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Article
Publication date: 26 November 2020

Quazi Mohammed Habibus Sakalayen, Okan Duru and Enna Hirata

Bulk shipping mostly facilitates the smooth flow of raw materials around the globe. Regardless, forecasting a bulk shipbuilding orderbook is a seldom researched domain in…

Abstract

Purpose

Bulk shipping mostly facilitates the smooth flow of raw materials around the globe. Regardless, forecasting a bulk shipbuilding orderbook is a seldom researched domain in the academic arena. This study aims to pioneer an econophysics approach coupled with an autoregressive data analysis technique for bulk shipbuilding order forecasting.

Design/methodology/approach

By offering an innovative forecasting method, this study provides a comprehensive but straightforward econophysics approach to forecast new shipbuilding order of bulk carrier. The model has been evaluated through autoregressive integrated moving average analysis, and the outcome indicates a relatively stable good fit.

Findings

The outcomes of the econophysics model indicate a relatively stable good fit. Although relevant maritime data and its quality need to be improved, the flexibility in refining the predictive variables ensure the robustness of this econophysics-based forecasting model.

Originality/value

By offering an innovative forecasting method, this study provides a comprehensive but straightforward econophysics approach to forecast new shipbuilding order of bulk carrier. The research result helps shipping investors make decision in a capital-intensive and uncertainty-prone environment.

Details

Maritime Business Review, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2397-3757

Keywords

Content available
Article
Publication date: 29 April 2020

Shih-Liang Chao and Yi-Hung Yeh

This study aims to measure the productivity of 21 major shipyards in China, South Korea and Japan.

Abstract

Purpose

This study aims to measure the productivity of 21 major shipyards in China, South Korea and Japan.

Design/methodology/approach

Data envelopment analysis was applied to measure the productivity of shipyards. The contemporaneous and intertemporal productivity scores of each shipyard were measured. Additionally, the technical gaps among shipyards in China, South Korea and Japan were measured and compared.

Findings

The results indicate that Japan led the global shipbuilding industry in 2014 and South Korea dominated in 2015. Additionally, from 2014 to 2015, shipyards in South Korea and Japan maintained their levels of productivity. Comparatively, major shipyards in China made substantial progress from 2014 to 2015, revealing their strong ambition to improve productivity.

Originality/value

This study first used a metafrontier framework to measure the technical gap of shipyards among major shipbuilding countries. The model and approach objectively analyze the productivity of major shipyards and considers their nationalities. Additionally, this study is the first to measure changes in the productivity of shipyards. By decomposing the metafrontier Malmquist productivity index, major shipyards were categorized into eight sets. The results of this study can provide a clear direction for shipyards to improve their productivity.

Details

Maritime Business Review, vol. 5 no. 2
Type: Research Article
ISSN: 2397-3757

Keywords

Content available
Article
Publication date: 18 June 2018

Claudio Ferrari, Malvina Marchese and Alessio Tei

Economic studies have always underlined the cyclical trends of many industries and their different relations to the macro-economic cycles. Shipping is one of those…

Abstract

Purpose

Economic studies have always underlined the cyclical trends of many industries and their different relations to the macro-economic cycles. Shipping is one of those industries and it has been often characterised by peaks that have influenced both the trade patterns and industry investment structure (e.g. fleet, shipyard activity, freight rates). One of the main issues related with the cycles is the effect on overcapacity and prices for newbuilding and how the understanding of these patterns can help in preventing short-hand strategies. The purpose of this paper is to evaluate different effects of business elements on shipbuilding activity, in relation to different economic-cycle phases.

Design/methodology/approach

This paper proposes a non-linear econometric model to identify the relations between shipbuilding and economic cycles over the past 30 years. The research focuses on identifying the cycle characteristics and understanding the asymmetrical effect of economic- and business-related variables on its development.

Findings

The study underlines the presence of an asymmetric effect of several business variables on the shipbuilding productions, depending on the cyclical phases (i.e. market expansion or economic slowdown). Moreover, lagged effects seem to be stronger than contemporaneous variables.

Originality/value

The paper is a first attempt of using non-linear modelling to shipbuilding cycles, giving indications that could be included in relevant investment policies.

Details

Maritime Business Review, vol. 3 no. 2
Type: Research Article
ISSN: 2397-3757

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Article
Publication date: 4 December 2017

Keon-Hyung Ahn and Pil Joon Kim

The purpose of this paper is to highlight the importance of independence principle of refund guarantees (RGs) and how to make the best of an arbitration clause in the…

Abstract

Purpose

The purpose of this paper is to highlight the importance of independence principle of refund guarantees (RGs) and how to make the best of an arbitration clause in the guarantees so that a Korean shipbuilder, a guarantor and an export credit agency (ECA) may possibly protect themselves from buyers’ unlawful demand.

Design/methodology/approach

This paper firstly introduces a brief elucidation about RG and the concept of independence principle. By way of presenting factual backgrounds, legal and policy evaluation and analyses, this paper covered all issues and disputes arising out of one shipbuilding contract and the independent RG drawn from the shipbuilding contract, through in-depth cases studies of a judicial case on the matter of independence principle of RG between the beneficiary (the buyer or its assignee) and the guarantor reviewed by an English court, an arbitration case regarding whether the beneficiary (the buyer or its assignee) has any right of refund in the event of the acceptance of a repudiatory breach by the applicant (the builder) in the London Maritime Arbitrators Association, and the beneficiary (the buyer or its assignee)’s appeal to an English court against the award and a judicial case reviewing whether the guarantor has right of reimbursement in accordance with the terms of the export bond insurance with the Korean ECA.

Findings

While most RGs, in practice, are drawn as an independent guarantee which is payable on call without any evidence of default, there is another payment scheme in RGs, such as payment upon the submission of an arbitral award which may enhance the application of RGs in shipbuilding contracts. The paper suggested that under these circumstances, Korean builders may opt to make their shipbuilding contract be governed by Korean laws, with the Korean Commercial Arbitration Board as a competent arbitral jurisdiction and forum as far as possible.

Originality/value

This paper proposes prudent approaches and considerations in the issuance and application of RGs which are independent from shipbuilding contracts. The hope is to increase awareness in the utility of arbitration system as well as for fiduciary Korean banks and ECAs to play a more pivotal role in guiding shipbuilding industry stakeholders.

Details

Journal of Korea Trade, vol. 21 no. 4
Type: Research Article
ISSN: 1229-828X

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Article
Publication date: 1 January 1961

In this first number of 1961 we wish all our readers a Happy and Prosperous New Year. With so many important projects on the stocks, there is no doubt that this will be a…

Abstract

In this first number of 1961 we wish all our readers a Happy and Prosperous New Year. With so many important projects on the stocks, there is no doubt that this will be a year of decision and progress for library affairs in Britain. The Library Association itself may well reorganise and resolve itself into a purely professional body during 1961. Its new syllabus may probably be finalised and geared for action within the next three years. Further progress will no doubt be made on the new building in Store Street which is to house the National Central Library and the headquarters of the Library Association. Other continuing items will doubtless be the discussion of authors' lending rights and the library binding of paper‐backed books, while many librarians in the Greater London area will be closely watching the events which will certainly follow the Royal Commission's Report on Local Government in Greater London. One thing, regrettably, seems certain. There will be no new Public Libraries Act in 1961, for Sir David Eccles' pronouncement that this will be delayed until the boundary review is completed has effectively put the Roberts Committee Report into cold storage for some considerable time.

Details

New Library World, vol. 62 no. 7
Type: Research Article
ISSN: 0307-4803

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Article
Publication date: 1 August 2002

Hongtae Kim, Jong‐Kap Lee, Jin‐Hyoung Park, Beom‐Jin Park and Dong‐Sik Jang

This paper is mainly concerned with the digital manufacturing technologies in the context of the shipbuilding industry. New concepts such as digital shipbuilding, virtual…

Abstract

This paper is mainly concerned with the digital manufacturing technologies in the context of the shipbuilding industry. New concepts such as digital shipbuilding, virtual shipyard, and simulation‐based design (SBD) will be explored. After reviewing the digital shipbuilding, a case study will be presented using the virtual assembly simulation system for shipbuilding (VASSS), a simulation based tool, to evaluate block erection sequence taking account of shipyard facilities, operational efficiency and equipment replacement time.

Details

Integrated Manufacturing Systems, vol. 13 no. 5
Type: Research Article
ISSN: 0957-6061

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Article
Publication date: 13 February 2017

Jorge Benzaquen

The purpose of this paper is to propose and analyze a model to obtain a total factor productivity of an industry through quantitative empirical analysis in order to…

Abstract

Purpose

The purpose of this paper is to propose and analyze a model to obtain a total factor productivity of an industry through quantitative empirical analysis in order to determine the joint contribution of the production and technology function, and the change and technical progress. The case of the Peruvian large shipbuilding industry between the years 1969 and 1990 was considered for the analysis of the proposed model. The large shipbuilding in Peru finished in 1992 and has restarted in 2014. The importance of the study lies in the fact that the analysis is focused on an industry which is resurfacing, and in this regards, the study of the first production period will yield more and accurate information to make decisions regarding its future development.

Design/methodology/approach

One way of considering the several effects of technical progress, in line with Sato (1970) such as growth and bias, is to specify a production function maintaining the linear homogeneity property, such as: Y(t)=F [A(t)K(t), B(t)L(t)], where Y(t) is the aggregate product over a period of time (t); K(t) is the capital; L(t) is the labor; and A(t) and B(t) are the efficiencies or augmentations of K(t) and L(t), respectively. Based on the regression analysis data, the value of σ can be estimated to a residual growth rate (Kennedy and Thirlwall, 1972) that allows assessing the technical knowledge that is not attributable to the factors’ efficiency grains: TCTR = T ˙ / T ( α ( A ˙ / A ) + β ( B ˙ / B ) ) . This last expression measures the residual technological growth rate (TCTR, by its Spanish acronym).

Findings

The results of the analysis of the large shipbuilding at SIMA-Callao during the given period (22 years of operation, between 1969 and 1990) show that the necessary installed capacity and the technological knowledge was available in order to develop a complex industrial process in the South Pacific region, thus, contributing to the sector’s growth in the country. The evolution of the shipbuilding activities coincides with the GDP expansion and decline periods in Peru. According to the results, the total factor productivity increased during 1969-1976, 1979-1982, and 1986-1987 periods and it has been confirmed that the contribution of the efficiencies of the production factors were inversely related to the economies of scale and output growth.

Practical implications

The analysis is based on the activities carried out throughout 22 years of operations in SIMA-Callao shipyards (1969-1990). The data regarding the product, labor, imported materials costs, local material costs, direct expenses, wages, and man-day costs was obtained from several sources within the shipyard. Direct expenses correspond to classification, inspections, administrative expenses (dock, quality control, equipment rental, etc.), drawings, technical data, insurance, and materials freight. Additionally, the sources of information are project construction contracts, annual expenses reports, and man-day cost quarterly reports of the shipbuilding area. The man-day cost includes salary, social benefits, and the company’s functional cost.

Originality/value

There are different ways to obtain productivity index. In this case, the authors used the stated model. In addition, based on this experience, this can be applied to other industries.

Details

International Journal of Productivity and Performance Management, vol. 66 no. 2
Type: Research Article
ISSN: 1741-0401

Keywords

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Article
Publication date: 18 April 2016

Frank L. DuBois and Marcos Andre Mendes Primo

State capitalism is an economic model that relies on the role of a strong central government to support chosen firms and industries with subsidies, tax benefits and other…

Abstract

Purpose

State capitalism is an economic model that relies on the role of a strong central government to support chosen firms and industries with subsidies, tax benefits and other advantages to which non-favored firms or industries do not have access (Bremmer, 2010). From an economic development perspective state capitalism is often used to redirect economic activity to underdeveloped regions (Wickham, 2009; Chobanyan and Leigh, 2006; Porter, 2008). The purpose of this paper is to examine the case of the Brazilian shipbuilding to illustrate the use of state capitalism to direct economic activity.

Design/methodology/approach

Using Porter’s diamond factor model the authors analyze the development of an economic cluster focussed on the shipbuilding industry in northeastern Brazil. Using interviews with company executives and archival information, the authors profile the investments and incentives that the government has made in this region with particular attention to the mechanisms and policy directives designed to support local involvement in cluster activity.

Findings

The authors find that the Brazilian shipbuilding industry offers a unique perspective on the role that governments play in the inducement of economic activity. The authors document the challenges that confront the local enterprise in meeting the requirements of the state controlled buyer and the difficulties associated with developing a local supplier base and finding a qualified workforce. The authors conclude with comments with regard to the applicability of this model to economic development activity in other country contexts.

Research limitations/implications

This research adds to the body of literature on the role of governments in the creation of economic clusters.

Practical implications

Economic development in emerging markets is often associated with strong government intervention. The authors use the Brazilian shipbuilding industry to illustrate the role of a state owned enterprise in facilitation of economic development.

Social implications

Some countries may suffer from what has been known as the “resource curse,” that is, the misallocation of resource wealth into non-productive activities. In this paper, the authors illustrate and attempt by the Brazilian government to use this wealth to create employment opportunities in an underdeveloped region of the country.

Originality/value

Emerging markets are challenged in developing viable enterprises that are competitive in global markets. Most research on the development of industrial clusters is focussed on developed markets. These markets do not have to confront the same challenges found in emerging markets. The research illustrates these challenges and the efforts that may be made to surmount them.

Details

International Journal of Emerging Markets, vol. 11 no. 2
Type: Research Article
ISSN: 1746-8809

Keywords

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Article
Publication date: 1 April 1993

J. Lyu and A. Gunasekaran

There is a growing understanding that the quality of a product should be built in at the design phase. More and more reports have shown that this kind of approach, named…

Abstract

There is a growing understanding that the quality of a product should be built in at the design phase. More and more reports have shown that this kind of approach, named design for quality, can benefit the company to make it much more competitive. In many Eastern countries such as Japan and Taiwan, such concepts have been used for a while. The so‐called product oriented design (POD) and quality function deployment (QFD) are widely used in many industries. This may be one of the main reasons why many Eastern countries have had a very high economic growth rate during the past two decades. For a coastal nation, the shipbuilding industry is essential for defence purposes. However, to run a shipyard efficiently is not an easy job due to several of its characteristics. They are: (1) the product (a ship) size is very large both in volume and weight and each product has thousands of different components; (2) the design, planning and manufacturing process overlap very significantly and the concept of “teamwork” is therefore greatly emphasized; and (3) the production process is very complex and complicated with very many interdependences. With these characteristics, the methods of “design for quality” and “design for manufacture” seem to be ideal tools for the shipbuilding industry to maintain product quality while raising the shipyard′s efficiency. Describes how a shipbuilding company in Taiwan can apply these positive concepts to improve its performance. Discusses several practical examples to illustrate these concepts.

Details

International Journal of Quality & Reliability Management, vol. 10 no. 4
Type: Research Article
ISSN: 0265-671X

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Article
Publication date: 28 October 2013

Kenji Yasukata, Eisuke Yoshida, Ichiro Yamada and Keisuke Oura

– This paper aims to examine the implementation of target cost management (TCM) at a Japanese shipbuilding company.

Abstract

Purpose

This paper aims to examine the implementation of target cost management (TCM) at a Japanese shipbuilding company.

Design/methodology/approach

Using Rogers' Diffusion of Innovation as a framework, the paper presents a longitudinal in-depth case study of TCM implementation project to show the issues involved in implementing TCM.

Findings

The paper finds that the diffusion of TCM is a consequence of a deliberate managerial activity – which in this case is the control over the TCM implementation. The TCM implementation project in our case ended in failure. The paper shows that the lack of appropriate controls over the TCM implementation project was the main reason for its failure.

Originality/value

The paper shows how TCM implementation is a part of the process of TCM diffusion within an organisation. In the previous studies of TCM, researchers have noted how well-managed TCM implementation projects were; thus, suggesting how TCM implementation should take place. The paper focuses on the control over the TCM implementation, simply because TCM does not naturally diffuse throughout an organisation.

Details

Journal of Accounting & Organizational Change, vol. 9 no. 4
Type: Research Article
ISSN: 1832-5912

Keywords

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