Search results

1 – 10 of over 32000
Content available
Article
Publication date: 11 October 2021

Junwoo Jeon, Emrah Gulay and Okan Duru

This research analyzes the cycle of the dry bulk shipping market (DBSM) as a representative of spot and period charter rates in dry bulk shipping to develop strategies for…

Abstract

Purpose

This research analyzes the cycle of the dry bulk shipping market (DBSM) as a representative of spot and period charter rates in dry bulk shipping to develop strategies for investment timing (i.e. asset play) and fleet trading (chartering strategy).

Design/methodology/approach

Spectral analysis is a numerical approach to extract significant cyclicality, which may be utilized to develop trading strategies. Instead of working with a single dataset (univariate), a system approach can be utilized to observe a significant shipping market cycle in its multi-variate circumstance. In this paper, a system dynamics design is employed to extract cyclicality in the DBSM in its particular industrial environment. The system dynamic design has competitive forecasting accuracy relative to univariate time series models and artificial neural networks (ANNs) in terms of forecasting outcomes.

Findings

The results show that the system dynamic design has a better forecasting performance according to three evaluation metrics, mean absolute scale error (MASE), root mean square error (RMSE) and mean absolute percentage error (MAPE).

Originality/value

Cyclical analysis is a significantly useful instrument for shipping asset management, particularly in market entry–exit operations. This paper investigated the cyclical nature of the dry bulk shipping business and estimated significant business cycle periodicity at around 4.5-year frequency (i.e. the Kitchin cycle).

Details

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

Keywords

Content available
Article
Publication date: 16 September 2021

Hui-Ming Kuo, Tse-Lu Chen and Chung-Shan Yang

The purpose of this study is to empirically evaluate the impact of coercive pressure, normative pressure and mimetic pressure on digital transformation and benefits in the…

Abstract

Purpose

The purpose of this study is to empirically evaluate the impact of coercive pressure, normative pressure and mimetic pressure on digital transformation and benefits in the maritime shipping context.

Design/methodology/approach

The authors collect data from a survey of 119 shipping companies, shipping agencies, port corporations and shipping forwarders in Taiwan and apply a structural equation model to test the research hypotheses.

Findings

Four conclusions can be drawn: First, digital transformation mainly results from coercive pressure and mimetic pressure. Second, another positive and important source of pressure for shipping digital transformation is the fact that competitors are gradually undergoing digital transformation and have gained recognition from customers. Third, shipping professional organizations and association (e.g. IACS, IAPH, Baltic International Maritime Commission) must keep up with the trend toward digital transformation and put forward guidelines and recommendations that can be followed in order to lead the maritime shipping industry. Fourth, digital transformation has great potential to help deliver the benefits (i.e. improve efficiency, relationship with customers and sustainability).

Originality/value

This research explores the digital transformation of the shipping industry through the lens of institutional theory. The results show that digital transformation is mainly due to coercive pressure and mimetic pressure. Digital transformation has been found to bring benefits that can help shipping operators allocate their resources effectively, thereby increasing operational efficiency, improving relationships with customers and enhancing sustainability.

Details

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

Keywords

Content available
Article
Publication date: 4 August 2021

Yuwei Yin and Jasmine Siu Lee Lam

This study aims at investigating how energy strategies of China impact its energy shipping import through a strategic maritime link, the Straits of Malacca and Singapore (SOMS).

Abstract

Purpose

This study aims at investigating how energy strategies of China impact its energy shipping import through a strategic maritime link, the Straits of Malacca and Singapore (SOMS).

Design/methodology/approach

Vector error-correction modelling (VECM) is applied to examine the key energy strategies of China influencing crude oil and liquefied natural gas (LNG) shipping import via the SOMS. Strategies investigated include oil storage expansions, government-setting targets to motivate domestic gas production, pipeline projects to diversify natural gas import routes and commercial strategies to ensure oil and gas accessibility and cost-effectiveness.

Findings

For the crude oil sector, building up oil storage and diversifying oil import means, routes and sources were found effective to mitigate impacts of consumption surges and price shocks. For the LNG sector, domestic production expansion effectively reduces LNG import. However, pipeline gas import growth is inefficient to relieve LNG shipping import dependency. Furthermore, energy companies have limited flexibility to adjust LNG shipping import volumes via the SOMS even under increased import prices and transport costs.

Practical implications

As the natural gas demand of China continues expanding, utilisation rates of existing pipeline networks need to be enhanced. Besides, domestic production expansion and diversification of LNG import sources and means are crucial.

Originality/value

This study is among the first in the literature using a quantitative approach to investigate how energy strategies implemented in a nation impact its energy shipping volumes via the SOMS, which is one of the most important maritime links that support 40% of the global trades.

Details

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

Keywords

To view the access options for this content please click here
Article
Publication date: 27 July 2021

Mutaju Isaack Marobhe

The purpose of this study is to examine the impact of the corona virus (COVID-19) pandemic on stock returns of listed cargo shipping companies.

Abstract

Purpose

The purpose of this study is to examine the impact of the corona virus (COVID-19) pandemic on stock returns of listed cargo shipping companies.

Design/methodology/approach

The author employs the events study methodology to examine this phenomenon. A sample of 49 listed cargo shipping companies in the container, dry bulk and tanker sub-sectors from Asia, North America, and Europe was selected and their daily closing stock prices from 1st January 2020 to 31st December 2020 were utilized.

Findings

The results reveal that there was an overall negative overreaction to the announcement by World Health Organization (WHO) that declared COVID-19 a pandemic. The approvals of USD 857 billion stimulus package by the European Union (EU) and Pfizer vaccine by Food and Drug Administration (FDA) in USA received slight positive reactions. The Greek, Singaporean and Taiwanese shipping stocks were the least affected stocks as their respective shipping industries remained resilient during 2020.

Research limitations/implications

This study provides evidence to confirm the fact that COVID-19 has affected stock markets; however the impact is un parallel among cargo shipping stocks of different countries.

Originality/value

The majority of studies have conducted country level analyses of the COVID-19 and stock market performance phenomenon. However, there have been sectoral disparities in terms of their susceptibility to economic shocks from COVID-19. This study's focal point is on the cargo shipping sector which synonymous with other sectors has not been immune to the current pandemic. The study also extends the timeline of events to incorporate those from June to December 2020.

Details

Review of Behavioral Finance, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1940-5979

Keywords

Content available
Article
Publication date: 7 June 2021

So-Young Park, Su-Han Woo and Po-Lin Lai

Short-sea shipping (SSS) plays an important role in regional transportation networks by supporting regional trade and improving inter-modality. In particular, countries in…

Abstract

Purpose

Short-sea shipping (SSS) plays an important role in regional transportation networks by supporting regional trade and improving inter-modality. In particular, countries in north-east Asia, such as China, South Korea and Japan have been served well by local SSS services. While SSS markets in Northeast Asia (NEA) have been developed by bilateral routes with sub-markets, the market structure of each sub-markets varies depending on concentration and competition levels as well as government intervention. The purpose of this paper is to analyse the market structure of SSS markets in the Northeast Asia.

Design/methodology/approach

Herfindahl–Hirschman Index (HHI) and concentration ratio are adopted to measure the market concentration from 2013 to 2017 for SSS markets in NEA. Additionally, the balance between supply and demand is investigated by measuring the capacity utilisation factor (CUF) based on slot capacity.

Findings

The market structure in the NEA SSS markets is influenced by firms’ behaviour under different levels of governmental intervention. Shipping firms in a market with more governmental intervention in market entry tend to focus on balancing supply and demand rather than increasing market share, whereas firms in a market with less intervention (and more competition) tend to increase their market share by pursuing efficient capacity management.

Research limitations/implications

The period of data set is limited to 2013–2017. Furthermore, prices or revenue for specific routes are not available.

Originality/value

This paper sheds light on the market structure and behaviour of players in SSS market. In addition, the work has value to measure capacity utilisation based on slot capacity.

Details

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

Keywords

To view the access options for this content please click here
Book part
Publication date: 12 January 2012

Adolf K. Y. Ng

This chapter reviews and analyses the contemporary development of liner shipping, port development and competition. It begins with a comprehensive review on the latest…

Abstract

This chapter reviews and analyses the contemporary development of liner shipping, port development and competition. It begins with a comprehensive review on the latest developmental trends of liner shipping and business strategies, as well as their impacts on port development and competition. Then, it discusses the responses of ports, past, present and (likely) future, in addressing these new demands and challenges. A very important point from this analysis indicates that, in the past decade, port development and competition have gradually evolved from being individual, technical efficiency-oriented to become more regional, economic efficiency-oriented. At the same time, ports have also moved out of their rather passive positions and undertaken positive steps to avert the traditionally strong bargaining power of shipping lines. This illustrates that port development and competition is a continuous morphological process which can change dramatically within a rather short period of time. This chapter provides a new perspective on port development and competition and a decent platform for further research.

Details

Maritime Logistics
Type: Book
ISBN: 978-1-78052-340-8

Keywords

To view the access options for this content please click here

Abstract

Details

Shipping Company Strategies
Type: Book
ISBN: 978-0-08-045806-9

To view the access options for this content please click here

Abstract

Details

Shipping Company Strategies
Type: Book
ISBN: 978-0-08-045806-9

To view the access options for this content please click here
Book part
Publication date: 20 May 2005

Dr. h.c. Peter Lorange

Abstract

Details

Shipping Company Strategies
Type: Book
ISBN: 978-0-08-045806-9

To view the access options for this content please click here
Article
Publication date: 7 May 2021

Thi Minh Trang Tran, Su-Han Woo and Kum Fai Yuen

To gain competitive advantage, shipping companies need the abilities to manage environmental requirements, which this study refers to as sustainable shipping capabilities…

Abstract

Purpose

To gain competitive advantage, shipping companies need the abilities to manage environmental requirements, which this study refers to as sustainable shipping capabilities, including internal resources and external factors such as inter-firm collaboration. However, previous studies mainly focused on the effectiveness of internal resources, leading decision-makers in shipping companies to undervalue the significance of external relationships in managing sustainability issues and their impact on performance. Therefore, this paper aims to identify and examine the impacts of sustainable inter-firm collaboration on shipping companies' business performance (i.e. shippers' loyalty and financial performance).

Design/methodology/approach

A proposed model that explains the relationships between relation bonding strategies, sustainable inter-firm collaboration and business performance was developed. Accordingly, a survey questionnaire was constructed and sent to 294 shipping companies in Vietnam. Structural equation modeling was deployed to examine the validity of the measurement items and investigate relationships among the latent constructs.

Findings

The findings show that financial bonding strategies have the most significant impact on sustainable inter-firm collaboration, followed by social bonding strategies and structural bonding strategies. Furthermore, sustainable inter-firm collaboration has direct and indirect (via perceived shippers' loyalty) effects on business performance.

Research limitations/implications

Relational bonding strategies provide a unique perspective to sustainable inter-firm collaboration. This study also contributes to allocate external resources and capabilities to improve inter-firm collaboration, thereby maximizing financial performance.

Originality/value

This paper contributes to the literature by applying relational bonding strategies that determine the key factors enabling sustainable inter-firm collaboration.

Details

The International Journal of Logistics Management, vol. 32 no. 3
Type: Research Article
ISSN: 0957-4093

Keywords

1 – 10 of over 32000