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This study provides empirical evidence on the impact of the Panama Canal expansion (PCE) on the economies of Latin American and Caribbean (LAC) countries, particularly in light of the emergence of larger container ships such as neo-Panamax and post-Panamax vessels.

This study uses the Bayesian structural time Series (BSTS) model to evaluate the economic effects of the PCE on 21 countries within the LAC region. It utilized the World Bank's gross domestic product (GDP) figures between 2000 and 2019 as the primary variable, alongside the human development index (HDI) (X1), container throughput (TEU) (X2) and unemployment rates (UNEMPL) (X3) covariates. This allowed a precise and robust approach to analyzing time series data while accounting for uncertainties and allowing the inclusion of various components and external factors.

The findings revealed that the PCE has a positive and statistically significant impact on most countries within the Caribbean Transshipment Triangle, ranging from 9.2% in Belize to 46% in Cuba. This suggests that the causal effect of the PCE on regional economies was not confined to any specific type of economy or geographical location within the LAC region. Where the growth rates were statistically insignificant, primarily in some Latin American countries, it coincided with countries that are primarily driven by exports and service industries, where bulk and oil tanker vessels are likely to be the main carriers for exports rather than container vessels.

The practical implications of this research are crucial for various stakeholders in the maritime industry and economic planning. The factors influencing economic growth resulting from investing in maritime activities are vital for decision-makers to create policies that lead to positive outcomes and sustainable development in regions and countries with flourishing maritime industries. The methodology and findings have significant implications for governments, managers, professionals, policy-makers and investors.

The purpose of this study is to find out the future development of the Panama Canal after opening of the new waterway (third set of locks project), in terms of the change of cargo throughput, further deployment of fleets by the shipping companies and competition for the canal.

The research of this paper is based on an empiric study by collecting the relevant data from annual report of the Panama Canal Authority, publications related to the same field. Graphs pertaining to toll revenue also are made based on statistical data provided by the Panama Canal Authority.

The findings show that the opening of the new waterway of the Panama Canal generates more toll revenue for Panama government by allowing mega-vessels to transit, expediting further economic development of the country largely from behind. At the same time, shipping operators also can enjoy earning more revenue by deploying New Panamax vessels transiting the Canal.

Ingenuity in tabling the users of the Panama Canal by incorporating the logo marks of the shipping companies/implication is drawn through empirical analysis to provide the shipping companies and ports authorities concerned with more understanding toward the very significance of the new waterway expansion of the Panama Canal.

Disruptions at ports may destroy the planned ship schedules profoundly, which is an imperative operation problem that shipping companies need to overcome. This paper attempts to help shipping companies cope with port disruptions through recovery scheduling.

This paper studies the ship coping strategies for the port disruptions caused by severe weather. A novel mixed-integer nonlinear programming model is proposed to solve the ship schedule recovery problem (SSRP). A distributionally robust mean conditional value-at-risk (CVaR) optimization model was constructed to handle the SSRP with port disruption uncertainties, for which we derive tractable counterparts under the polyhedral ambiguity sets.

The results show that the size of ambiguity set, confidence level and risk-aversion parameter can significantly affect the optimal values, decision-makers should choose a reasonable parameter combination. Besides, sailing speed adjustment and handling rate adjustment are effective strategies in SSRP but may not be sufficient to recover the schedule; therefore, port skipping and swapping are necessary when multiple or longer disruptions occur at ports.

Since the port disruption is difficult to forecast, we attempt to take the uncertainties into account to achieve more meaningful results. To the best of our knowledge, there is barely a research study focusing on the uncertain port disruptions in the SSRP. Moreover, this is the first paper that applies distributionally robust optimization (DRO) to deal with uncertain port disruptions through the equivalent counterpart of DRO with polyhedral ambiguity set, in which a robust mean-CVaR optimization formulation is adopted as the objective function for a trade-off between the expected total costs and the risk.

The purpose of this paper is to provide a real asset management investment appraisal of the performance of containerships as a primary segment within international shipping, to facilitate Islamic equity investment through a shipping fund. The objectives are to evaluate the risks and returns of shipping under the framework of Islamic equity finance, and to analyze the performance of investing in containerships over the long term, to appeal to retail and institutional clients of Malaysian asset management institutions.

Accordingly, the methodology adopts an investment analysis of a full population of historical data over a period of 20 years, to evaluate performance involving a maritime return on investment (MROI), internal rate of return (IRR), net yield and standard deviation measures of risk and return.

The findings reveal that while earnings are volatile in comparison to capital market expectations, unlevered, tax-free returns on containership investments outperform financial and other real assets.

Shipping is a strong growth industry with about 84 per cent of global trade carried out by the international shipping industry. The problem is that many Islamic asset management institutions and investors have essentially no exposure to Islamic investment in international shipping.

However, shipping is a highly capital-intensive industry, and currently 75 per cent of ship lending has been conducted by European banks and financed on a conventional basis. Post-financial crisis, ship owners, ship lenders and shipyards have all been exposed to the impact of over-levered balance sheets and debt finance. There is a demand for alternative sources of finance.

By communicating risk and reward more effectively, retail and institutional investors, as well as Islamic finance institutions, will realize that the social benefit of equity finance on the basis of profit sharing is more efficient at allocating investible resources than debt finance at interest, thereby increasing investment and economic growth.

The significance is that Islamic equity finance, rather than debt at the time-value of money, should enhance the development of international shipping.

In the face of newly industrialised nations, there is the tendency that there will be a shift or redirect of tourists from old tourism destinations to the newly industrialised ones. While there has been a consistent growth in cruising to the Caribbean, the question is whether the growth in cruise ship calls and increase in cruise passenger arrivals to the Caribbean translate into greater development for the region ' s stakeholders or whether this just creates increased profits for the cruise lines, and whether there will be a shift from the Caribbean to the newly industrialised nation in years to come. This paper seeks to address these issues.

This research employed mixed methods approach to answer the research question. The nature of the question and data necessary to answer the question led to the choice of qualitative and quantitative techniques.

The findings from this research will, hopefully, serve as a guide for Caribbean nations to develop a better strategy to cope with the cruise tourism industry; an approach based more along the lines of inter-island collaboration as opposed to competition.

Lack of ample data on cruise tourism in the Caribbean was one of the limitations of the study. Another drawback involved the high level of secrecy which surrounds the industry and the unwillingness of cruise lines and their associates to provide access to operational data, which they regard as confidential.

The Caribbean, particularly Caribbean governments, will benefit from a greater understanding of the power relations among the cruise tourism stakeholder chain and the profile of costs and benefits associated with the industry. Over the years, the Caribbean has relied solely on the economic impact surveys produced by Florida Caribbean Cruise Association (FCCA) and Cruise Lines International Association (CLIA), both of whom represent the cruise lines, in order to make projections and development plans for the industry.

The environmental consequences of international trade and transport have gained importance as a result of the current climate debate. Products are increasingly being produced in one part of the world, transported to another country and then redistributed to their final country of consumption. Since more than 80% of world trade tonnage measured in metric tons is carried by seagoing vessels, maritime transport will continue to be a core part of most supply chains while rail and road mainly are used for hinterland transport and to and from ports. This chapter presents a methodology for assessing the environmental impact of maritime transport and transport in general, with a specific focus on greenhouse gas emissions. The first section gives an introduction to why Green Maritime Logistics and Sustainability are important topics, while the second offers a framework for measuring greenhouse gas emissions (GHG) for transport systems. The third section presents a model for measuring seaborne transport and its greenhouse gas emissions, and in the fourth section we compare greenhouse gas emissions from different modes of transportation.

The purpose of this research is to examine fiscal health of a specific local enterprise operation: seaports. Seaports provide unique local services while spending and borrowing billions of dollars. Decision makers should be aware of the fiscal health of these enterprises in part to assess the potential risks to the fiscal health of the government at large or public authority. Using eight stock and flow fiscal indicators appropriate for enterprise activities, this research examines eight seaports to compare fiscal health by geographic location and governing structure as well as the connection between long-term and short-term fiscal measures. Descriptive measures suggest that western and public authority ports exhibit better fiscal health than southern and departmental ports with some evidence showing a modest link between long-term and short-term fiscal health.

The Panama Canal expansion is one of the most important public works projects in recent times. Both the awarding of the contract and its execution have been surrounded by intense controversy. The situation came to a head in February 2014 when the contractor halted construction work due to the canal authority’s failure to maintain the economic balance of the contract. This article explains the circumstances surrounding this dispute and analyses the causes and consequences of modifications to the contract. These are classic problems that affect all public procurement systems. The lessons drawn from this extraordinary case are valid for other legal systems