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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.

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.

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.

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

The purpose of this paper is to provide implications for forecasting export of Korean shipbuilding industry that is suffering from deadlock in newbuilding orders, by investigating the causal relationship between freight rate earnings and newbuilding orders in the shipbuilding market.

Using a sample of freight rate earnings and newbuilding orders (in various terms) over the period 1996-2016, Granger causality between the two variables are examined in a vector autoregressive (VAR) model. In addition, the potential asymmetry of the causal relationship according to bullish and bearish market conditions is also investigated using a combination of moving averages of different time spans.

The results indicate a uni-directional causality running from freight rate earnings to newbuilding orders. This finding implies that shipowners’ confidence in the shipping freight market is particularly important determinants in their newbuilding investment, which is consistent with the overconfidence hypothesis. However, the causality does not vary according to different market conditions.

This study offers several importation contributions. First, the authors provide evidence that newbuilding orders are positively associated with increase in freight rate earnings. Second, the authors document a causality running from changes in freight rate earnings to the volume of newbuilding orders. These findings support the theoretical expectation of the overconfidence hypothesis. Third, contrary to the findings in the financial market, there is no asymmetric response of the volume of newbuilding orders in bullish and bearish markets. Fourth, this study provide implications for management of Korean shipyards by providing evidence on driving force of newbuilding investment decisions of their customers (shipowners).

The findings in this study suggest implications for management of Korean shipyards by providing evidence on driving force of newbuilding investment decisions of their customers, as well as determinants of shipbuilding export, an important source of Korea’ national income.

The analysing the major determinants of shipbuilding exports, the findings in this study presents understanding of market cycles in shipbuilding, an important source of Korea’s national income and balance of payment.

This study is the first attempt to analyse the relationship between freight rate earnings and newbuilding investment in the context of the behavioural theory in economics.

The purpose of this exploratory study is to examine the partner selection criteria reported by maritime firms in Norway. The study aims to analyze how a maritime firm's competitive advantage can be enhanced by the selection of the right partner with reference to a strategic alliance.

A multiple‐case study methodology was used. Archival, survey and interview data were explored relating to the partner selection process reported by Norwegian maritime firms. Primary data were gathered from semi‐structured personal interviews with managers of Norwegian maritime firms.

Case study evidence suggests that the strategic alliances were successful when partners had been carefully selected. As detected elsewhere, successful alliances were associated with partners that had managed to build trustful and honest relationships, had common strategic goals, and partners that supplied resources and competencies. Notably, it was detected that cyclicality in the maritime industry shaped the partner selection process. Trust between partners was used as mechanism to reduce uncertainty relating to the strategic alliance process. Firms seeking long‐term alliances selected partners with substantial capital and financial stability to survive a market's downturn, as well as the resources required for expansion during a recession.

Presented findings have implications for practitioners, especially for managers of shipping firms, banks, shipyards, producers of ship equipment, ship design firms, and ship brokers. Practitioners need to be aware that the rationale for inter‐firm collaboration change over time, and motives are linked to the phase of the maritime cycle. Inter‐firm collaboration provides competitive advantage benefits to firms and collaboration can protect as well as create jobs and can create wealth in maritime communities.

A novel conceptual contribution is the exploration of links between maritime industrial cyclicality and the partner selection process relating to strategic alliances. The study also adds to debates relating to the profiles of internationalizing smaller firms.

The purpose of this paper is to investigate the impact of shipyard and shipowner heterogeneity on the price formation for individual newbuilding contracts.

The model controls for the shipbuilding market cycle, input costs, firm size, yard experience and contract-specific variables and captures the impact of yard and owner heterogeneity in fixed-effects regressions. The data sample contains contract information on 3,759 tankers, bulkers and container vessels constructed at 77 shipyards between 1990 and 2014.

Although the newbuilding price benchmarks (market conditions) and gross domestic product per capita (salary costs) are influential covariates, the main conclusion is that shipyards and, particularly, shipowners play an influential role on the US$ per Compensated Gross Tonnage price level in individual contracts.

The paper represents the first study of the impact of buyer and seller heterogeneity at the micro level in the shipbuilding market.

The purpose of this paper is to apply a mathematical method of formal concept analysis (FCA) to facilitate evaluation of potential partners, and to select the most appropriate partner for horizontal strategic alliances. Horizontal collaboration between ship design firms is important in relation to business cyclicality in the industry. The workload in ship design firms drops during the troughs of the shipbuilding cycle and increases dramatically during the peaks of the cycle.

The proposed method of partnership selection applies FCA, which is based on mathematical lattice theory. FCA allows firms to evaluate and select the best suitable partners for horizontal interfirm cooperation from several possible candidate firms. Utilization of FCA allows a firm to visually analyze a potential partner for a horizontal strategic alliance.

The contribution of this study to the literature is twofold. First, it contributes to the literature on the application of FCA in management field. Second, this study contributes to the partner selection literature. The contribution of the study is an alternative quantitative method for partner selection based on FCA. FCA compliments qualitative approaches in the process of alternatives evaluation and decision‐making regarding partner selection for horizontal collaboration.

Practitioners from ship design firms can use the FCA tool to facilitate decision‐making relating to the screening of potential partners for horizontal cooperation with regard to pre‐specified selected criteria.

FCA has been marginally applied to aid managerial decision making. The FCA tool is valuable for practitioners from ship design firms to manage the selection of partners for horizontal collaboration. The FCA tool is associated with numerous advantages, notably, relative simplicity and versatility of visual analysis when compared with other mathematical approaches such as the analytic hierarchy process, the analytic network process, optimization modeling, and fuzzy set logic.

The aim of this research is to explore the impact of digital resilience on firms' international performance. Using internal operation efficiency and innovation as channel variables, this paper explores the relationship between digital resilience and international firm performance of Chinese listed firms.

The research design follows a quantitative approach. Using firm-level panel data from 2007 to 2020, this paper tests the hypotheses between digital resilience and international firm performance through internal efficiency and innovation.

The results note that digital resilience has a positive effect on internationalization while operation efficiency is a channel through which digital resilience promotes internationalization. Digital resilience also facilitates innovation by improving research and development (R&D) efficiency and matching innovation collaborators.

This paper is one of the first to explore digital resilience in the context of internalization and international firm performance. This paper extends the notion of resource-based view (RBV) to examine the relationship between digital resilience, internal efficiency and innovation on international firm performance.

Study in supply chain performance research on the shipbuilding industry is lacking. The purpose of this research is to study and provide guidelines to improve the performance of traditional shipbuilding supply chains in Indonesia.

The paper develops an empirical study gathered from a traditional shipbuilding industry, its suppliers, and customers. This study consists of three sections: the traditional shipbuilding industry, the suppliers, and the individual supplier scores. The internal and external performances in this study are measured using Supply Chain Operations Reference (SCOR) metrics. The SCOR model identifies five performance measurement attributes, including reliability, flexibility, responsiveness, cost and assets. Instead of using “responsiveness,” this study applies the schedule performance index, and supplements “cost” with the cost performance index in order to accurately reflect the traditional shipbuilding supply chains processes.

By analyzing SCOR metrics in the traditional shipbuilding industry, it has been found that the ideal shipbuilding supply chain metrics are order fulfillment, flexibility, asset turnover and total supply chain costs. The lowest performance metric value in the traditional shipbuilding industry is the cost of goods. Some improvements are proposed to lower the high cost of ship building. An integrated economic ordering system in collaboration with all the suppliers is one of the most effective ways to reduce the cost of the traditional shipbuilding supply chains. The implementation of SCOR metrics enables management to identify the critical issues to improve.

The study applies SCOR metrics to improve the traditional shipbuilding supply chains performance. The study is limited because the data collected are based on one shipbuilding industry only.

To the author's knowledge, this is the first empirical analysis on the implementation of SCOR metrics to the traditional shipbuilding industry. The analysis to improve the traditional shipbuilding supply chains performance can provide managerial insights to other industries.

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.

Shipbuilding has been slow to adopt TQM practices, but the author argues that recession is forcing the industry to consider quality techniques as a matter of survival. Charts the progress of the shipbuilding industry over the past 20 years, including the worldwide decline in shipyard capacity, and the types of problem found in modern shipyards among management and the various departments involved. Suggests ways in which shipbuilding can embrace the TQM philosophy, including management commitment and support and a fresh emphasis on the customer ‐ however the customer is defined. Predicts the likely outcome of such a policy, with the attendant benefits in efficiency and satisfaction, and suggests methods of assessing these gains. Concludes that the time has come for shipbuilding to explore TQM as a matter of urgency.