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1 – 10 of over 27000Amir Gharehgozli, Henk de Vries and Stephan Decrauw
This paper aims to study the function of standardisation in intermodal transport. It identifies where standardisation helps to improve intermodal transport, who is active in…
Abstract
Purpose
This paper aims to study the function of standardisation in intermodal transport. It identifies where standardisation helps to improve intermodal transport, who is active in intermodal transport standardisation, what types of standards are needed and what the decision-making process and implementation of standards should be like to positively influence the performance of intermodal transportation.
Design/methodology/approach
An empirical study is designed to carry out this research project. The empirical study starts with a review of the organisations that are responsible for standardisation and intermodal transport, together with the standards that they have developed, and are developing, so far. It continues with analysing the topics where standardisation helps to improve the performance of intermodal transport. The analysis is based on 12 interviews, followed by desk research, to validate the respondents’ statements.
Findings
The results show that intermodal transportation should be distinguished in continental and maritime transport, which require different standards. In maritime transport, the hardware aspects of the system are highly standardised. However, further standardisation of information exchange offers potential to improve the quality of transport. For continental transport, challenges appear in the heterogeneity of infrastructure and loading units used in Europe. For both systems, openness and consensus are main requirements for the development of successful standards.
Originality/value
Standards facilitate interoperability, quality and safety of intermodal transportation, which leads to better performance. This has drawn little attention in the literature. This study addresses this gap and focuses on Europe.
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Tamara Apostolou, Ioannis N. Lagoudis and Ioannis N. Theotokas
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…
Abstract
Purpose
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).
Design/methodology/approach
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.
Findings
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.
Originality/value
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.
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Michel F. Spivey and Jeffrey J. McMillan
This article presents an overview of the standard asset, market, and income valuation methods generally used to estimate the value of small businesses.
Okan Duru, Joan P. Mileski and Ergun Gunes
The aim of this paper is to investigate the gap between cost-based and time-based revenue recognition schemes in the accounting of ship-owning corporations, and to propose…
Abstract
Purpose
The aim of this paper is to investigate the gap between cost-based and time-based revenue recognition schemes in the accounting of ship-owning corporations, and to propose cost-based revenue recognition (as in general accounting practice) in connection with the performance obligations.
Design/methodology/approach
For a comparative analysis of time-based (traditional approach) and cost-based schemes, a sample of dry bulk ships is selected and voyage estimations are performed by certified professional shipbrokers (Fellow of the Institute of Chartered Shipbrokers) (data collection and voyage estimation by practitioner). Performance obligations are also defined by certified shipbrokers (i.e. survey and expert opinion) and certified public accountant based on common shipping business practice and accounting practice in general.
Findings
Empirical results indicate the significant gap between two alternative schemes. Cost-based revenue recognition accelerates the revenue recognition (benefit of shipowner), and it enables comparability among other industries since cost-based allocation is the common practice in accounting (matching principle, Generally Accepted Accounting Principles).
Research limitations/implications
It is obviously impossible to observe all kinds of freight market transactions for all different kinds of vessel particulars. The sample size does not undervalue the current study since the central idea of this paper is not the verification of the cost-based recognition in all possible transactions.
Practical implications
The proposed approach debiases the existing recognition practice as well as improving the speed of revenue recognition. In the existing practice, time-based recognition is still based on voyage estimations (time estimation). Voyage estimations conventionally answer two questions: “What is the cost of the voyage?” and “What is the duration of the voyage?” Therefore, the proposed approach does not require any additional work done. Common practice also clarifies the cost-based schedule for revenue recognition.
Originality/value
This paper addresses the unconventional accounting practice and its incomparability problem for the first time. To the best of the authors’ knowledge, this paper is also the first study on accounting economics of the shipping business. This paper proposes a practical solution to the debate raised by Financial Accounting Standards Board 2014-09 regulation on accounting standards by utilizing a staging approach and cost-based revenue allocation.
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Through the framework of Michael Porterʼs five forces, this article compares sustainability in the Oregon and British Columbia wine industries. After describing the contrasting…
Abstract
Through the framework of Michael Porterʼs five forces, this article compares sustainability in the Oregon and British Columbia wine industries. After describing the contrasting characteristics of the green niche model and the government-led model of environmental change, the article analyzes the emerging challenges for each type of change.The distinct sources for profitability and future innovation suggests diversity within the sustainability movement and two very different processes of translating environmental values into entrepreneurial practice.
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Geoff A.M. Loveman and Joel J.E. Edney
The purpose of the present study was the development of a methodology for translating predicted rates of decompression sickness (DCS), following tower escape from a sunken…
Abstract
Purpose
The purpose of the present study was the development of a methodology for translating predicted rates of decompression sickness (DCS), following tower escape from a sunken submarine, into predicted probability of survival, a more useful statistic for making operational decisions.
Design/methodology/approach
Predictions were made, using existing models, for the probabilities of a range of DCS symptoms following submarine tower escape. Subject matter expert estimates of the effect of these symptoms on a submariner’s ability to survive in benign weather conditions on the sea surface until rescued were combined with the likelihoods of the different symptoms occurring using standard probability theory. Plots were generated showing the dependence of predicted probability of survival following escape on the escape depth and the pressure within the stricken submarine.
Findings
Current advice on whether to attempt tower escape is based on avoiding rates of DCS above approximately 5%–10%. Consideration of predicted survival rates, based on subject matter expert opinion, suggests that the current advice might be considered as conservative in the distressed submarine scenario, as DCS rates of 10% are not anticipated to markedly affect survival rates.
Originality/value
According to the authors’ knowledge, this study represents the first attempt to quantify the effect of different DCS symptoms on the probability of survival in submarine tower escape.
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Yong Hwa Chia, Ivan CK Tam and Arun Kr Dev
The Maritime Labour Convention (MLC) embodies standards of existing international maritime labour conventions and recommendations, as well as the fundamental principles to be…
Abstract
Purpose
The Maritime Labour Convention (MLC) embodies standards of existing international maritime labour conventions and recommendations, as well as the fundamental principles to be found in other international labour conventions. The aim of the convention is to address the employment standards of seafarers in the areas of fair wages, contractual terms, working and living conditions, as well as their health and safety on board ships. The purpose of this paper is to provide an in-depth study of MLC Regulation 3.1, specifically on the layout design of the accommodation spaces and possible solutions to meet the new demands as those will certainly affect the crew comfort, health and well-being on board ships.
Design/methodology/approach
The approach used includes a review of pre- and post-MLC conventions and regulations. This is then followed by looking at the impact of MLC Regulation 3.1 on new ship design. Possible solutions for new ship design are then proposed.
Findings
The findings from the paper were as follows: More flexibility in the form of non-mandatory guidelines and substantial equivalence under MLC. Under MLC, only Special Purpose Ship (SPS) is allowed to accommodate four persons in one room. The requirement for increased height and floor spaces would result in increased gross register tons (GT) for post-MLC built vessels. Impact due to post-MLC requirements would be more unfavourable for the design of smaller vessels below 500 GT than of bigger vessels of up to less than 3,000 GT. Possible solutions include applying for exemptions and substantial equivalents with flag states or registering with a non-ratifying flag state.
Originality/value
This paper has been based on a dissertation carried out for the partial fulfilment of a post-graduate degree. It has not been published in any journal.
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Pengfei Zhang, Lijun Zhao, Olga Vata and Sriram Rajagopal
This paper aims to examine three of the major issues relating to the welfare of seafarers, including wages, social security benefits and onboard and ashore welfare facilities and…
Abstract
Purpose
This paper aims to examine three of the major issues relating to the welfare of seafarers, including wages, social security benefits and onboard and ashore welfare facilities and services. It is impossible to research all countries here, so this paper selects Greece – which is one of today’s primary shipping countries as for shipowning, as well as for global supply and demand for seafarers – to conduct an empirical case study.
Design/methodology/approach
Based on the existing knowledge and scholarship, and primary data collected in several phases of fieldwork, this paper intends to critically examine three major issues relating to the welfare for Greek seafarers, namely, wages, social security benefits and onboard and ashore welfare facilities and services.
Findings
This paper finds that they face poor labour conditions, which are getting worse due to the depressed world and Greek economies and intense financial pressures on shipping companies. The entry into force of the Maritime Labour Convention 2006 has a significant impact on the world maritime industry.
Research limitations/implications
This paper critically examines the three major issues relating to the welfare of Greek seafarers.
Originality/value
Such issues, which Greece is facing are also common in other countries, so the findings and suggestions revealed from this paper are of importance for the global shipping industry and other states.
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Grace Wang, Qingcheng Zeng and Lawrence Cliff Ghoram
In the USA, the cruise industry has generated more than $42bn in total economic activities, involving over 356,000 jobs. The largest and most aggressive operator is acknowledged…
Abstract
Purpose
In the USA, the cruise industry has generated more than $42bn in total economic activities, involving over 356,000 jobs. The largest and most aggressive operator is acknowledged as Carnival Cruise Line (CCL), with a 48.3 per cent market share including all subsidiary companies in 2013. CCL has had a strong track record of reliability and high quality; however, within the past decade, there have been several deviations from standard daily procedure that have altered the way CCL does business. When trying to interpret changes in company performance, it is important to include other factors that may have contributed to changes at the time of any given deviation.
Design/methodology/approach
The authors use time series empirical mode decomposition to visualize whether there are short- or long-term shocks to company performance in the wake of deviating events. Besides, a thorough analysis is carried out with multivariable linear regression to identify the factors that really impact CCL’s performance.
Findings
This case study shows the seasonal patterns of weather issues with the largest number of hurricanes and tropical storms taking place during the third quarter of each year.
Originality/value
Empirical results will enhance understanding of the industry with regard to such events. It will provide shareholders information and opinions to enhance their decision-making processes.
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Richard C. Becherer, Marilyn M. Helms and John P. McDonald
This study examines how entrepreneurial marketing dimensions (proactiveness, opportunity focused, leveraging, innovativeness, risk taking, value creation, and customer intensity…
Abstract
This study examines how entrepreneurial marketing dimensions (proactiveness, opportunity focused, leveraging, innovativeness, risk taking, value creation, and customer intensity) are related to qualitative and quantitative outcome measures for the SME and the entrepreneur (including company success, customer success, financial success, satisfaction with return goals, satisfaction with growth goals, excellence, and the entrepreneurʼs standard of living). Using factor analysis, three success outcome variables (financial, customer, and strong company success) emerged together. A separate factor analysis identified satisfactory growth and return goals. Stepwise regression revealed entrepreneurial marketing impacts outcome variables, particularly value creation. Implications for entrepreneurs and areas for research are included.
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