Search

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]

Regulatory obligations and market trends connected to environmental sustainability issues have lately intensified their effect on the shipping industry. New standards are continuously being established, such as IMO's 2050 aim of lowering greenhouse gas emissions by 50% compared to 2008 levels. These rules have an impact on capital markets and on investors' ship financing decisions. The standards now include Environmental, Social, and Governance (ESG) components. These are not only concerned with the environmental impact of shipping, but also with the social and governance dimensions of firms, which are typically associated with maritime transport risks, such as accidents, ship reservations, and marine pollution. Considering the intricacies of the shipping sector, our previous research (Tsatsaronis et al. in Maritime Policy and Management 51(5):698–716, 2024) has developed a unified ESG reporting framework customized for shipping. The present study conducts a quality assessment of existing ESG reporting in various sectors of maritime transport companies, on a large sample of firms listed at major stock exchanges, while it also identifies their level of compliance and areas for improvement. Based on a comprehensive methodological framework for reporting and assessing ESG in shipping (Tsatsaronis et al. in Maritime Policy and Management 51(5):698–716, 2024), the research delivers important, pertinent information to aid management decision-making, stakeholders, and debtholders. [ABSTRACT FROM AUTHOR]

In this study, we propose an early warning system for the shipping industry in Korea using two approaches. The signal approach and the logit model are used to develop a comprehensive monitoring system. An early warning index based on the signal approach is constructed with 12 indicators. The index shows high accuracy in predicting crises. The logit model is then adopted to enhance the performance of the early warning system. The results of this study show that the complementary use of these two methods can establish an efficient market monitoring system. [ABSTRACT FROM AUTHOR]

The International Maritime Organization (IMO) aims to reduce greenhouse gas (GHG) emissions by 40% by 2030 compared with 2008. The carbon intensity indicator (CII) calculates the annual reduction factor required to continuously improve a ship's operational carbon intensity at a specific rating level. Verification and documentation of the achieved annual operational CII against the prescribed target are necessary to establish the operational carbon intensity rating. This study focuses on the intricate process of data collection for CII within the oil shipping industry, targeting engineering departments and shipboard management teams. Against the backdrop of the industry's substantial carbon dioxide emissions, the IMO has mandated the calculation of CII values for ships exceeding 5000 gross tons to promote sustainability and reduce environmental impact. We have collected emission data of 20 oil tankers over a period of 2 years using our ship maintenance and operating system (SMOS) and analyzed the data to compare the CII ratings. Our results indicate that a staggering ~63% of the vessels had the lowest CII rating of category E. It is therefore crucial to properly collect, organize, and evaluate data for CII calculation and take necessary measures to improve rating. This paper provides a deeper insight into the evolving CII calculation methodology, emphasizing the incorporation of correction factors and exclusions, and delineates the essential data collection practices needed to facilitate accurate CII calculations. [ABSTRACT FROM AUTHOR]

The shipping industry is a capital-intensive industry in which ship investment and demolition are directly related to the company's profitability, transportation capacity, and fleet structure. Thus, companies need to consider investment and demolition activities carefully before making decisions about fleet deployment. This study focuses on decisions related to investment in new and second-hand vessels as well as vessel demolition in different sub-markets of the container shipping market at the same time. By considering market factors, operating conditions, and shipping alliances, we developed a systematic model for the container market. This model innovatively employs a simultaneous equations model (SEM) to analyze fleet deployment decisions and uses the three-stage least squares method to avoid endogenous effects. The results indicate that shipping alliances, fleet deployment, and bunker price all have significant effects on the investment and demolition decisions of shipping companies. We further discuss the strategic decisions of shipping companies related to joining shipping alliances and highlight the considerations of larger companies when expanding (primarily squeezing out competition and responding to the market). The results provide valuable information for shipping companies to determine the best ship deployment strategies and avoid overcapacity. [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]

Computer vision (CV) techniques have been widely studied and applied in the shipping industry and maritime research. The existing literature has primarily focused on enhancing image recognition accuracy and precision for water surface targets by refining CV models themselves. This paper introduces innovative methods to further improve the accuracy of detection and recognition using CV models, including using ensemble learning and integrating shipping domain knowledge. Additionally, we present a novel application of CV techniques in the maritime domain, expanding the research perspective beyond the traditional focus on the accurate detection and recognition of water surface targets. Specifically, a novel solution integrating a CV model and the transfer learning method is proposed in this paper to address the challenge of relatively low-speed and high-charge internet services on ocean-going vessels, aiming to improve the online video viewing experience while conserving network resources. This paper is of importance for advancing further research and application of CV techniques in the shipping industry. [ABSTRACT FROM AUTHOR]

Growing environmental concerns have prompted the shipping industry to adopt stringent measures to address greenhouse gas emissions, with fuel-powered ships being the primary source of such emissions. Additionally, alternative forms of ship propulsion, such as internal combustion engine hybridization, low-carbon fuels, and zero-carbon fuels, face significant challenges either in terms of cost or emission-reduction capability at present. In order to decarbonize navigation, countries are focusing the maritime industry's transition towards low-carbon alternatives on transforming energy consumption, with widespread attention on the electrification of ships. Therefore, this paper provides a comprehensive review of the feasibility of fully electrifying ships, covering aspects such as technological prospects, economic viability, and emission-reduction capabilities. Firstly, the current state of research on ship electrification technology is summarized; the applicability of different battery types to electric ship technology is compared. Subsequently, the economic viability and emission-reduction capabilities of five different electric ship lifecycles are discussed separately. The results indicate that ship electrification is a key pathway to achieving zero-emission shipping, with lithium-ion batteries being the most suitable battery technology for maritime use currently. Short-to-medium-range electric ship types have demonstrated economic advantages over traditional diesel ships. As battery costs continue to decline and energy density keeps improving, the economic feasibility of ship electrification is expected to expand. [ABSTRACT FROM AUTHOR]

The shipping industry transports nearly 80% of the goods worldwide and requires large funding. The shipping industry shifted from debt to equity as the source of funding in the last decade. Because most shipping companies already had their initial public offering before 2013, these companies tend to engage in follow-on equity offerings (FPO). However, the challenge faced by the shipping companies is the lack of knowledge on successful FPO. The purpose of this study is to identify the most influential factors affecting shipping companies’ FPO from the investor perspective. This research applies a hybrid multiple-criteria decision-making model integrating the fuzzy-Delphi method and Decision-Making Trial and Evaluation Laboratory, processing survey responses covering four dimensions and 16 criteria from 33 investment experts. The results show that financial indicator is the primary cause affecting offering condition, technical indicators. An increase in earnings per share would help the financial performance of the shipping companies to appear most attractive to investors. [ABSTRACT FROM AUTHOR]

The shipping industry is constantly evolving to meet today's demands and challenges. This article explores how innovations and trends in shipping are influencing the efficiency, sustainability and competitiveness of this vital sector of the global economy. Analysing technological transformations and emerging practices, the paper reveals how new technologies and cross-company collaborations are shaping the future of the maritime industry. The example of the BYD Explorer fleet, the first Ro-Ro vessel specialised in transporting electric cars, underlines the adaptability and innovation in response to the current needs of the automotive industry and sustainability requirements. At the same time, the collaboration between MOL and Bearing, which has led to the development of advanced solutions based on artificial intelligence, demonstrates the positive impact of innovation in optimising maritime operations. [ABSTRACT FROM AUTHOR]

This research evaluated variations in Brent oil prices and the interrelation with maritime traffic density in the Turkish Straits during the COVID-19 pandemic. The number of commercial ships that made non-stop over passage through the Turkish Straits in the last 5 years, covering the COVID-19 -and post-pandemic periods with economic instabilities was investigated along with variables of vessel characteristics such as; gross tonnage, size and type of vessel loads. Results of the present study reveal that the maritime traffic density between 2019 and 2023, was influenced by the pandemic crisis, when harsh quarantine measures of lockdown and curfews in the first shock wave. In the aftermath, conflicts between Ukraine and Russia led to economic recession or upheaval with instabilities in Brent oil prices. For the period examined in this study, the number of non-stop over passage vessels and gross tonnages used the Turkish Straits were affected by the pandemic outbreak and Brent oil price variations. The number of vessels decreased by 5.22% from 84,871 to 80,440 during the epidemic in 2020, and by 5.38% from 43.342 to 42.340 during the global recession in 2022. Overall, the number of non-stop over passage vessels using the Turkish Straits between 2019 and 2023 declined by 1.15%, while the gross tonnage and ship length increased by 3.44% and 13.24%, respectively. In total, the number of non-specific tankers (TTA) and those carrying chemicals (TCH) increased by 2.92% and 10.97%, respectively, but a 13.25% decrease was noted for the liquefied petroleum gas (LPG) tankers over the 5 years. Considering that the world trade network is largely dependent on maritime transportation, identifying the changes in maritime transportation with the interrelation of Brent oil during global crises may provide important data for strategy building of best trade management with foresights to world economic crises. [ABSTRACT FROM AUTHOR]

AS THIS ISSUE of the Naval War College Review hits the streets, we look back with pride on our June 2024 graduation ceremony in which nearly eight hundred resident and [...]

This article explores what it means to exist in the world as self-described 'sea people'. Coming and going was formerly a constant feature of everyday life; specific places functioned more as navigational bearings than as settlement sites or sources of collective identity, and communities were defined by social networks and trajectories of travel. The Sama Dilaut world was one of 'stasis in motion' in which individuals located themselves by directional coordinates and seasonal cycles in constant rotation. Sama Dilaut origins are related to the formation of maritime trading states whose wealth derived largely from outside 'state space' and from relations with mobile groups like the Sama Dilaut community described here whose movements subverted the boundaries between 'state' and 'non-state space'. Keywords: sea nomads, Sama-Bajau, constructions of community, place and locality, 'state' and 'non-state space'., My concern in this article is with a small community of Sama Dilaut, formerly sea-nomadic people who in the past ascribed to themselves a unique way of being in the [...]

Abstract The technology of the Internet of Things (IoT) represents a cornerstone of the fourth industrial revolution. We adopt a machine learning approach to examine the effect of IoT technology on shipping business operations. Text mining and the probabilistic latent Dirichlet allocation are applied for an unsupervised topic modelling analysis of two hundred and twenty-eight academic papers. Our findings reveal the potential of IoT to provide more efficient approaches to business operations and improve the quality of services, highlighting the value of instant and secure information flow among all parties involved. Problematic areas of the new technology are also identified, in reference to issues of standardization and interoperability. Relatively few studies have used machine learning techniques to elicit insights into the holistic effect of emerging IoT technology in the shipping industry. The research findings highlight the potential of IoT technology to transform shipping operations, offering useful and practical implications to academics and professionals.