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In the shipping industry, both sales and purchases of second-hand ships and freight transport services are prevalently tailormade and traded with intense bilateral negotiations. Price bargaining is the key step of this negotiation process and plays a crucial role in determining mutually agreed prices. Despite its cruciality and applicability, the price bargaining has yet received due conceptual and/or theoretical attention in the shipping literature. This paper attempts to conceptually examine the role of bargaining in shipping transaction prices and subsequently puts forward directions for future research. In doing so, the paper focuses on two types of transactions taking place in shipping markets: asset market trading of second-hand vessels and service market trading shipping freights.

The paper begins with a systematic literature review of price bargaining in the field of economics and management disciplines from a game-theoretic perspective. This approach does logically lead to the establishment of a conceptual framework for price bargaining in shipping sub-markets as a step toward having taken into consideration a variety of heterogeneities commonly present in trading activities and market dynamics.

A set of research areas has been consequently identified where price bargaining and mechanisms for the shipping freight and asset markets could be further explored and analyzed in a way to make better pricing decisions under a more tangible framework.

One of the critical challenges when using bargaining mechanisms to make a decision on pricing shipping services and assets is how to operationalize the study for empirical investigation as some of the factors are internal information of the players and are not adequately revealed to externals: that is, an imperfect information sharing case. The current study aims, however, not to conduct an empirical analysis but to initiate a conversation among maritime economists by bringing their attention to this not-yet fully explored and potentially impactful field of research and by asking them to treat bargaining from a perspective for pricing shipping assets and services. It is claimed that, by doing so, one could better understand price differences between individual contracts.

This study would be considered the first of its kind to provide a detailed survey of the bargaining theory and models from a game theoretical perspective as a theoretical lens to understand its importance and relevance in pricing shipping assets and services. It also provides a simplified operational case on utilizing bargaining in practically pricing freight services.

This study aims to explore how a start-up entering maritime logistics networks (MLNs) in the container shipping industry integrates resources underlying value cocreation patterns in these networks.

The paper is based on a single case study of a technological start-up, providing tracking, tracing and other information services to MLN members using internet-based software. An interorganizational theory perspective informs the case study to unveil the resource integration for value cocreation in the network.

The start-up holds multiple resource interaction roles and the start-up’s involvement enables the creation of new knowledge resources, which facilitate new revenue streams and manage resource dependencies. Hence, the findings indicate that the start-up changes value cocreation patterns in the network by reconfiguring and integrating existing resources so that the service is customized for various customers, including shippers and freight forwarders.

The results provide insights about how technological start-ups can unlock resources within MLNs.

The study extends previous studies on resource roles in business networks and shows how start-ups can perform multiple roles simultaneously within these networks. In addition, the study contributes to the literature by studying information and knowledge as resources configured in different ways in a unique network setting.

The increasing capabilities of artificial intelligence (AI) are changing the way organizations operate and interact with users both internally and externally. The insurance sector is currently using AI in several ways but its potential to disrupt insurance is not clear. This research evaluated the implementation of AI-led automation in 20 insurance companies. The findings indicate four business models (BM) emerging: In the first model the insurer takes a smaller part of the value chain allowing others with superior AI and data to take a larger part. In the second model the insurer keeps the same model and value chain but uses AI to improve effectiveness. In the third model the insurer adapts their model to fully utilize AI and seek new sources of data and customers. Lastly in the fourth model a technology focused company uses their existing AI prowess, superior data and extensive customer base, and adds insurance provision.

International outbreak of the SARS-CoV-2 infection has fostered the Italian government to impose the FFP2 protective facial masks in closed environments, including bar, restaurants and, more in general, in the food sector. Protective facial masks are rocketing, both in mass and in costs, in the food sector imposing efforts in fostering reuse strategies and in the achievement of sustainable development goals. The scope of the present paper is to depict possible strategies in manufacturing and reuse strategies that can reduce the carbon footprint (CF) of such devices.

To implement circular economy strategies in the protective facial masks supply chain, it was considered significant to move towards a study of the environmental impact of such devices, and therefore a CF study has been performed on an FFP2 facial mask used in the food sector. Different materials besides the mostly used polypropylene (PP) (polyethylene (PE), polycarbonate (PC), poly (lactic acid) (PLA), cotton, polyurethane (PUR), polystyrene (PS) and nylon 6,6) and different sanitisation alternatives as reuse strategies (both laboratory and homemade static oven, ultraviolet germicidal irradiation) readily implemented have been modelled to calculate the CF of a single use of an FFP2 mask.

The production of textiles in PP, followed by disposal was the main contributor to CF of the single-use FFP2 mask, followed by packaging and transportations. PP and PE were the least impacting, PC, cotton and Nylon 6-6 of the same weight results the worst. PLA has an impact greater than PP and PE obtained from crude oil, followed by PUR and PS. Static laboratory oven obtained an 80.4% reduction of CF with respect to single use PP-made FFP2 mask, whereas homemade oven obtained a similar 82.2% reduction; UV cabinet is the best option, showing an 89.9% reduction.

The key strategies to reduce the environmental impacts of the masks (research for new materials and reuse with sanitisation) should ensure both the retention of filtering capacities and the sanitary sterility of the reused ones. Future developments should include evaluations of textile recycling impacts, using new materials and the evaluation of the life cycle costs of the reused masks.

This paper intends to provide to stakeholders (producers, consumers and policy makers) the tools to choose the best option for producing and reuse environmentally friendly protective facial masks to be used in the food sector, by using both different materials and easily implemented reuse strategies.

The reduction of the CF of protective facial masks in the food sector surely will have relevant positive effects on climate change contributing to reach the goals of reducing CO₂ emissions. The food sector may promote sustainable practices and attract a niche piece of clients particularly sensible to such themes.

The paper has two major novelties. The first one is the assessment of the CF of a single use of an FFP2 mask made with different materials of the non-woven filtering layers; as the major contribution to the CF of FFP2 masks is related to the non-woven textiles manufacturing, the authors test some other different materials, including PLA. The second is the assessment of the CF of one single use of a sanitised FFP2 mask, using different sanitation technologies as those allowed in bars or restaurants.

Competition among seaports is rapidly increasing due to various factors such as the global recession, resurgence of COVID-19, tight environmental regulations of IMO, sharp rise in ocean freight charges, increasing global uncertainties and growth in ship sizes. It is essential to have precise knowledge of shipping companies' port selection factors to secure the competitive advantage of seaports. This study aims to empirically analyze recent changes in the importance of port selection factors.

By employing a longitudinal study, this study conducted the t-test analysis. The first survey was conducted from January 2005 to April 2005. Then, the second survey was conducted in May 2021.

First, the importance of port facilities (berth length and the number of berths, shed and terminal areas, possession of adequate equipment and maximum berth size) increased significantly. Second, while ship and cargo safety were the critical port service factors in previous studies, speed, flexibility and reliability for handling cargo and berthing schedule were found to be crucial in this study. Third, the importance of ship arrival/departure frequency, route diversity and ship arrival/departure information systems increased when shipping companies selected the port.

This study has academic significance in that it reveals the changing importance of port selection factors in the 2020s and has taken the form of a longitudinal study on the importance of port selection factors from 2005 to 2021, moving beyond the cross-sectional approach. This study can provide valuable insights into and implications for port policymakers and managers when developing and formulating port policies and strategies.

Severe disruptions to maritime supply chains, including port closures, congestion and shortages in shipping capacity, have occurred during the COVID-19 pandemic. This paper’s purpose is to explore flexibility-based countermeasures that enable actors in maritime supply chains to mitigate the effects of disruptions with different characteristics.

Semi-structured interviews were conducted with shipping lines, shippers, forwarders and ports. Data on the COVID-19 pandemic's effects and countermeasures were collected and compared with data regarding the 2016–2017 Gothenburg port conflict.

Spatial, capacity, service and temporal flexibility emerged as the primary countermeasures, whilst important characteristics of disruptions were geographical spread, duration, uncertainty, criticality, the element of surprise and intensity. Spatial flexibility was exercised in both disruptions by switching to alternative ports. During the COVID-19 pandemic, ensuring capacity flexibility included first removing and then adding vessels. Shipping lines exercising service flexibility prioritised certain cargo, which made the spot market uncertain and reduced flexibility for forwarders, importers and exporters that changed carriers or traffic modes. Experience with disruptions meant less surprise and better preparation for spatial flexibility.

Understanding how actors in maritime supply chains exercise flexibility-based countermeasures amid disruptions with different characteristics can support preparedness for coming disruptions.

Comparing flexibility-based measures in a pandemic versus port conflict provides insights into the important characteristics of disruptions and the relevance of mitigation strategies. The resilience of maritime supply chains, although underexamined compared with manufacturing supply chains, is essential for maintaining global supply chain flows.

This paper aims to identify the interplay of standard Capesize optimal speeds for time charter equivalent (TCE) maximization in the Australia–China iron ore route and the optimal speeds as an operational tool for compliance with the International Maritime Organization (IMO) carbon intensity indicator (CII).

The TCE at different speeds have been calculated for four standard Capesize specifications: (1) standard Capesize with ecoelectronic engine; (2) standard Capesize with non-eco engine (3) standard Capesize vessel with an eco-electronic engine fitted with scrubber and (4) standard Capesize with non-eco engine and no scrubber fitted.

Calculations imply that in a highly inflationary bunker price context, the dollar per ton freight rates equilibrates at levels that may push optimal speeds below the speeds required for minimum CII compliance (C Rating) in the Australia–China trade. The highest deviation of optimal speeds from those required for minimum CII compliance is observed for non-eco standard Capesize vessels without scrubbers. Increased non-eco Capesize deployment would see optimal speeds structurally lower at levels that could offer CII ratings improvements.

While most of the studies have covered the use of speed as a tool to improve efficiency and emissions in the maritime sector, few have been identified in the literature to have examined the interplay between the commercial and operational performance in the dry bulk sector stemming from the freight market equilibrium. The originality of this paper lies in examining the above relation and the resulting optimal speed selection in the Capesize sector against mandatory environmental targets.

Liner shipping plays a crucial role in facilitating the movement of manufactured goods around the world. While previous literature has shown that liner shipping is an important trade driver, potential differences across trade routes and world regions have not as yet been explored. This paper examines whether the impact of liner shipping on bilateral trade flows differs significantly across world regions, as well as exploring other geographical patterns.

Using state-of-the-art gravity modelling, this paper investigates the impact of the UNCTAD's Liner Shipping Bilateral Connectivity Index on bilateral trade in manufactured goods using a comprehensive database of disaggregated trade data for the period from 2006 to 2019.

The results show that the trade effect of liner shipping is greater in long-distance and interregional bilateral flows. For some regions, such as North America and Oceania, the effect is greater than the world average, while for others, such as Africa and South America, the effect is significantly smaller. The trade effects of liner shipping connectivity on the main east–west routes are average, but clear asymmetry emerges when analysing China's inward and outward trade flows separately.

The results of this paper show that the major east–west routes determine the baseline trade effects of liner shipping, demonstrate that some north–south trades such as those involving Oceania generate larger trade effects and confirm that the trade effects of liner shipping can be improved for some world regions such as South America and Africa.

The purpose of this study is to compare the competition and productivity of the US freight rail transportation industry for the past 41 years (1980 ∼ 2020), which consists of the two periods, before and after the abolishment of the Interstate Commerce Commission (ICC) in 1995.

This study investigates any relationships between the market concentration index values and labor productivity values in the separate two periods, and how the existence of a regulatory body in the freight transportation market impacted the productivity of the freight rail transportation industry by using a Cobb–Douglas production function on annual financial statement data from the US stock exchange market.

This study found that, after the abolishment of the ICC: (1) the rail industry became less competitive, (2) even if the rail industry had an increasing labor productivity trend, there was a strong negative correlation between the market concentration index and labor productivity and (3) the rail industry’s total factor productivity was decreased.

This study is to find empirical evidence of the effect of the ICC abolishment on the competition and productivity levels in the US freight rail transportation industry using a continuous data set of 41-year financial statements, which is unique compared to previous studies.