Designing a sustainable maritime supply chain: A hybrid QFD–ANP approach

This study aims to design a sustainable maritime supply chain by taking customer requirements as the focus. This is achieved by an analytical approach combining Quality Function Deployment (QFD) and Analytical Network Process (ANP) for guiding shipping companies’ design. An analysis of a major container shipping line is conducted to illustrate and validate the approach. The four main customer requirements are: (1) Cost and Price Competitive, (2) Pollution Reduction, (3) Efficient Use of Fuel and Resources, and (4) Health, Safety, and Security. The Use of Green Design Ships, Engines and Machinery is found to be the most important design requirement.     

Patterns of maritime supply chains: slot capacity analysis

This paper offers a tool for analysing patterns of maritime supply chains. The study uses empirical data on slot capacity deployed by container shipping lines for analysing ports (as nodes) and routes and shipping lines (as links) that are embedded within the maritime supply chain. The ports of Singapore and Hong Kong are chosen to illustrate the respective transhipment and gateway perspectives. Findings reveal that geographical location and changes in the constitution of players can have reverberations on the maritime supply chain dynamics that traverse the port. Furthermore, evidence from trade route data also shows that maritime supply chain dynamics associated with transhipment and gateway ports could be governed by different levels of scope economies, demand complementarity and market power. The paper illustrates the abundant potential of slot capacity analysis for academic and industry/market research. Thus, future research can be pursued in various contexts and for different applications.     

US shipping initial public offerings: Do prospectus and market information matter?

This paper examines the extent that public information, available prior to the initial public offering of shipping companies, is only partially incorporated in the final offer price. The sample includes shipping US initial public offerings that took place in the period 1987-2008, and the analysis employs a set of IPO, market, and firm specific characteristics. Our findings have both theoretical and empirical implications for shipping IPOs, and indicate that there is no asymmetry of information between participants in shipping IPOs. On the theoretical part, the partial adjustment theory of Benveniste and Spindt (1989) is supported, whereas the winner’s curse theory of Rock (1986) is rejected. On the empirical side, the probability of underpricing can be predicted by employing variables available to all IPO participants prior to the issue.     

Does quality pay? The case of the dry bulk market

Following important changes in the safety regulation of tankers, the dry bulk sector is coming under the spotlight in a safety and quality perspective. Nominal freight differentiation between ‘quality’ and ‘other’ tonnage has been observed occasionally and much lip service has been paid to promoting the need for younger and safer ships. Whether or not these signals actually manifest in a market initiative for the enhancement of the standards of the world bulk carrier fleet is debatable. This paper investigates the possible existence of a two-tier spot freight market for medium and large bulk carriers of differing age. Known voyage fixtures are investigated for four representative years since the end of the 1980s, during which contrasting freight market conditions prevailed. In all but very few cases, there was no statistically significant difference between rates paid to older and younger tonnage. In those few cases where such differences were statistically significant, they never exceeded 10%.     

Concentrated ownership and corporate performance revisited: The case of shipping

This paper addresses the issue of ownership structure and corporate performance. It employs a sample of 107 internationally listed shipping firms (about 60% of the total) and examines their financial data and ownership concentration for the year 2009. Ownership is treated as an endogenous variable and GMM estimation is used incorporating the significant advance provided by Lewbel (1997). Empirical results suggest that concentrated ownership is positively and strongly associated with better firm performance in the shipping industry. Furthermore, this paper offers evidence on ownership concentration and shows that despite the different corporate governance settings, ownership structures are quite similar in shipping.     

Globalization and the synchronization of transport terminals

Globalization underlines higher levels of integration between different production and distribution systems. It is commonly acknowledged that this process leans on improvements of transport modes and infrastructure, resulting in a space/time collapse. However, it is argued in this paper that the synchronization of transport terminals is the main paradigm shift of the current space/time collapse. Terminals are where transport efficiency is mainly achieved. Empirical evidence is drawn from the strategies of freight and air transport companies.     

Air transport globalization, liberalization and sustainability: post-2001 policy dynamics in the United States and Europe

Against a context of international crisis in the air transport industry, this paper examines the implications of the ways in which strategies developed by key air transport stakeholders, as well as the contemporary dynamics of the globalized, liberalized market place, impact directly on sustainability issues. More specifically, the paper has two objectives. First, it discusses the policy ramifications of the interrelationships between the concepts of globalization, liberalization, and sustainability within the air transport industry. Second, the paper explores the import of these interrelationships as they interconnect with stakeholder strategies in the differing geopolitical contexts of the US and EU. Particular attention is given to airline network and frequency strategies. The paper concludes that while the financial sustainability of the airline industry is the overwhelming concern today, if this is essentially the short-term crisis that the airline industry claims it to be, the longer-term predictions of air transport growth will again bring environmental sustainability issues to the fore.     

Regional integration and maritime connectivity across the Maghreb seaport system

Models and empirical studies of port system evolution dominantly focus on land-based dynamics. Hence, it is traditionally recognized that such dynamics condition the evolution of ports and their relations as well as wider regional integration processes. The Maghreb region (Algeria, Morocco, and Tunisia), which is currently responsible for no less than one-third of all African port throughputs, offers a fertile ground to test the possibility for regional integration to occur through maritime linkages despite limited trade integration and land-based transport connectivity. Main results highlight the increase of trans-Maghreb maritime connectivity but this occurs mostly at the periphery of the system based on transit flows. Logistical integration versus trade integration is discussed in light of the recent evolution of Maghreb ports and of the region in general.