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Article
Publication date: 12 October 2021

Dimitrios V. Lyridis, Georgios O. Andreadis, Christos Papaleonidas and Violetta Tsiampa

The current study addresses how blockchain can deal with the challenges that the midstream liquefied natural gas (LNG) supply chain poses combined from a management standpoint…

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Abstract

Purpose

The current study addresses how blockchain can deal with the challenges that the midstream liquefied natural gas (LNG) supply chain poses combined from a management standpoint. Such challenges are: the volume of transactions, communication hurdles and the lack of contemporary management tools. The paper proposes a comprehensive framework to assess the impact of blockchain implementation in the midstream LNG supply chain in order to tackle those barriers.

Design/methodology/approach

The basis of the research is the business process modelling (BPM), through which entities, roles, tasks, resources and transactions can be modelled and simulated. The modelling of the midstream LNG supply chain, via BPM, is based on guidelines of the Society of International Gas Tanker and Terminal Operators (SIGGTO) and common industry business models. A quantitative analysis is employed to support the motivation and the potential impact of blockchain implementation. The methodology is used to identify (1) inefficiencies related to large volume of transactions between stakeholders and (2) critical areas of an LNG shipping company, where blockchain can be implemented.

Findings

Process repeatability, numerous shared documentation forms, excessive paperwork and communication imbroglios are mapped from the modelling section. Up to 327 processes are repeated during a typical vessel voyage, and up to 122 shared documentation forms are exchanged. Excessive paperwork and communication imbroglios are tracked through, which correspond to 25 severe errors as detected. By implementing the methodology, stakeholders can quantify the possible impact of blockchain on the operational performance of each stakeholder's operations separately and the supply chain as a whole in terms of real-time monitoring, transparency and paperwork reduction, time and cost savings.

Research limitations/implications

The research has certain limitations deriving from its conceptual nature. The business processes' modelling is based on standard procedures described in the guidelines by SIGGTO and may need further adjustment for specific use cases. A structured case study has not been realisable as corporate data for an LNG shipping company regarding processes and other commercial sensitive information are required.

Practical implications

Potential practitioners may exploit the proposed framework as a low cost and seamless tool to evaluate how blockchain could disrupt their operations. Thus, the blockchain implementation's improvements or weaknesses can be pinpointed, and enabling the interested stakeholder of the LNG supply chain with specific feedback, it can guide them towards informed decisions on their operations.

Originality/value

The research has a novel approach as it combines the creation of practical management framework, with a comprehensive visualization of the midstream LNG supply chain. Thus, the reader can identify in which parts of the midstream LNG supply chain can blockchain be implemented, and what impact it could have in terms of supply chain operations.

Details

Maritime Business Review, vol. 7 no. 1
Type: Research Article
ISSN: 2397-3757

Keywords

Content available
Article
Publication date: 28 January 2020

Christos Papaleonidas, Dimitrios V. Lyridis, Alexios Papakostas and Dimitris Antonis Konstantinidis

The purpose of this paper is to improve the tactical planning of the stakeholders of the midstream liquefied natural gas (LNG) supply chain, using an optimisation approach. The…

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Abstract

Purpose

The purpose of this paper is to improve the tactical planning of the stakeholders of the midstream liquefied natural gas (LNG) supply chain, using an optimisation approach. The results can contribute to enhance the proactivity on significant investment decisions.

Design/methodology/approach

A decision support tool (DST) is proposed to minimise the operational cost of a fleet of vessels. Mixed integer linear programming (MILP) used to perform contract assignment combined with a genetic algorithm solution are the foundations of the DST. The aforementioned methods present a formulation of the maritime transportation problem from the scope of tramp shipping companies.

Findings

The validation of the DST through a realistic case study illustrates its potential in generating quantitative data about the cost of the midstream LNG supply chain and the annual operations schedule for a fleet of LNG vessels.

Research limitations/implications

The LNG transportation scenarios included assumptions, which were required for resource reasons, such as omission of stochasticity. Notwithstanding the assumptions made, it is to the authors’ belief that the paper meets its objectives as described above.

Practical implications

Potential practitioners may exploit the results to make informed decisions on the operation of LNG vessels, charter rate quotes and/or redeployment of existing fleet.

Originality/value

The research has a novel approach as it combines the creation of practical management tool, with a comprehensive mathematical modelling, for the midstream LNG supply chain. Quantifying future fleet costs is an alternative approach, which may improve the planning procedure of a tramp shipping company.

Details

Maritime Business Review, vol. 5 no. 1
Type: Research Article
ISSN: 2397-3757

Keywords

Content available

Abstract

Details

Maritime Business Review, vol. 7 no. 1
Type: Research Article
ISSN: 2397-3757

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