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In recent years, the Arctic Ocean has been experiencing the impacts of climate change. Global warming has led to the melting of ice caps and a significant reduction in ice coverage. As a result, the Arctic Ocean has indirectly opened up two new shipping routes known as the "Northeast Passage" and the "Northwest Passage." The opening of these new routes has the potential to transform Northeast Asia into a major transshipment hub, linking the Indo-Pacific and Europe regions. Novel business models are also generated and investigated within the maritime industry. This study involved conducting semi-structured interviews with potential stakeholders from industry, government, and academia. Additionally, qualitative analysis software- NVivo11 was utilized along with grounded theory for data analysis. The rationale supporting this view includes the advantages of Taiwan's shipping industry, its strategic geographic location, and the potential for shorter shipping routes through the Arctic. Additionally, Taiwan can establish conducive conditions to enhance its international standing and diplomatic relationships concerning Arctic Ocean matters. This initiative will facilitate the sustainable development of Taiwan's maritime industry in the Arctic region. • The evolving perspectives of Taiwan's maritime and transportation industry in balancing economic and environmental considerations. • Incorporating stakeholders' feedback into policy formulation: Perspectives and insights. • Positioning and reflections on Taiwan's development strategy for the Arctic sea routes. [ABSTRACT FROM AUTHOR]

To mitigate climate change, the International Maritime Organization (IMO) has mandated a 50% reduction in shipping-related greenhouse gas emissions by 2050 compared to 2018. While short-term measures are agreed, several barriers remain in achieving this emission reduction target. Existing research only focuses on specific scenarios and ignores comprehensive risks that influence the target realization. Hence, this study fills the research gap by identifying 28 potential risks and prioritizing the most threatening risks using the Political, Economic, Social, Technical, Legal, and Environmental framework. Furthermore, risk assessment on the target achievement is conducted to prioritize risk categories and risk factors via a combination of Evidential Reasoning and Rule-based Bayesian network. Finally, sensitivity analysis is performed to validate the results. The findings show that the categories, in the descending order of their importance, are economic, political, environmental, legal, social, and technological risk. In addition, the results reveal that "high low-carbon fuel prices" is the most pivotal risk under the economic category while notable political, environmental, legal, social, and technological risks are also recognized, each presenting distinct uncertainties in the decarbonization process. This study offers useful insights and strategic recommendations for stakeholders, aiding the transition to low-carbon maritime transportation. • Identify 28 risks for emission target cuts using an exhaustive framework. • The Rule-Based Bayesian Network is utilized to visualize and interpret the results. • Economic risk is the key factor affecting low-carbon transitions. • An in-depth analysis is done on the top risks in each risk category. • Offer strategies to stakeholders for managing risks to meet carbon targets. [ABSTRACT FROM AUTHOR]

The aim of this study is to construct monthly coincident and leading composite indicators for the shipping industry in Korea. The coincident and the leading indicators are computed using the generalized dynamic factor model. We use the production index of the water transport industry as the reference variable and compute the coincident indicator based on the common component of eight economic indicators. The analysis shows that the Korean shipping industry went through four business cycles during the sample period from 2007M1 to 2021M5. The leading indicator provides early signals of turning points in business cycles with a high correlation. The results suggest that the business cycle indicators present in this study may be useful diagnostic tools for understanding the timely and frequent economic state of the Korean shipping industry and its likely development in the near future. • A composite business cycle indicator of Korea's shipping industry was developed. • The indicator provides meaningful information on the current status of the industry. • The indicator helps in predicting the industry's business cycle. • The generalized dynamic factor model was used to develop the composite business cycle indicator. [ABSTRACT FROM AUTHOR]

This paper examines the stock market response of Japanese shipping firms on the COVID-19 outbreak. We adopt an event study method to investigate the announcement effect of COVID-19-related news such as the incident of largest numbers of cases in a cruise ship, the Princess Diamond on February 3, 2020 and the tight border closing by the Japanese Government on March 9, 2020. Our empirical results show that the negative abnormal returns are significant for both of these pessimistic COVID-19-related events. The negative return on the incident of Princess Diamond persisted for 30 trading days. Moreover, the negative abnormal return of port operations was stronger than maritime transportation after 30 days. Furthermore, we find that the tight border closing policy persisted for only eight trading days. Finally, we find that government policy responses are effective to mitigate negative announcement effects on COVID-related news post the tightened border control. • The negative abnormal returns in Japanese shipping firms are observed for pessimistic COVID-19 events. • The negative abnormal returns of port operations are stronger than maritime transportation. • Government policy responses are effective to mitigate negative announcement effects on COVID-related news. [ABSTRACT FROM AUTHOR]

In recent years, the development of Maritime Autonomous Surface Ships (MASS) has gained unprecedented momentum. However, little attention has been paid to acquiring a comprehensive understanding of the shipping industry's attitude and perceptions toward accepting and commercializing them. This study aims to fill this research gap by developing a substantive theoretical framework to analyze and understand the industry's acceptance of MASS. Utilizing the classic grounded theory method, we conducted semi-structured interviews with senior or top managers in the shipping industry. Our proposed theoretical framework integrates two main categories and eight core categories, collectively encompassing 21 distinct factors influencing the adoption of MASS. By revealing the complex interactions between these factors, the framework offers significant policy implications and practical strategies for stakeholders. This study provides valuable insights into the factors that influence the industry's decision to adopt and operate MASS, enhancing the understanding of technology acceptance in the shipping industry. [ABSTRACT FROM AUTHOR]

In the context of carbon emission reduction in the shipping industry, CCUS technology can modify ships to reduce carbon emissions, providing a new direction for the green development of the shipping industry. Based on this, this paper investigates the technology related to carbon capture on ships, firstly puts forward the applicable requirements of carbon capture technology; and analyses the adaptability of the existing carbon capture solutions to the shipping industry; and discusses the development prospect of carbon capture on ships through the three challenges of space utilisation, safety, and economy; and finally analyses the related policies. After analysis and discussion, this paper concludes that the alcohol-amine method is the most suitable carbon capture solution for ships, but there are challenges in economics and space utilisation. The future research direction lies in optimising the performance of the absorber, improving the energy efficiency of the system and solving the CO 2 storage problem. • It analyzes the current situation of the development of the carbon emission reduction business in the shipping industry, and introduces the application of carbon capture, utilization and storage technology (CCUS) in the shipping industry; • The applicable requirements for carbon capture on ships are proposed with regard to the ship's own characteristics; • Carbon capture process types are described in detail and the feasibility of different processes applied to the shipping industry is analyzed; • Summarises the existing cases of carbon capture on board ships and describes the challenges faced by carbon capture technology on board ships. [ABSTRACT FROM AUTHOR]

The complexity of the energy systems onboard ships, combined with the different operating/weather conditions and the availability of cutting-edge technologies, makes analyses for improving the energy and environmental performances of ships time consuming and challenging. From this point of view, this article provides new criteria for the sustainable design and management of energy systems of existing or new ships. In particular, the impact of the adoption of organic Rankine cycle units, wet steam volumetric expanders, and single or double effect absorption chillers is here investigated. Two types of ships are examined as suitable case studies, evaluating the impact of each technology and their combinations by varying the shipping cruises. By using a dynamic simulation approach, potential savings and optimal solutions are assessed for different energy system layouts by also comparing their economic, energy and environmental impact performance. Results are reported in specific performance matrices for helping stakeholders in preliminary energy efficiency analyses. In particular, outcomes show that high cooling demands of ships in the Caribbean Sea enable primary energy savings close to 4.5 %, compared to 3.5 % in the Mediterranean Sea and 3 % in the North Sea. In the latter case, cooling needs can be almost fully balanced through the examined energy recovery technologies. Screw expanders integrate best in all operating conditions with short paybacks, whilst organic Rankine cycles (with electrical efficiency above 8%) are advantageous especially in cold climate routes. Benefits on environmental impact are significant, with avoided CO 2 emissions around 6 kt/y, depending on the selected ship cruise. [Display omitted] • A holistic approach is proposed to evaluate envelope, weather and energy system. • Large and small cruise ship and three different climates are analysed. • ORC benefits depend on climate and ship size, being more effective in colder seas. • Using a low-temperature circuit boosts energy savings by several percentage points. • Analysis offers PES forecasts for several setup, guiding optimal technology choices. [ABSTRACT FROM AUTHOR]

Maritime autonomous surface ships (MASS) have received significant attention recently both by academia and industry to the point that the International Maritime Organization (IMO) started a regulatory scoping exercise. So far, most of the discussions have been solely focused on technical developments, thus overlooking the complex array of socio-economic and policy factors. This paper aims to fill this gap by comprehensively analyzing MASS development. We develop and apply a novel model of technology adoption (TechAdo) to holistically assess MASS as an innovation. By triangulating data from elite interviews, with work at the IMO and a systematic literature search, we show that MASS is in development but still in its infancy. Our analyses show that factors in the enabling environment (social acceptance, regulation, and governance), along with human capital, have been overlooked and need to be carefully considered by future research and policy. • The TechAdo model is proposed and validated to assess transport innovation. • MASS is in its infancy, as technical issues dominate its developments. • MASS is more attractive to short-distance shipping and coastal segments. • Shipowners have limited interest in MASS, but vendors push for MASS innovation. • We critical identify and discuss the possible MASS champions. • Misalignment between buyers and sellers is likely to be solved in the policy area. [ABSTRACT FROM AUTHOR]

• Retrofitting can accelerate the transition to low carbon shipping. • Retrofitting leads to rapid decline in high-sulfur fuel oil consumption, with wind-assisted technology as cost-effective option for shipowners. • Importance of international and national responses to climate change, funding R&D in clean maritime fuel, and geopolitical risks. • Study emphasizes the significance of wind-assisted technologies in facilitating the transition towards low-carbon propulsion in shipping. In response to growing concerns about the environmental impact of the shipping industry, this study examines the potential impacts of retrofitting on the shipping industry and the barriers and incentives that may affect the adoption of low-emission technologies. The MATISSE-SHIP agent-based model of transitions is extended to include retrofits. The results suggest that retrofitting can lead to a rapid decline in the use of high-sulphur fuel oil, with wind-assisted technology emerging as a competitive and cost-effective option for shipowners. Additionally, retrofitting can accelerate the transition to a diverse and low-carbon portfolio of propulsion technologies. The findings indicate that the success of decarbonization efforts in the shipping industry depends on a range of factors, including reliable supply that affects the accessibility and affordability of alternative fuels. Policymakers should consider these factors when developing policies and incentives to encourage the adoption of low-emission technologies in the shipping industry. [ABSTRACT FROM AUTHOR]

This research explores the current status of data monetization in the global shipping industry, with a focus on key issues, comparative analyses, and governance strategies. Utilizing an extensive literature review, the study examines trends in data asset utilization among major maritime players, including the United States, Europe, and China. Employing a comparative methodology, the research analyzes diverse data monetization practices to identify insightful patterns. The findings highlight the diverse challenges faced in leveraging data assets within the shipping sector, underscoring the importance of effective governance structures. The study concludes by proposing strategic directions for enhancing data monetization, emphasizing a global perspective. While providing valuable insights, the research acknowledges existing gaps and recommends further exploration into specific aspects, such as regulatory frameworks and technological advancements, to enhance the overall scientific value and foster a more holistic understanding of the evolving landscape of data monetization in global maritime operations. [ABSTRACT FROM AUTHOR]

• The EU green Deal leads to 0.5%–2.4% of shipping industry's CO 2 reduction. • European countries like Greece, Italy, Spain and Germany will be affected the most. • China will be affected the most amongst the non-European countries. • Producers in Europe and consumers in non-European countries will bear the burden. • A trade-off exists between environmental and economic goals in the very short run. In 2021, the European Commission introduced the 'Fit for 55' package, a set of policies aimed at reducing greenhouse gas (GHG) emissions by at least 55% by the year 2030. This initiative, aligned with the European Green Deal, seeks to make Europe a climate-neutral continent by 2050. A pivotal aspect of 'Fit for 55' is the proposed extension of the European Union Emissions Trading System (EU ETS) to the shipping industry. According to the European Commission, water transport accounts for 2.5% of global GHG emissions, while the shipping industry accounts for 13% of the EU's GHG emissions from transportation. This stringent new shipping policy makes it imperative to determine how the world's economy will respond, considering three distinct implementation proposals with different rates of policy introduction. Evaluating the short-term impacts of the policy is crucial to ensuring that the sustainability initiative is not only ambitious but also pragmatic and adaptable to the realities. To assess the implications, this paper uses the Leontief price model, the environmental input–output (EIO) model, and the OECD Inter-Country Input-Output (ICIO) Table for 2018, which contains information for 45 sectors. The focus is on EU countries and its Top 10 Trading Countries. Our findings show that a short-term trade-off exists between economic and environmental goals and that environmental gains incur economic losses for key stakeholders. They also show that the impact of this policy is felt more by producers in the EU and consumers in non-EU countries than by other agents in the respective countries. Lastly, a recommendation from our study is that the policy should be phased in progressively to provide economic agents with the necessary adjustment time and thus minimize economic losses. [ABSTRACT FROM AUTHOR]

• This paper extends the EVAMIX (EVAluation of MIXed Data) method. • These extensions are fuzzy extension, group decision and expert prioritization. • Four criteria and three alternatives are determined for gas transportation industry. • Ship selection is conducted as an empirical study. • The ranking result reflects the recent oversupply of LNG carriers. This paper extends the EVAMIX (EVAluation of MIXed Data) as an exemplary multi-criteria decision-making method in three perspectives. First, the problem is investigated in a fuzzy environment. Secondly, multiple decision-makers involve in decision-making process. It allows the moderator to benefit the opinions of multiple experts. Third, experts are assigned a coefficient considering their professional career represented in years. In the conventional approach, the experts have assumed identical, but expert prioritization deals with the instability. The extensions applied in this study are currently available in the literature, and it is used for the first time in the EVAMIX method. This method can be applied to decision-making problems in any research field. A study is carried out to combine the pre-determined types of ships with reliable quantitative and qualitative criteria and create data for new investors and shipowners in the selection of ships using a novel mathematical approach. As a result of the study, preferences are modelled for candidate ships, and database and value options are presented to decision-makers, ship owners, and investors. The qualitative and quantitative data discussed in this selection process to support the decision-making process and can be designed appropriately to be used in similar selection problems. The most suitable vessel to be selected from the candidate's vessels is carried out based on the existing criteria being evaluated; therefore, it is a reference for similar methodologies. [ABSTRACT FROM AUTHOR]

Surprisingly, despite extensive research on the impacts of COVID-19 on the hospitality industry, no study develops financial performance benchmarks that reflect these effects. This research seeks to fill this gap by examining the financial performance of companies in the shipping sector, specifically the cruise sub-sector. The "three biggest players" in the sector are the focus of this analysis. Benchmarking is essential for both existing market participants and potential new entrants. Fuzzy methods are used in modeling situations that involve uncertainty. The findings indicate that the three companies' operations must be redesigned in order to produce income and pay off debts. Additionally, Carnival Corporation's resilience is evident in times of crisis, as it demonstrates the best growth prospects, remains dominant in terms of liquidity, presents the highest return on assets, and borrows less than the other two companies. [ABSTRACT FROM AUTHOR]

• A panel regression model is designed to test their relationships from 2007 to 2022. • A VAR model is developed to test their bidirectional dynamic relationships. • The digital technology application is proved to be a moderating role between them. • An inverted U-shaped relationship is found between tax and the transition. • The transfer payment policies have an N-shaped effect on the low-carbon transition. The Green Economy Initiative aims to grow our economy without increasing carbon emissions, requiring all industries to transition to a low-carbon economy. As one of the oldest industries, the shipping industry is accountable for transporting 80–90% of goods worldwide, consuming more fossil fuels, and emitting more pollution than ever. Many nations have deliberated policies to promote the shipping industry transition to a low-carbon economy. To investigate the role of various fiscal policies in supporting low-carbon transition, several panel regression models are designed to test their relationships based on data from the shipping industry in 22 Chinese provinces from 2007 to 2022. Then a vector autoregression model is developed to test their bidirectional dynamic relationships between fiscal policies and low-carbon transition. We find that there is an inverted U-shaped relationship between tax-based policies and low-carbon transition, transfer payment policies have an N-shaped effect on low-carbon transition, and the digital technology application plays a strong moderating role, reducing the negative impact of fiscal policies, and accelerating low-carbon transition in the shipping industry. These findings help policymakers how to make optimal fiscal policies to promote low-carbon transition in the shipping industry. [ABSTRACT FROM AUTHOR]

Abstract This paper investigates economic policy uncertainty (EPU) which has been neglected in prior literature on the shipping industry. We find that EPU in China plays an important role in determining the leverage decisions of Thailand's shipping industry. When EPU increases, companies may achieve higher growth and subsequent leverage resulting from opportunities in uncertainty. Contrary to previous literature, the GDPs of Thailand and China exert a smaller influence on leverage than EPU. Further, interest spread in Thailand, though directly affecting the cost of borrowing, has a positive association with leverage decisions. Shipping SMEs may use the spread when deciding to take on greater risk and exploit growth opportunity. Through deeper analysis, we find that the leverage decisions of dry bulk companies are more sensitive to Chinese and Thai macroeconomic factors than those of tanker firms. Our findings call for policymakers to support the increasing bilateral trading, shipping, and financing between Thailand and China. [ABSTRACT FROM AUTHOR]

This study investigates the role of perceived value, trust, and transaction cost in mediating the effect of sustainable shipping practices (SSP) on shippers’ loyalty. Theoretical and alternative models were proposed and compared using survey data collected from 289 shippers. The results show that the relationship between SSP and shippers’ loyalty is mediated by shippers’ perceived value of SSP, shippers’ trust in a shipping company’s commitment towards sustainability, and sustainability-related transaction cost. This study offers an alternative theoretical explanation to the relationship and provides important managerial insights to strengthen shippers’ loyalty through implementing SSP. [ABSTRACT FROM AUTHOR]

The interaction impacts of corporate social responsibility (CSR) and service quality (SQ) on customer satisfaction, job satisfaction, and financial performance are investigated in the context of shipping. Interviews were conducted, and surveys were administered on 156 shipping firms with operations in Singapore. The collected data were analysed using structural equation modelling. The results showed that: (1) customer and job satisfaction fully-mediate the link between corporate level associations (i.e. CSR and SQ) and shipping firms’ financial performance; (2) CSR and SQ complement each other in driving job and customer satisfaction; (3) the interaction between CSR and SQ produces synergistic effects on customer satisfaction but compensatory effects on job satisfaction. The results suggest that the decision to implement CSR is contingent on the motivation of a firm as well as its current SQ capability. This paper contributes to the literature by reconciling the conflicting views on managing SQ performance and corporate social performance based on stakeholder theory, economic theory of complementarities and perceived value theory. [ABSTRACT FROM AUTHOR]

This paper investigates how cash flow influences the levels of investment and dividends in the shipping industry. Using generalized least squares (GLS) regressions the study reports how free cash flow (FCF) of shipping firms of different sizes influence investment and dividends. Moreover, it shows the role of debt in financing investment. The paper finds that FCF is a determinant of investment and dividends. Greater FCF leads firms to increase investment and reduce dividends. The use of debt alleviates overinvestment. This paper illustrates how shipping firms allocate FCF. The paper verifies that the agency theory can explain behaviour of managers with respect to the investment strategy. [ABSTRACT FROM AUTHOR]

This paper examines if eco-rating schemes improve environmental outcomes in the context of the international shipping industry. Shipping faces global environmental challenges and has recently witnessed the introduction of several eco-rating schemes aiming to improve the environmental performance of ships. Extending the private environmental governance literature into a mature service industry with global operations, the paper shows that concerns about eco-rating schemes’ effectiveness also have relevance here. Shipping eco-rating schemes fall short of best practices for design and governance, and this hampers improvement efforts. The study has policy implications for the achievement of improved environmental outcomes in the shipping industry. [ABSTRACT FROM AUTHOR]

This study examines the potential bubbles' shipping freight rates during the pandemic through the Generalized Supremum Augmented Dickey-Fuller test. The results explore multiple bubbles in the freight rates during corona disease (COVID-19). Moreover, the result finds that Baltic Dry Index is the most explosive and shows four bubbles, followed by Baltic Clean Tanker Index. The volatile behavior has been more frequent and pronounced since the second quarter of 2021, mainly instigated by the economic recovery. The results detect four bubbles in Baltic Dry Index caused by strong demand for raw materials and uncertainty restrictions. Furthermore, a single bubble in the Baltic Dirty Tanker Index is caused by the increasing oil price, growing demand for floating storage while burst due to new restrictions of the second wave, declining oil prices, and shortages of vessels. The need for oil products, logistical problems and the highest oil prices are the leading determinants of Baltic Clean Tanker index bubbles. [ABSTRACT FROM AUTHOR]

The maritime transportation sector has been actively encouraging economic, environmental, and social sustainability. However, academic research on maritime social sustainability is still limited. This study provides a comprehensive conceptualization of maritime social responsibility and investigates whether the flag of the vessel, impacts this conceptualization. Using data from many seafarers globally, the present study empirically confirms and validates that maritime social responsibility is a multidimensional construct, consisting of (i) physical, (ii) functional, (iii) healthy, (iv) cultural, and (v) communication components. Findings show that seafarers' perceptions do not differ based on the flag of the vessel of their employment. The present study offers valuable insight to understand maritime social sustainability and extends the literature on the linkage between vessel flags and working and living aspects onboard. It provides managerial and policy implications. [ABSTRACT FROM AUTHOR]

Recent years have witnessed a growing concern for safety and highlighted the importance of leadership in safety practice within high-risk organizations. By following up and integrating the state-of-art research trends, this study aims at (1) bridging a gap in safety leadership research – i.e., the lack of a holistic understanding of safety leadership contribution at all managerial levels within high-risk organizations; (2) developing and validating a weighted safety leadership model in the context of shipping which incorporates key safety leadership behaviors that may enable researchers and practitioners to better understand and exercise safety leadership in shipping organizations. To systematically fulfill the research aims, this study integrates both numerical and descriptive data by sequentially applying three interdependent research techniques – namely inductive analysis of literature, modified Delphi method and Analytical Hierarchy Process (AHP). The study results in a holistic weighted model with concrete safety leadership behaviors at each managerial level, which contributes to the building of theoretical foundations in the domain of safety leadership research and serves as practical standards for accelerating safety leadership development in shipping organizations. [ABSTRACT FROM AUTHOR]

[Display omitted] • Marine emission possesses both environmental and human health risks. • Alternative fuels including hydrogen can reduce harmful emissions from marine transport. • Alternative fuels have the potential to promote UN Sustainable Development Goals. • The potential challenges of alternative fuel in marine transport are highlighted. The International Maritime Organization (IMO) has placed stricter controls on several aspects of global maritime transport operations to protect the environment. In light of this, the goal of this study is to examine and assess the different prospective paths and technologies that will assist the shipping industry in decarbonizing its operations. We consider how the utilisation of various alternative energy sources reduces greenhouse gas (GHG) emissions from marine transportation and contributes to the promotion of the United Nations Sustainable Development Goals (SGDs). The complexities associated with maritime industry operations using alternative energy sources are also explored. Biofuel as an alternative energy source, including biomethanol and biodiesel, can reduce greenhouse gas emissions in the shipping industry by 25% to 100%. However, the current supply of biofuels can only meet about 15% of the total demand which is not sufficient to sustainably power the entire marine fleet. There are several issues associated with these biofuels, including oxidation, ecological consequences, feedstock availability, technical and operational constraints, and economic factors that must be addressed before their full potential may be achieved. [ABSTRACT FROM AUTHOR]

This paper explores job conditions that influence health and well-being in the specific context of workers fulfilling environmental protection requirements on board ships. The aim is to understand how environmental compliance might compromise health and safety in the workplace. High-involvement work practices are known to affect occupational health and well-being adversely through increased stress. However, the nature and extent of job stress attributable to the activity of environmental compliance has not been previously examined among workers performing the task occasionally and as non-specialists. A case study using qualitative semi-structured interviews was implemented. Forty-one interviews including 34 ship crews and 7 managers were conducted at a UK based global shipping company and aboard two of its ships. Thematic analysis was incorporated to analyse the data. Five thematic categories reflecting job conditions which ship crews and their managers described as potentially influencing the work experience associated with environmental compliance emerged from the interviews: (1) design of tasks, (2) management style, (3) interpersonal relationships, (4) career concerns, and (5) physical conditions. On balance, the paper concludes that environmental compliance does appear to influence the health and well-being of ship crews in negative ways, in particular by inducing job demands which add to the heavy workload and long working hours that ship crews are already faced with. Understanding the impact of compliance on longer term health is essential. [ABSTRACT FROM AUTHOR]

A major part of the world fleet of more than 47,000 merchant ships operates under conditions that hamper energy efficiency and efforts to cut CO 2 emissions. Valid and reliable data sets on ships' energy consumption are often missing in shipping markets and within shipping organizations, leading to the non-implementation of cost-effective energy efficiency measures. Policy makers are aiming to remedy this, e.g., through the EU Monitoring, Verification and Reporting scheme. In this paper, current practices for energy consumption monitoring in ship operations are explored based on interviews with 55 professionals in 34 shipping organizations in Denmark. Best practices, which require several years to implement, are identified, as are common challenges in implementing such practices—related to data collection, incentives for data misreporting, data analysis problems, as well as feedback and communication problems between ship and shore. This study shows how the logic of good energy consumption monitoring practices conflict with common business practices in shipping companies – e.g., through short-term vessel charters and temporary ship organizations – which in turn can explain the slow adoption of energy efficiency measures in the industry. This study demonstrates a role for policy makers or other third parties in mandating or standardizing good energy consumption monitoring practices beyond the present requirements. [ABSTRACT FROM AUTHOR]

As part of any Prognostics and Health Management (PHM) system for the shipping industry, the determination of the current health of marine systems is fundamental. As such, diagnostic analytics is performed; a process that is typically constituted by fault detection, fault isolation, and fault identification. Although some efforts have been made to distinguish the faults and malfunctions (fault detection) that can occur in marine systems, the implementation of fault identification to provide a description of any considered fault type and its nature is still an unexplored area due to the lack of fault data. To overcome this, a methodology for the identification of anomalies in marine systems is presented in this paper. The proposed approach aims to analyse the implementation of time series imaging through the application of the first-order Markov chain in tandem with an analysis of both ResNet50V2 and Convolutional Neural Networks (CNNs) as part of the image classification task. To highlight the performance of this methodology, anomalies have been simulated considering the power parameter of a diesel generator. Results demonstrated the potential of time series imaging and image classification approaches, as the Markov-CNN achieved an accuracy of 95% when performing the fault classification task. • On-board technologies for maintenance are a critical area for enabling smart shipping. • A methodology for the identification of anomalies in marine systems is presented. • Time series imaging (Markov) and classification (ResNet50v2 and CNNs) are analysed. • The diesel generator power parameter of a tanker ship is presented as a case study. • Markov-CNN achieves an accuracy of 95% when performing the fault classification task. [ABSTRACT FROM AUTHOR]

Various market-based measures have been proposed to reduce CO 2 emissions from international shipping. One promising mechanism under consideration is the Emission Trading Scheme (ETS). This study analyzes and benchmarks the economic implications of two alternative ETS mechanisms, namely, an open ETS compared to a Maritime only ETS (METS). The analytical solutions and model calibration results allow us to quantify the impacts of alternative ETS schemes on the container shipping sector and the dry bulk shipping sector. It is found that an ETS, whether open or maritime only, will decrease shipping speed, carrier outputs and fuel consumption for both the container and dry bulk sectors, even in the presence of a “wind-fall” profit to shipping companies. Under an open ETS, the dry bulk sector will suffer from a higher proportional reduction in output than the container sector, and will thus sell more emission permits or purchase fewer permits. Under an METS, container carriers will buy emission permits from the dry bulk side. In addition, under an METS the degree of competition within one sector will have spill-over effects on the other sector. Specifically, when the sector that sells (buys) permits is more collusive (competitive), the equilibrium permit price will rise. This study provides a framework for identifying the moderating effects of market structure and competition between firms on emission reduction schemes, and emphasizes the importance of understanding the differential impacts of ETS schemes on individual sectors within an industry when considering alternative policies. [ABSTRACT FROM AUTHOR]

To improve energy efficiency of ships, initiatives have been taken by the international and regional regulatory bodies, ship owners, shipping lines, and other involved stakeholders. While existing literature has investigated ship energy efficiency from different perspectives, a comprehensive review on measures, practices, policies, feasibility, and alternatives remains absent. This study presents a retrospective review of ship energy efficiency literature by utilizing a hybrid review method that combines bibliometric and content analysis approaches. For bibliometric analysis, the bibliometrix package in the R software was used in combination with the VOSviewer software. The outcomes of bibliometric analysis are the most ranked articles, journals, authors, and institutions related to ship energy efficiency research. The bibliographic coupling analysis identified five research clusters: (1) decarbonization and emission reduction measures, (2) speed management, (3) policy and regulations, (4) economic and organizational factors, and (5) alternative energy sources. Future research directions are proposed for each cluster. [ABSTRACT FROM AUTHOR]

To link to full-text access for this article, visit this link: http://dx.doi.org/10.1016/j.dsr.2005.02.002 Byline: William E. Johns (a), Torsten Kanzow (b), Rainer Zantopp (b) Keywords: Dynamic height; Geostrophic velocity; Volume transport; Transport monitoring; Boundary currents Abstract: Efficient monitoring of large-scale current systems for climate research requires the development of new techniques to estimate ocean transports. Here, a methodology for continuous estimation of dynamic height profiles and geostrophic currents from moored temperature sensors is presented. The technique is applied to moorings deployed in the Atlantic Deep Western Boundary Current at 26.5[degrees]N, off Abaco, the Bahamas (WOCE ACM-1 array). Relative geostrophic currents are referenced using bottom pressure sensors and available shipboard direct velocity (lowered-ADCP) sections over the period of the deployment, to obtain a time series of absolute volume transport. Comparison with direct velocity measurements from a complete array of current meters shows good agreement for the mean transport and its variablity on time scales longer than 10 days, but larger variability in the current meter derived transport at time scales shorter than 10 days. A rigorous error analysis assesses the contributions of various error sources in the geostrophic as well as direct transport estimates. Low-frequency drift of the bottom pressure sensors is found to be the largest error source in the geostrophic transport estimates and recommendations for improvement of the technique and related measurement technologies are made. Author Affiliation: (a) RSMAS University of Miami, 4600 Rickenbacker Causeway, Miami, FL 33149, USA (b) Leibniz-Institut fur Meereswissenschaften, IfM-GEOMAR, Dusternbrooker Weg 20, 24105 Kiel, Germany Article History: Received 4 March 2004; Revised 8 December 2004; Accepted 18 January 2005

This paper contributes to debates about the effectiveness of international regulation and the place of 'the state' in developing and enforcing effective international shipping regulation. It focuses on the example of the Maritime Labour Convention (2006) to highlight some of the challenges and successes of international regulation in defending the rights of workers to 'decent work'. The empirical basis of the paper is a novel analysis of abandonment data which allows for the consideration of the resolution of abandonment cases pre-and-post-MLC. This is the first time that such objective analysis has been used to evaluate the efficacy of MLC. The paper describes the regulatory framework which offers protections to seafarers in such circumstances and the ways in which internationally agreed regulations at the ILO are enforced. It describes the data and analyses the effectiveness of the MLC, in increasing the speed with which abandoned seafarers are repatriated. It discusses the implications of the findings and draws conclusions, relating these to broader discussions of the limits and importance of international regulation. • Presents new analysis of data on vessel abandonment. • Advances debates on effectiveness of MLC. • Indicates MLC strengths and weaknesses. [ABSTRACT FROM AUTHOR]

Abstract: The paper examines the geographic dimension between acquiring and target firms to take into account the information cost which decreases synergy effects generated by M&As in the container shipping industry. The paper finds that the geographical distance has a negative impact on takeover flows. M&A activities were more intense among firms located closely each other. The paper provides evidence that the firm size raises the relative acquiring probability for inter-regional and cross-border M&As. While the existing literature suggests that financially underperforming firms are more likely to be targeted by a firm, the paper argues that the smaller and unquoted public firms are more vulnerable to M&As. [Copyright &y& Elsevier]

Abstract: Dissemination of information via corporate websites is considered to be desirable, because it constitutes a way round modes of market failure, such as asymmetric information in capital markets and agency problems. This paper explores the relationship between internet disclosure, profitability and financial structure in the shipping sector. Its value added lies in treating the disclosure–profitability relationship as a two-way relationship: while previous research concentrates on profitability as the main driver for greater internet disclosure, we argue that the higher the degree of internet disclosure of financial information, the more likely it is that the firm will experience enhanced profitability. Studying the websites of 171 international listed shipping corporations in 2010 we construct a disclosure index to measure the quantity of disseminated information for each firm in the sample and we explore the cross sectional determinants of disclosure performance. Measuring corporate performance with profitability, we develop a simultaneous equation model and our GMM results produce evidence of a statistically significant positive relationship between the extent of internet disclosure and corporate performance. Our finding largely explains why shipping firms are keen on making more and more financial information available via the web and has significant policy implications for executives, as it suggests that greater internet disclosure is not a mere effect of sound financial performance, but also, and perhaps more importantly, a requirement for it. [Copyright &y& Elsevier]

Abstract: Employee participation and commitment from top management are important factors in effective occupational health and safety (OHS) management. However, between top management and employees there are middle managers, who are given little room in the top management/employee dichotomy. In this context, using the shipping industry as a case study, this paper investigates the impact of senior officer leadership on ratings’ participation in OHS management. Results suggest that while ratings’ precarious employment coupled with a steep hierarchy of command on board ships make upward communication in formal environments practically impossible, it is possible for senior officers to elicit effective participation from ratings by making good use of informal settings, working alongside ratings and engaging with them in social activities. Such leadership efforts bring in temporary relief to the constraints of participation and create spaces for them to contribute in the management of shipboard OHS. [Copyright &y& Elsevier]

Abstract: In the study I examine the relationship between corporate governance and consolidation strategies for shipping firms. The analysis is focused on the ownership structure and corporate governance power which are supposed to influence the consolidation strategies. I investigate M&As and global alliances occurred during 2006-2007 fiscal years in maritime industry. In the empirical study, I find that institutional investors are present as the largest shareholder at about 54% of the firms followed by the family ownership with 36%. We also find that corporate governance is an important factor to shape alliance and M&A strategies. [Copyright &y& Elsevier]

Due to the bankruptcy of Hanjin Shipping, which was the seventh-largest container liner, Korea's liner shipping network had collapsed. When Hanjin Shipping entered legal management, shipping and port logisticians, mainly located in Busan in Korea, spoke consistently about the risk of its bankruptcy and damage. Their argument was that if Hanjin Shipping entered bankruptcy, consumer prices would move sharply higher due to domestic cargo being transported by foreign shipping companies. However, after the bankruptcy of Hanjin Shipping, there was no news that consumer prices in the Republic of Korea jumped. Regarding this point, most people not related to the shipping industry may think that the impact of the loss of Hanjin Shipping is not very different from the argument by shipping experts. Considering the above discussion, this paper raises the following questions. How much most people consider the shipping industry or shipping company to be important? To answer this research question, this paper estimates the economic value of a national shipping company by employing the contingent valuation method (CVM). As a result of the study, willingness to pay (WTP) for the national shipping liner's bankruptcy was estimated to be 5007.99 Korean Won (KRW) (USD 4.34) per year, and the economic value of a national shipping company is KRW 104.623.66 million (USD 90.9 million) per year. [ABSTRACT FROM AUTHOR]

In the context of increasing uncertainties in the global political and economic situation, the signing of the RCEP marks an initial victory for multilateral trade and economic globalisation. This has also been welcomed by China's shipping industry and has eased the decline in the shipping market, which had resulted from the economic downturn and the impact of the COVID-19 epidemic. In order to realise the stable development of the shipping industry, however, it is not only necessary to make full use of the policy dividends resulting from the RCEP but also to recognise the higher requirements that the RCEP places on the shipping industry, in the new norms of international cooperation. It is suggested that, driven by the RCEP, building international shipping hubs, using new technologies to promote the development of the shipping industry and related service industries and forming a domestic and international dual-circulation industry development structure, are the main directions for the future development and the sustainability of China's shipping industry. [ABSTRACT FROM AUTHOR]

Abstract: Bluetooth technology has become more and more popular in today''s worldwide operations. Its impact on the shipping industry is specifically unique and profound. The purpose of this study is to explore the implementation and application of Bluetooth technology in the shipping industry. This article first introduces the standard and technology of Bluetooth as well as the efforts to develop and promote the standard. Then, the current status of Bluetooth applications in the shipping industry is discussed. Further, three cases, including FedEx, UPS and DHL, are studied along with a Strategic-Managerial-Organizational-Technological-Security-Social (SMOTSS) analysis. The article is concluded with the implications and future of Bluetooth technology. [Copyright &y& Elsevier]

In response to the Exxon Valdez incident, the Oil Pollution Act of 1990 was enacted as allegedly comprehensive oil pollution legislation. There have been changes in the patterns of oil spills and the strategic response to the Act. The number and volume of oil spills from tank vessels in US waters have fallen considerably without an obvious increase in oil prices since the enactment of the Act. This implies that the Act has successfully served its purpose. The Act may also facilitate the development of other oil pollution regimes including the international regime beyond the US. However, it remains to be seen whether the reduction of oil spills in US waters will be sustained in the future. There is an irreducible risk irrespective of any policy controlling oil pollution risks. The assertion that the Act has been effective in deterring oil spills may be counteracted by statistics demonstrating that the number and quantity of oil spills have also declined worldwide since 1990. It is premature to evaluate the performance of the Act because it has not so far been tested by a major oil spill since its enactment. A major oil spill in US waters in the future would illuminate limitation of the Act and lead to a fundamental reconsideration of the structure of the Act. [Copyright &y& Elsevier]

The study unveils the association between oil prices (OP) and the Baltic Dry Index (BDI) in the presence of geopolitical risk (GPR) in time and frequency domains. The co-movement between OP and BDI is revealed in the short time. However, the connection between OP and BDI is more noticeable in the presence of GPR. It affects OP in the short period and translates into BDI in the midterm. The results are consistent with the Competitive Homogeneity Model (CHM), which clarifies that GPR is the dominant element in OP and can be replicated in BDI. This highlights the importance of OP for the shipping industry that geopolitical uncertainties are among the deciding factors for OP and BDI. Thus, the shipping industry performance is based on the accurate forecast of oil market behaviour and geopolitical conflicts. It is critical for the pertinent stakeholders and policymakers to monitor OP changes, which can help to avoid the potential GPR and wars. A well-coordinated global maritime security system needs to be upgraded to provide permanent solutions to security threats. [ABSTRACT FROM AUTHOR]

Ship demolition is a significant source of marine pollution. Not recycled properly, toxic chemicals can be released and pose great dangers to both the environment and public health. By investigating over 22,500 scrapped vessels' business records ranging between 2000 and 2019, we find how business owners in developed countries disguise ships' true identity by registering them in developing regions with loose approaches to labor and environmental protection, thus creating a leeway to violate environmental justice. International treaties and regional regulations have failed to correct the problem. Neither the Basel Convention on the Control of Transboundary Movements of Hazardous Wastes and their Disposal nor enhanced regional regulations from the European Commission are effective. We propose three reforms to make the shipping industry more sustainable. • End-of-life ships are a significant source of pollution. • The majority of ships were demolished in only three countries using a widely-criticized beaching method. • International treaties and regional regulations have failed to correct the environmental injustice. • We propose three recommendations to make the shipping industry more sustainable. [ABSTRACT FROM AUTHOR]

Dynamic ocean management (DOM), a type of marine spatial planning in which management decisions are updated in response to changing environmental, biological, or socioeconomic conditions, holds promise for balancing tradeoffs between conservation and marine resource use. However, as climate change continues to drive unprecedented oceanic changes, it is critical to evaluate how such tradeoffs may vary under different environmental regimes to ensure management strategies remain robust. To address this need, we explored blue whale ship strike management scenarios in the Southern California Bight, USA, an area that currently uses voluntary vessel speed reductions to mitigate risk of lethal ship collisions. We compared two simulated DOM strategies – a ' daily strategy' that implemented speed reductions in response to whale habitat conditions on a daily basis, and a ' seasonal strategy' that implemented speed reductions in response to whale habitat conditions on a seasonal basis – with a ' fixed strategy ' that implemented speed reductions for a fixed time period each year, irrespective of environmental conditions. We evaluated the capacity of these strategies to balance tradeoffs between whale conservation and shipping activities over a 17-year study period. Critically, we assessed these tradeoffs before, during, and after a record marine heatwave to evaluate the relative utilities of these strategies during anomalous ocean conditions. Over the 17-year study period, seasonal and daily DOM strategies achieved a 6.4–10.7% improvement in expected whale protection from lethal collision, respectively, without the need for additional vessel speed reductions, as compared to the fixed strategy. The benefit of DOM strategies has grown in the last decade and was accentuated during and after the marine heatwave event, with the daily DOM strategy seeing a 16.2% increase in whale protection compared to the fixed strategy in the five years prior to the event, versus a 26.5% increase in the five years during and after the event. Such results indicate that dynamic ocean management is a valuable strategy for coping with anomalous environmental conditions, which will become increasingly important as the climate continues to change. Moreover, our study emphasizes the importance of assessing tradeoffs between conservation goals and human activities over a range of environmental conditions in order to evaluate the robustness of management strategies to climate change. [ABSTRACT FROM AUTHOR]

Bringing together researchers from across the social sciences, this special issue provides insights on the sociological, socio-technical, psychological and health-related aspects of living and working on board today's international merchant vessels. Most of the articles are based on presentations at the Visby Maritime Symposium, "International Merchant Shipping in the 21st century: Social Science Perspectives on Opportunities and Challenges", held on 10–12 October 2018 in Visby, Sweden. This introduction summarizes some of the ideas and insights emerging from the contributions. • Introduces special issue on social science perspectives on 21st century shipping. • Highlights shared themes of seafarers' health, welfare, safety and social relations. • Explores impacts of technological developments. • Emphasizes importance of social and institutional embeddedness. • Discusses directions for future research. [ABSTRACT FROM AUTHOR]

Maritime Knowledge Clusters are known to facilitate regional economic growth. Nevertheless, few studies have been conducted to examine their impact on maritime firms' performance. Drawing on organizational learning theory, this study investigates the effect of maritime knowledge clusters on the constituent maritime firms' performance. A conceptual model was proposed and examined using survey data collected from shipping professionals in Singapore. Confirmatory factor analysis and structural equation modelling were employed as the data analysis approach. The results show that the positive relationship between maritime knowledge clusters and maritime firms' performance is fully mediated by the firms' social capital and absorptive capacity in a sequential manner. This indicates that maritime firms should focus on strengthening not only their social capital but also absorptive capacity so as to fully enjoy the benefits brought about by maritime knowledge clusters. In addition, regulators should endeavor to develop global linkage, global systemic mechanisms and local knowledge clusters to facilitate organizational learning of the constituent maritime firms. • This study investigates the effect of maritime knowledge clusters on the constituent maritime firms' performance. • A conceptual model was proposed and examined using survey data collected from 203 shipping professionals in Singapore. • The positive relationship between maritime knowledge clusters and maritime firms' performance is fully mediated. • Maritime firms shall focus on strengthening not only their social capital but also absorptive capacity so as to fully enjoy the benefits brought about by maritime knowledge clusters. [ABSTRACT FROM AUTHOR]

• Institutional investors have a positive influence on the market value of shipping firms. • This valuation effect is driven by institutions with a short-term investment horizon. • Short-term investors, through the threat of exit, mitigate agency conflicts and improve corporate governance. • Shipping firms dominated by short-term investors are better able to exploit growth opportunities. We examine the effect of institutional investors on the valuation of listed shipping firms. Institutional investors have a positive influence on the market value of shipping firms, confirming that institutional ownership is a "universal" corporate governance mechanism. This valuation effect is more pronounced in firms dominated by institutional investors with a short-term investment horizon. It is also stronger in firms with high stock liquidity, suggesting that short-term investors, through the threat of exit, are able to mitigate agency conflicts and improve corporate governance. Investment regressions indicate that shipping firms with a larger fraction of short-term investors are better able to exploit growth opportunities. [ABSTRACT FROM AUTHOR]

Whale-ship collisions represent a threat to some whale population survival. The shipping industry rarely adopts solutions to reduce the risk of collisions. This lack of compliance is partly due to the fact that previous work has failed to assess the economic and logistic constraints these solutions put on the shipping industry. Our work explored for the first time the logistical considerations affecting the adoption of whale-ship collision avoidance approaches by shipping companies. We used a choice experiment approach to assess the shipping industry's preferences for mitigation solutions, by questioning ship crews. Amongst other things, our results demonstrated a preference for avoiding a high-density whale area instead of reducing speed in it, and a requirement for upstream information to plan the journey depending on these areas. Our findings could be used as guidelines for the implementation of mitigation solutions depending on situational characteristics (e.g., travel distance, area's size) and provide insights for policy-making to reduce the risk of whale-ship collisions. • Shipping industry's preferences for solutions to whale collisions were assessed. • Shipping industry rather avoid than reduce speed in high-density whale areas. • Upstream information is pivotal to increase the shipping industry compliance. • Results can be used as guidelines for solutions selection and implementation. • Knowledge of preferences provides insights for transportation policy-making. [ABSTRACT FROM AUTHOR]

The shipping industry is fairly volatile pertaining to shipment pricing. To handle this volatility, two types of pricing strategies are employed in the shipping sector, contract market pricing and spot pricing. The contract market offers a fixed shipment price for a known cargo task over a set period, with secured booking space in periods of high demand. The spot market has a fluctuating shipment price, where one can benefit from lower prices than contract rate shipment prices in the low season, but face escalating shipment prices and less certainty of being able to secure a booking on a particular vessel in peak season, as space is reserved for contracted customers. However, both the pricing strategies followed have no relationship between current shipment demand and available shipping capacity and shipment prices are quoted based on predefined price lists (hard copy). This paper addresses the research gap of optimal spot shipment price calculation based on current shipment demand and available shipping capacity. To do so, we have developed a model that utilizes historical data to calculate spot pricing for container shipments. The proposed model is capable of calculating shipment spot prices based on shipment demand and capacity. Data from various sources was gathered to generate a shipping dataset for three years (i.e. from 2016 until 2018). Regression and correlation analysis are used to quantify research outcomes. Results have shown that the proposed model significantly increases the correlation between shipment price and shipment demand from 0.33 to 0.88 and available capacity from − 0. 12 to 0.35 respectively. [ABSTRACT FROM AUTHOR]

The German shipping industry, run by well-educated and experienced professionals, is of utmost importance for the whole economy. However, due to the ongoing shipping crisis and the flagging-out strategy of German shipowners, the number of German seafarers is declining. The German Shipping Foundation (GSF), established in 2012 and started its operation in 2013, is financed by German shipowners themselves. Its main objective is to maintain the maritime know-how in the German shipping industry with support payments to the owners who are still training and employing young German seafarers. This research aims to evaluate the effectiveness of the Foundation in maintaining maritime expertise in Germany. It reveals that the number of German young professionals starting a career at sea increased in 2014 and was on a stable level since then. The Foundation's support payments compensated the higher costs for the employment of German junior officers in their education and therefore encouraged more shipowners to employ and educate young seafarers. Furthermore, the creation of the Foundation itself and the induced involvement of German shipowners in the education of national seafarers was a strong policy signal. Thus, the government subsidy system was maintained and even expanded in the last years. [ABSTRACT FROM AUTHOR]

• This study provides an important view of cruise tourism studies. • A scientometric analysis of publications about cruise tourism is conducted. • Diverse information about cruise tourism studies is provided. This article aims to provide a critical view of the global scientific production involved in cruise tourism study. Global references in this field were identified and emphasised for managing existing data to establish 'bridges' among researchers. Scientometric analysis was conducted on publications about cruise tourism in mainstream journals integrated into Web of Science. This methodology enabled us to identify current topics, relevant journals, authors, institutions, profitable countries, 'visible' and 'invisible' collaborative colleges and the research areas considered as the epicentre of the cruise tourism debate. A significant contribution of this work is the use of indicators at the three levels of scientometric complexity, i.e. scientific activity, impact and relational character. [ABSTRACT FROM AUTHOR]

• We examine the impact of financial leverage on corporate investment outcomes in the shipping industry. • Deviations from abnormal leverage affect the likelihood of undertaking acquisition investments. • Deviations from abnormal leverage are also linked to deal size and financing mode. • Overleveraged firms make better acquisition decisions. High capital intensity and reliance on debt financing are among the most prominent characteristics of the shipping industry. The corporate finance literature has documented that beyond a certain threshold, leverage can hamper a firm's ability to raise capital, and as a result, have a bearing on its corporate investment policy. The new, more restrictive, financing landscape in the shipping sector has put the management of capital structure on the spotlight as a key driver of investment policy, financial health, and thus, firm success. In this paper, we examine for the first time the link between the financing policy of shipping companies and their corporate investment decisions. We focus on the impact of deviations from target capital structure on mergers and acquisitions (M&A); an increasingly important corporate growth vehicle for shipping companies, with directly measurable outcomes. Deviations from optimal leverage display a strong association with the likelihood to consummate acquisitions, deal size, the financing method as well as the M&A outcome. Higher debt levels are shown to have a negative effect on acquisitiveness and a positive effect on the quality of corporate investment; a pattern with direct policy implications for shipping companies, their management teams, and shareholders. [ABSTRACT FROM AUTHOR]