYour project stress-tested against geopolitical risk
Built risk models that regulators sign offIndexA risk premium you can defend to your board
Traced every reported figure back to its sourceDecisionsEvery bid number traced to its reason
Took data and AI software to market across EuropeDecisionsThe engine that reads your project archive
Contact
Tell us about one project.
We will come back to you to set up a 20-minute call.