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The Paris climate change agreement in 2015 (COP21) was hailed by many as a most significant achievement. Others were less enthusiastic, and more recently American President Trump decided to take the U.S. out of the agreement. Four years earlier, the International Maritime Organization (IMO) had adopted the most sweeping piece of regulation pertaining to maritime greenhouse gas (GHG) reduction, in the name of the Energy Efficiency Design Index (EEDI). In addition, one year after COP21, the IMO adopted a mandatory data collection system for fuel consumption of ships and agreed on an initial strategy and roadmap on the reduction of GHG emissions from ships. This paper takes a critical look at the above and other recent developments and focuses on the challenges faced by the industry if a path to significant CO2 reductions is to be successful. Difficulties and opportunities are identified, and the paper conjectures that the main obstacles are neither technical nor economic, but political.",{"EN":165},"Decarbonization of maritime transport: to be or not to be?",{"VOID":167},"[]",{"VOID":169},"An, F. and A. Sauer. 2004. Comparison of passenger vehicle fuel economy and greenhouse gas emissions standards around the world. Report for the Pew Center on Global Climate Change, USA.\nCOP23. 2017. International Shipping Industry takes significant action on decarbonization at UNFCCC COP23, workshop held in Bonn, Germany, \n                    http:\u002F\u002Fwww.shippingambition1o5c.com\u002Fpress-releases\n                    \n                  . Accessed 13 Nov 2017.\nDevanney, J. 2010. The Impact of EEDI on VLCC design and CO2 emissions, Technical Report, Center for Tankship Excellence, USA.\nDevanney, J. 2011. EEDI—William Froude must be spinning is his grave, Lloyds List, Accessed 23 March 2011.\nGkonis, K.G., and H.N. Psaraftis. 2012. Modelling tankers’ optimal speed and emissions, Archival Paper, 2012 SNAME Transactions, vol. 120, 90–115.\ncitation_journal_title=Maritime Policy & Management; citation_title=Future cost scenarios for reduction of ship CO2 emissions; citation_author=M Eide, T Longva, P Hoffmann, Ø Endresen, S Dalsøren; citation_volume=38; citation_issue=1; citation_publication_date=2011; citation_pages=11-37; citation_doi=10.1080\u002F03088839.2010.533711; citation_id=CR6\nEU. 2011. European Commission: WHITE PAPER. Roadmap to a single European transport area—Towards a competitive and resource efficient transport system. COM (2011) vol. 144, Brussels, Accessed 28 March 2011.\nEU. 2015. Regulation (EU) 2015\u002F757 of the European Parliament and of the Council of 29 April 2015 on the monitoring, reporting and verification of carbon dioxide emissions from maritime transport, and amending Directive 2009\u002F16\u002FEC.\nIMO. 2010a. Proposal for a Correction to EEDI Baseline Formula, submitted by Greece, IMO doc. EE-WG 1\u002F2\u002F7.\nIMO. 2010c, Report of the outcome of the Intersessional Meeting of the Working Group on Energy Efficiency Measures for Ships, Note by the Secretariat, IMO doc. MEPC 61\u002F5\u002F3.\nIMO. 2010b. Full report of the work undertaken by the expert group on feasibility study and impact assessment of possible market-based measures. IMO doc. MEPC 61\u002FINF.2.\nIMO. 2011a. Calculation of parameters for determination of EEDI reference values, submitted by IMO secretariat, IMO doc. MEPC 62\u002F6\u002F4.\nIMO. 2011b. Resolution MEPC.203(62). Amendments to the Annex of the Protocol of 1997 to amend the International Convention for the prevention of pollution from ships, 1973, as modified by the protocol of 1978 relating thereto. Accessed 15 July 2011.\nIMO. 2011c. Minimum propulsion power to ensure safe manoeuvring in adverse conditions, submitted by BIMCO, CESA, IACS, INTERCARGO, INTERTANKO and WSC. IMO doc. MEPC 62\u002F5\u002F19.\nIMO. 2011d. Further prospects for EEDI improvement, submitted by Greece, IMO doc. MEPC 62\u002F5\u002F6.\nIMO. 2012. Resolution MEPC.212(63). 2012 Guidelines on the method of calculation of the attained Energy Efficiency Design Index (EEDI) for new ships. Accessed 2 March 2012.\nIMO. 2017a. Progress and present status of the draft revised guidelines for determining minimum propulsion power to maintain the manoeuvrability of ships in adverse conditions, submitted by Denmark, Germany, Japan, Spain and IACS. IMO doc. MEPC 71\u002F5\u002F13.\nIMO. 2017b. Report of the Working Group on reduction of GHG emissions from ships, IMO doc. MEPC 71\u002FWP.7.\ncitation_title=Estimating the operational effects of a Bunker Levy: The case of Handymax bulk carriers,; citation_publication_date=2014; citation_id=CR19; citation_author=GN Kapetanis; citation_author=KG Gkonis; citation_author=HN Psaraftis; citation_publisher=TRA 2014 conference\nKöpke, M., P. Sames. 2009. Energy Efficiency Design Index for High Speed Crafts. Paper presented at the 10th International Conference on Fast Sea Transportation (FAST 2009), Athens, Greece, October.\nKrüger, S. 2011. Mathematical evaluation of the applicability of the EEDI concept for RoRo vessels, Hamburg Harburg Institute of Ship Design and Ship Safety, March, 2011.\ncitation_journal_title=WMU Journal of Maritime Affairs; citation_title=Market based measures for green house gas emissions from ships: A review; citation_author=HN Psaraftis; citation_volume=11; citation_publication_date=2012; citation_pages=211-232; citation_doi=10.1007\u002Fs13437-012-0030-5; citation_id=CR22\ncitation_title=Green maritime transportation: Market based measures; citation_inbook_title=Green transportation logistics: In search for win-win solutions; citation_publication_date=2016; citation_id=CR23; citation_author=HN Psaraftis; citation_publisher=Springer\nTigre, M.A. 2017. Cooperation for climate mitigation in Amazonia: Brazil’s emerging role as a regional leader, Transnational Environmental Law, 5:2 (2016), pp. 401–425 © 2016 Cambridge University Press \n                    https:\u002F\u002Fdoi.org\u002F10.1017\u002Fs2047102516000297\n                    \n                  .\nUNFCCC. 1992. United Nations Framework Convention on Climate Change. United Nations publication (the text of the Kyoto protocol).\nVoigt, C., A. Ferreira. 2017. Dynamic differentiation: The principles of CBDR-RC, progression and highest possible ambition in the paris agreement. Transnational Environmental Law, 5:2 (2016), pp. 285–303 © 2016 Cambridge University Press \n                    https:\u002F\u002Fdoi.org\u002F10.1017\u002Fs2047102516000212\n                    \n                  .\ncitation_journal_title=Energy for Sustainable Development; citation_title=Economic costs of CO2 emissions reduction for non-Annex I countries in international shipping; citation_author=H Wang; citation_volume=14; citation_issue=2010; citation_publication_date=2010; citation_pages=280-286; citation_doi=10.1016\u002Fj.esd.2010.09.001; citation_id=CR27",{"VOID":171},"10.1057\u002Fs41278-018-0098-8","PUBLICATION","VERIFIED","2024-09-05T01:30:59.715+00:00","Auto Verify","https:\u002F\u002Flink.springer.com\u002Farticle\u002F10.1057\u002Fs41278-018-0098-8","https:\u002F\u002Flink.springer.com\u002Fcontent\u002Fpdf\u002F10.1057\u002Fs41278-018-0098-8.pdf",[179],{"id":180,"sortIndex":21,"researcher":20,"roles":181,"affiliations":183,"properties":192},"3210da1c-9c59-47cd-a68e-063bcd37bd87",[182],"AUTHOR",[184],{"id":185,"sortIndex":21,"affiliation":186,"properties":20},"c7aba6f0-5b65-460f-b0b9-01ba32f808df",{"id":185,"createTime":20,"updateTime":20,"relativeEntities":187,"slug":20,"properties":188,"entityType":20,"verifyStatus":20,"verifyTime":20,"verifyNote":20,"languages":20,"translateLanguages":20,"viewCount":20,"url":20,"parentIds":191,"statistic":20},[],{"title":189},{"VI":190},"Department of Management Engineering, Technical University of Denmark, Kgs. Lyngby, Denmark",[],{"title":193},{"VI":194},"Psaraftis, Harilaos N.","ARTICLE",{"url":176,"publisher":197,"properties":238},{"id":6,"createTime":7,"updateTime":8,"relativeEntities":198,"slug":10,"properties":199,"entityType":18,"verifyStatus":19,"verifyTime":20,"verifyNote":20,"languages":20,"translateLanguages":20,"viewCount":21,"subjectFields":203,"manageAffiliations":212,"indexDatabases":218,"url":79,"thumbnailPath":20,"statistic":233,"gsStatistic":20,"type":150,"analyzePriority":20},[],{"issn":200,"title":201,"eissn":202},{"VOID":13},{"EN":15},{"VOID":17},[204,208],{"id":24,"createTime":20,"updateTime":20,"relativeEntities":205,"label":206,"description":207,"parentId":20,"standard":20,"scholarHubFieldId":20},[],{"EN":27},{},{"id":30,"createTime":20,"updateTime":20,"relativeEntities":209,"label":210,"description":211,"parentId":20,"standard":20,"scholarHubFieldId":20},[],{"EN":33},{},[213],{"id":37,"createTime":20,"updateTime":20,"relativeEntities":214,"slug":20,"properties":215,"entityType":20,"verifyStatus":20,"verifyTime":20,"verifyNote":20,"languages":20,"translateLanguages":20,"viewCount":20,"url":20,"parentIds":217,"statistic":20},[],{"title":216},{"EN":41},[],[219,226],{"id":45,"indexDatabase":220,"url":56,"indexYears":57,"academicFieldIds":225,"indexDatabaseRanking":61},{"id":47,"createTime":20,"updateTime":20,"relativeEntities":221,"label":222,"description":223,"key":53,"publicationTags":224,"standard":20},[],{"EN":50,"VI":50},{"EN":50,"VI":52},[55],[59,60],{"id":63,"indexDatabase":227,"url":76,"indexYears":20,"academicFieldIds":232,"indexDatabaseRanking":20},{"id":65,"createTime":20,"updateTime":20,"relativeEntities":228,"label":229,"description":230,"key":72,"publicationTags":231,"standard":20},[],{"EN":68,"VI":68},{"EN":70,"VI":71},[74,75],[78],{"impactFactor":21,"impactFactorByYear":234,"i10Index":92,"i10IndexLast5Year":93,"totalPublication":94,"totalPublicationByYear":235,"totalCitation":112,"totalCitationByYear":236,"totalCitationPerPublication":130,"totalCitationPerPublicationByYear":237,"hindexLast5Year":109,"hindex":109},{"2012":82,"2013":83,"2014":84,"2015":85,"2016":86,"2018":84,"2019":87,"2020":88,"2021":89,"2022":90,"2023":91},{"2003":96,"2004":96,"2005":97,"2006":98,"2007":98,"2008":99,"2009":100,"2010":101,"2011":102,"2012":103,"2013":104,"2014":105,"2015":106,"2016":107,"2017":108,"2018":97,"2019":99,"2020":109,"2021":100,"2022":110,"2023":100,"2024":111},{"2003":114,"2004":115,"2005":116,"2006":117,"2007":118,"2008":119,"2009":120,"2010":121,"2011":122,"2012":123,"2013":100,"2014":124,"2017":125,"2018":120,"2019":126,"2020":127,"2021":128,"2022":129},{"2003":132,"2004":133,"2005":134,"2006":135,"2007":136,"2008":137,"2009":138,"2010":139,"2011":140,"2012":141,"2013":142,"2014":143,"2017":144,"2018":145,"2019":146,"2020":147,"2021":148,"2022":149},{"issue":239,"pages":241,"volume":243},{"VOID":240},"3",{"VOID":242},"353-371",{"VOID":244},"21","2019-09-01",2019,"ERROR_IN_GET_PLATFORM_ID","2026-08-15T12:20:36.360+00:00",[74,61],false,{"id":252,"createTime":253,"updateTime":254,"relativeEntities":255,"slug":256,"properties":257,"entityType":172,"verifyStatus":173,"verifyTime":268,"verifyNote":175,"languages":20,"translateLanguages":20,"viewCount":21,"primaryUrl":269,"fullTextUrl":270,"authors":271,"publicationType":195,"publisherRelationship":387,"citationCount":124,"citationInfo":435,"publishDate":438,"publishYear":436,"citationAnalyzeStatus":439,"lastCitationAnalyze":254,"indexDatabases":440,"openAccess":20,"references":20,"isForceReanalyzing":250},"804d5499-56f1-4010-813b-f57971732dce","2024-01-29T18:50:59.976+00:00","2026-07-25T19:09:59.425+00:00",[],"A-value-based-definition-of-success-in-adaptive-port-planning-a-case-study-of-the-Port-of-Isafjordur-in-Iceland",{"abstract":258,"title":260,"gsPaper":262,"references":264,"doi":266},{"EN":259},"Multiple stakeholders with a wide range of objectives are engaged in a port system. Ports themselves are faced with many uncertainties in this volatile world. To meet stakeholder objectives and deal with uncertainties, adaptive port planning is increasingly being acknowledged. This method offers robust planning, and thereby, a sustainable and flexible port may be developed. The planning process starts with defining success in terms of the specific objectives of stakeholders during the projected lifetime of the port. In the present work, an integrated framework to reach a consensus on the definition of success, involving stakeholders with different influences, stakes and objectives, is presented. The framework synthesises the problem structuring method with stakeholder analysis and combines these with fuzzy logic to support decision-makers in formulating a definition of success in the planning process. Our framework is applied to the Port of Isafjordur, the third busiest port of call for cruise ships in Iceland. Values of stakeholders about port planning were structured around the value-focussed thinking method to identify stakeholder objectives. The highest level of agreement on the objectives, which is viewed here as success in port planning, was revealed by the fuzzy multi-attribute group decision-making method. Success was defined, prioritising an increase in competitiveness among other planning objectives, such as effective and efficient use of land, increasing safety and security, increasing hinterland connectivity, increasing financial performance, better environmental implications, flexibility creation and increasing positive economic and social impacts.",{"EN":261},"A value-based definition of success in adaptive port planning: a case study of the Port of Isafjordur in Iceland",{"VOID":263},"[\"10415547570538408419\"]",{"VOID":265},"citation_journal_title=European Journal of Operational Research; citation_title=Problem structuring methods “in the Dock”: arguing the case forsSoft OR; citation_author=F Ackermann; citation_volume=219; citation_issue=3; citation_publication_date=2012; citation_pages=652-658; citation_doi=10.1016\u002Fj.ejor.2011.11.014; citation_id=CR1\ncitation_journal_title=Journal of Cleaner Production; citation_title=Structuring objectives based on value-focused thinking methodology: creating alternatives for sustainability in the built environment; citation_author=MH Alencar, L Priori, LH Alencar; citation_volume=156; citation_publication_date=2017; citation_pages=62-73; citation_doi=10.1016\u002Fj.jclepro.2017.03.221; citation_id=CR2\ncitation_journal_title=Journal of Management in Engineering; citation_title=Analyzing effective supplier-quality-management practices using simple multi attribute rating technique and value-focused thinking; citation_author=RY AlMaian, KL Needy, TCL Alves, KD Walsh; citation_volume=32; citation_issue=1; citation_publication_date=2016; citation_pages=04015035; citation_doi=10.1061\u002F(ASCE)ME.1943-5479.0000364; citation_id=CR3\nArecco, P., T. Vellinga, M. Hertogh, M. Oosting, P. Taneja, and P. Vervoorn, eds. 2016. Formulating goals towards success for Adaptive Port Planning Applied case: Europoort at Port of Rotterdam. 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a consequence of the delivery of large container ships and of the drop in demand since 2008, companies are struggling with low freight rates. In addition, newly delivered container ships have been deployed on the main east–west trades, whereas medium-sized vessels have been pushed to smaller sectors through a phenomenon known as the cascading effect. This article investigates how this effect might lead liner companies to modify their services, such as including additional stops at major hubs. This article proposes a model that factors in potential changes in network configuration from direct to indirect services, and then tests the model with an empirical study of northern Europe\u002FSouth American services that adds in a call at Tangier or Algeciras to the schedule. The results show that the optimal network configuration depends on vessel sizes and the transshipment volumes to be collected at the hub.",{"EN":537},"Cascading effects, network configurations and optimal transshipment volumes in liner shipping",{"VOID":539},"[\"7822316384209955010\"]",{"VOID":541},"Agarwal, R. and Ergun, Ö. (2008) Ship scheduling and network design for cargo routing in liner shipping. Transportation Science 42 (2): 175–196.\nAlphaliner. (2011) Evolution of time charter rate, http:\u002F\u002Fwww.alphaliner.com\u002Fliner2\u002Fresearch_files\u002Fliner_studies\u002Fnograph\u002FCharterRates.pdf, accessed 20 October 2012.\nBandeira, D.L., Becker, J.L. and Borenstein, D. (2009) A DSS for integrated distribution of empty and full containers. Decision Support Systems 47 (4): 383–397.\nBuhaug, O. et al (2009) Second IMO Greenhouse Gas Study. London: International Maritime Organization.\nCariou, P. (2011) Is slow steaming a sustainable means of reducing CO2 emissions from container shipping? Transportation Research Part D 16 (3): 260–264.\nChang, Y.-T., Lee, S.-Y. and Tongzon, J.L. (2008) Port selection factors by shipping lines: Different perspectives between trunk liners and feeder service providers. Marine Policy 32 (6): 877–885.\nChristiansen, M., Fagerholt, K. and Ronen, D. (2004) Ship routing and scheduling: Status and perspectives. Transportation Science 38 (1): 1–18.\nClarkson Research Database. (2013) http:\u002F\u002Fwww.crsl.com, accessed 20 December 2013.\nCMA CGM. (2011) http:\u002F\u002Fwww.cma-cgm.com\u002Fstatic\u002FeCommerce\u002FAttachments\u002FGuideConservation.pdf, accessed 20 October 2012.\nCMA CGM rates. (2011) http:\u002F\u002Fwww.cma-cgm.com\u002F, accessed 20 October 2012.\nCorbett, J.J., Wang, H. and Winebrake, J.J. (2009) The effectiveness and costs of speed reductions on emissions from international shipping. Transportation Research Part D 14 (8): 593–598.\nCS Shipping Containers (CSSC). (2011) http:\u002F\u002Fwww.csshippingcontainers.co.uk\u002F, accessed 20 October 2012.\nDrewry Maritime Research. (2011) Container Forecaster 3Q11. London: Drewry Maritime Research.\nFagerholt, K. (2004) Designing optimal routes in a liner shipping problem. Maritime Policy & Management 31 (4): 259–268.\nFitzgerald, W.B., Howitt, O.J.A., Smith, I.J. and Hume, A. (2011) Energy use of integral refrigerated containers in maritime transportation. Energy Policy 39 (4): 1885–1896.\nFoxcroft, A. (2010) Market Analysis: Container Leasing Market. London: Informal Communications.\nFremont, A. (2007) Global maritime networks: The case of Maersk. Journal of Transport Geography 15 (6): 431–442.\nGelareh, S., Nickel, S. and Pisinger, D. (2010) Liner shipping hub network design in a competitive environment. Transportation Research Part E 46 (6): 991–1004.\nGelareh, S. and Pisinger, D. (2011) Fleet deployment, network design and hub location of liner shipping companies. Transportation Research Part E 47 (6): 947–964.\nHsu, C.I. and Hsieh, Y.P. (2007) Routing, ship size, and sailing frequency decision-making for a maritime hub-and-spoke container network. Mathematical and Computer Modelling 45 (7–8): 899–916.\nJetlund, A.S. and Karimi, I.A. (2004) Improving the logistics of multi-compartment chemical tankers. Computers and Chemical Engineering 28 (8): 1267–1283.\nLirn, T.C., Thanopoulou, H.A., Beynon, M.J. and Beresford, A.K.C. (2004) An application of AHP on transhipment port selection: A global perspective. Maritime Economics & Logistics 6 (1): 70–91.\nLloyd’s Register Fairplay. (2010) World shipping encyclopedia, http:\u002F\u002Fwww.ihs.com\u002Fproducts\u002Fmaritime-information\u002Findex.aspx?pu=1\u002F&rd=ihsfairplay_com\u002F#, accessed 20 October 2012.\nMcCalla, R.J. (2008) Container transshipment at Kingston, Jamaica. Journal of Transport Geography 16 (3): 182–190.\nNotteboom, T.E. (2012) Container shipping. In: W. Talley (ed.) The Blackwell Companion to Maritime Economics. Oxford: Wiley-Blackwell.\nNotteboom, T.E. and Vernimmen, B. (eds.) (2008) The impact of fuel costs on liner service design in container shipping. Proceedings of the Conference of the International Association of Maritime Economists; 2–4 April 2008, Dalian, China.\nNotteboom, T.E. and Vernimmen, B. (2009) The effect of high fuel costs on liner service configuration in container shipping. Journal of Transport Geography 17 (5): 325–337.\nRamos, D. (2010) Linking efficient reefer logistics with higher environmental demands. Paper presented at the Eurofruit Congress Southern Hemisphere; 1–3 December, Punta del Este, Uruguay.\nRonen, D. (2011) The effect of oil price on containership speed and fleet size. Journal of the Operational Research Society 62 (1): 211–216.\nSea Distance (Voyage Calculator). (2011) http:\u002F\u002Fsea-distances.com\u002F, accessed 20 October 2012.\nShintani, K., Imai, A., Nishimura, E. and Papadimitriou, S. (2007) The container shipping network design problem with empty container repositioning. Transportation Research Part E 43 (1): 39–59.\nTang, S.L. and Yan, H. (2010) Pre-distribution versus post-distribution for cross-docking with transshipments. Omega 38 (3–4): 192–202.\nVis, I. and de Koster, R. (2003) Transshipment of containers at a container terminal: An overview. European Journal of Operational Research 147 (1): 1–16.\nWang, S. and Meng, Q. (2012) Liner ship fleet deployment with container transshipment operations. Transportation Research Part E 48 (2): 470–484.",{"VOID":543},"10.1057\u002Fmel.2014.4","2024-05-15T04:36:25.837+00:00","https:\u002F\u002Flink.springer.com\u002Farticle\u002F10.1057\u002Fmel.2014.4",[547,564],{"id":548,"sortIndex":21,"researcher":20,"roles":549,"affiliations":550,"properties":559},"5d346a5d-5330-4e62-b7ce-0996095417f8",[182],[551],{"id":552,"sortIndex":21,"affiliation":553,"properties":20},"e9f2631a-9571-46c0-b41f-35eb577c5d8d",{"id":552,"createTime":20,"updateTime":20,"relativeEntities":554,"slug":20,"properties":555,"entityType":20,"verifyStatus":20,"verifyTime":20,"verifyNote":20,"languages":20,"translateLanguages":20,"viewCount":20,"url":20,"parentIds":558,"statistic":20},[],{"title":556},{"VI":557},"Information and Finance department, KEDGE Business School, France",[],{"title":560,"gsAuthor":562},{"VI":561},"Pierre 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paper outlines the methodology to price the newly introduced Forward Ship Value Agreements (FOSVAs). FOSVAs are derivatives aimed at managing asset risk in the second-hand markets for bulk vessels and are traded over the counter. We then estimate the implied forward prices from historical data for vessel prices and the term structure of freight rates under the assumption that the cost-of-carry relationship holds and investigate whether the implied forward prices have been unbiased predictors of realised prices. The empirical evidence rejects the unbiasedness hypothesis in all the cases studied and supports the presence of a risk premium.",{"EN":644},"The Pricing of Forward Ship Value Agreements and the Unbiasedness of Implied Forward Prices in the Second-Hand Market for Ships",{"VOID":646},"[\"11787772807450902402\"]",{"VOID":648},"Adland, R and Abeele, P . 2003: Managing asset risk in shipping. Marine Money Magazine April: 15–19.\nAdland, R and Koekebakker, S . 2004: Market efficiency in the second-hand market for bulk ships. Maritime Economics and Logistics 6: 1–16.\nClarkson Research Studies. 2003: Shipping Intelligence Network, www.clarksons.net.\nFama, E . 1984: Forward and spot exchange rates. Journal of Monetary Economics 14: 319–338.\nGranger, CWJ and Newbold, P . 1974: Spurious regressions in econometrics. Journal of Econometrics 2: 111–120.\nHale, C and Vanags, A . 1989: Spot and period rates in the dry bulk market. Journal of Transport Economics and Policy September: 281–291.\nHull, J . 2000: Options, Futures and Other Derivatives, 4th edn. Englewood Cliffs, NJ: Prentice-Hall.\nJohansen, S . 1991: Estimation and hypothesis testing of cointegration vectors in Gaussian vector autoregressive models. Econometrica 59: 1551–1580.\nKavussanos, MG and Alizadeh, A . 2002: The expectations hypothesis of the term structure and risk premia in dry bulk shipping freight markets; an EGARCH-M approach. Journal of Transport Economics and Policy 36: 267–304.\nKavussanos, M, Menachof, D and Visvikis, E . 2002: The unbiasedness hypothesis in the freight forward market, IAME 2002 Conference Proceedings, Panama City, November: 13–15.\nNelson, CR, and Siegel AF . 1987: Parsimonious modelling of yield curves. Journal of Business 60: 473–489.\nStrandenes, SP . 1984: Price determination in the time charter and second hand markets. Center for Applied Research, Norwegian School of Economics and Business Administration, working paper MU 06.\nVeenstra, AW . 1999: The term structure of ocean freight rates. 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events of September 11th, 2001, in the US have brought a greater focus to the ways in which national security is viewed. International agencies such as the International Maritime Organisation and most national governments have been active in developing new security policies. Security, however, poses particular problems because, unlike safety where there is no conscious effort to cause harm, there is an inevitable gaming problem with potential perpetrators continually vying to circumvent security regimes. Added to this, security involves uncertainty that, unlike risk, has no real probability associated with it. These features necessitate a public as well as a private sector response. To develop public policy in these circumstances there is a need to tailor actions to the nature of the maritime market. A difficulty in doing this is that there is no single market; rather there are a number of overlapping markets. An added problem is that there is no consensus on the underlying structure of most of these markets. This paper fills some of the resultant voids by examining the extent to which actors in various market situations have internal incentives to ensure security and how they would react to external incentives such as regulations.",{"EN":780},"Market Structures and Shipping 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R . 2001: Why information is hard – an economic perspective. In: Proceedings of the 17th Annual Computer Applications Conference, New Orleans.","https:\u002F\u002Flink.springer.com\u002F10.1007\u002Fs10440-022-00541-7",{"doi":882},"10.1007\u002Fs10440-022-00541-7",{"id":20,"text":884,"url":20,"identifiers":885},"Baumol, WJ, Panzar, JC and Willig, RD . 1982: Contestable markets and the theory of industry structure. Harcourt Brace Jovanovich: New York.",{},{"id":20,"text":887,"url":20,"identifiers":888},"Brooks, MR and Button, KJ . 1994: Yield management: A phenomenon of the 1980s and 1990s? International Journal of Transport Economics 21: 177–196.",{},{"id":878,"text":890,"url":880,"identifiers":891},"Button, KJ . 1980: The application of Andrews’ theory to shipping conferences – a comment. Maritime Policy and Management 7: 17–20.",{"doi":882},{"id":20,"text":893,"url":20,"identifiers":894},"Button, KJ . 2002: The importance of the ‘core’ in explaining shipping alliances. In: Mann Borgese, W, Chircop, A and McConnell, M (eds). Ocean Yearbook, Vol. 16. Chicago University Press: Chicago. pp. 328–353.",{},{"id":878,"text":896,"url":880,"identifiers":897},"Button, KJ . 2005: Shipping economics: Where we are and looking ahead from an institutional economics perspective. Maritime Policy and Management 32: 39–58.",{"doi":882},{"id":878,"text":899,"url":880,"identifiers":900},"Button, KJ and Thibault, M . 2005: The political economy of maritime container security. Proceedings of the 46th Annual Meeting of the Transportation Research Forum, Washington, DC.",{"doi":882},{"id":20,"text":902,"url":20,"identifiers":903},"Clyde, PS and Reitzes, JD . 1995: Market power and collusion in the ocean shipping industry: Is a bigger cartel a better cartel? Economic Inquiry 36: 292–304.",{},{"id":20,"text":905,"url":20,"identifiers":906},"Coase, R . 1937: The nature of the firm. Economica 4: 386–405.",{},{"id":20,"text":908,"url":20,"identifiers":909},"Davies, JE . 1986: Competition, contestability and the liner shipping industry. Journal of Transport Economics and Policy 20: 299–312.",{},{"id":20,"text":911,"url":20,"identifiers":912},"Davies, JE . 1990: Destructive competition and market sustainability in the liner shipping industry. International Journal of Transport Economics 27: 227–245.",{},{"id":878,"text":914,"url":880,"identifiers":915},"Deakin, BM and Seward, T . 1973: Shipping conferences: A study of their origins, development and economic practices. Cambridge University Press: Cambridge.",{"doi":882},{"id":878,"text":917,"url":880,"identifiers":918},"Economides, N . 1996: The economics of networks. International Journal of Industrial Organisation 14: 673–699.",{"doi":882},{"id":20,"text":920,"url":20,"identifiers":921},"Flynn, SE . 2004: America the vulnerable: How our government is failing to protect us from terrorism. Harper Collin Publishers in cooperation with the Council on Foreign Relations: New York.",{},{"id":20,"text":923,"url":20,"identifiers":924},"Franck, B and Bunel, J-C . 1992: Contestability, competition and regulation. The case of liner shipping. International Journal of Industrial Organisation 9: 141–159.",{},{"id":878,"text":926,"url":880,"identifiers":927},"Heaver, TD . 1973: A theory of shipping conference pricing and policies. Maritime Studies and Management 1: 17–30.",{"doi":882},{"id":20,"text":929,"url":20,"identifiers":930},"Jankowski, WB . 1989: The development of liner conferences: A game theoretical explanation. International Journal of Transport Economics 16: 313–328.",{},{"id":878,"text":932,"url":880,"identifiers":933},"Keynes, JK . 1937: General theory of employment. Quarterly Journal of Economics 51: 209–223.",{"doi":882},{"id":20,"text":935,"url":20,"identifiers":936},"Knight, FH . 1921: Risk, uncertainty and profit. Houghton Mifflin: New York.",{},{"id":878,"text":938,"url":880,"identifiers":939},"Leibenstein, H . 1966: Allocative efficiency vs ‘X-efficiency’. American Economic Review 56: 392–415.",{"doi":882},{"id":20,"text":941,"url":20,"identifiers":942},"Marshall, A . 1890: Principles of economics. Macmillan: London.",{},{"id":20,"text":944,"url":20,"identifiers":945},"Organisation for Economic Cooperation and Development. 2003: Security in maritime transport: Risk factors and economic impact. OECD: Paris.",{},{"id":20,"text":947,"url":20,"identifiers":948},"Pigou, A . 1920: The economics of welfare. Macmillan: London.",{},{"id":878,"text":950,"url":880,"identifiers":951},"Pirrong, SC . 1992: An application of core theory to the analysis of ocean shipping markets. Journal and Law and Economics 35: 89–131.",{"doi":882},{"id":878,"text":953,"url":880,"identifiers":954},"Ramsey, FP . 1931: The foundations of mathematics and other logical essays. K. Paul, Trend, Trubner and Co: London.",{"doi":882},{"id":878,"text":956,"url":880,"identifiers":957},"Shashikumar, N . 1995: Competition and model of market structure in liner shipping. Transport Reviews 15: 3–26.",{"doi":882},{"id":878,"text":959,"url":880,"identifiers":960},"Sjöstrom, W . 1989: Collusion in ocean shipping: A test of monopoly and empty core models. Journal of Political Economy 97: 1160–1179.",{"doi":882},{"id":878,"text":962,"url":880,"identifiers":963},"Sjöstrom, W . 1993: Antitrust immunity for shipping conferences: An empty core approach. Antitrust Bulletin 38: 419–423.",{"doi":882},{"id":20,"text":965,"url":20,"identifiers":966},"Sly, O . 2001: The economics of network industries. Cambridge University Press: Cambridge.",{},{"id":878,"text":968,"url":880,"identifiers":969},"Sturmey, SG . 1967: Economics and international liners services. Journal of Transport Economics and Policy 1: 190–203.",{"doi":882},{"id":20,"text":971,"url":20,"identifiers":972},"Transportation Research Board. 2003: Cybersecurity of freight information systems: A scoping study. Transportation Research Board Special Report 274: Washington.",{},{"id":878,"text":974,"url":880,"identifiers":975},"United Nations Conference on Trade and Development. 2003: Review of maritime transport 2003. United Nations: New York.",{"doi":882},{"id":20,"text":977,"url":20,"identifiers":978},"US General Accounting Office. 2002: Critical infrastructure protection (CIP), testimony before the House of Representatives by Robert F Dacey. Information security issues (GAO-02-961T), US General Accounting Office: Washington, DC.",{},{"id":20,"text":980,"url":20,"identifiers":981},"US Government Accountability Office. 2004: Homeland security: Summary of challenges faced in targeting oceangoing cargo containers for inspection (GAO-04-557T). US Government Accountability Office: Washington, DC.",{},{"id":20,"text":983,"url":20,"identifiers":984},"US Government Accountability Office. 2005: Cargo security: Partnership program grants importers reduced scrutiny with limited assurance of improved security (D-05-404). US Government Accountability Office: Washington, DC.",{},{"id":878,"text":986,"url":880,"identifiers":987},"Williamson, OE . 2000: The new institutional economics: Taking stock, looking ahead. Journal of Economics Literature 38: 595–613.",{"doi":882},{"id":20,"text":989,"url":990,"identifiers":991},"World Shipping Council. 2004: Liner shipping: Facts and figures at http:\u002F\u002Fwww.worldshipping.org\u002Find_facts.html,last accessed 10 December 2004.","http:\u002F\u002Fwww.worldshipping.org\u002Find_facts.html",{},{"id":20,"text":993,"url":20,"identifiers":994},"Wright, G . 1991: Freight rates in the tramp shipping market. International Journal of Transport Economic 18: 47–54.",{},{"id":20,"text":996,"url":20,"identifiers":997},"Zerby, JA and Conlon, RM . 1978: An analysis of capacity utilization in liner shipping. Journal of Transport Economics and Policy 12: 27–46.",{},{"id":999,"createTime":1000,"updateTime":1001,"relativeEntities":1002,"slug":1003,"properties":1004,"entityType":172,"verifyStatus":173,"verifyTime":1015,"verifyNote":175,"languages":20,"translateLanguages":20,"viewCount":21,"primaryUrl":1016,"fullTextUrl":20,"authors":1017,"publicationType":195,"publisherRelationship":1079,"citationCount":1126,"citationInfo":1127,"publishDate":1130,"publishYear":1128,"citationAnalyzeStatus":439,"lastCitationAnalyze":1131,"indexDatabases":1132,"openAccess":20,"references":20,"isForceReanalyzing":250},"25daa032-fb7f-44bc-8087-d5a12527c208","2024-01-13T17:40:19.641+00:00","2026-07-11T02:04:50.266+00:00",[],"Corporate-Governance-and-Board-Effectiveness-in-Maritime-Firms",{"abstract":1005,"title":1007,"gsPaper":1009,"references":1011,"doi":1013},{"EN":1006},"This paper examines the financial performance effect of three corporate governance mechanisms: (i) founding family CEO, (ii) board ownership, and (iii) board independence. The developed hypotheses are tested using multivariate ordinary least-squares regression on a 3-year sample of 32 publicly traded maritime firms from Norway and Sweden, and compared to the results of the same hypotheses tested on a sample of 96 manufacturing firms. This study concludes that maritime firms with a founding family CEO have better financial performance than maritime firms with a non-founding family CEO. Support was also found for the hypothesis that a high level of board independence enhances profitability in maritime firms. Contrary to agency theory predictions, no significant relation was found between the level of board ownership and firm profitability in maritime firms, although board ownership control was significant in the sample of manufacturing firms.",{"EN":1008},"Corporate Governance and Board Effectiveness in Maritime Firms",{"VOID":1010},"[\"17042521802938694255\"]",{"VOID":1012},"Angblad, J, Berglöf, E, Högfeldt, P and Svancar, H . 2001: Ownership and Control in Sweden – Strong Owners Weak Minorities and Social Control. In: Barca F and Becht M. (eds). The Control of Corporate Europe. Oxford University Press: Oxford.\nBathala, CT and Rao, RP . 1995: The determinants of board composition: an agency theory perspective. Managerial and Decision Economics 16: 59–69.\nBaysinger, BD and Butler, HD . 1985: Corporate governance and the board of directors: performance effects of changes in board competition. Journal of Law, Economics and Organizations 1: 101–124.\nBecht, F and Mayer, C . 2001: The control of corporate Europe. In: Barca, F and Becht, M. (eds). The Control of Corporate Europe. Oxford University Press: Oxford.\nBerle, A and Means, C . 1932: The modern corporation and private property. Macmillan: New York.\nBrush, TH, Bromiley, P and Hendrickx, M . 2000: The free cash flow hypothesis for sales growth and firm performance. Strategic Management Journal 21: 455–472.\nBurkart, M, Gromb, D and Panunzi, F . 1997: Large shareholders, monitoring, and the value of the firm. Quarterly Journal of Economics 112: 693–728.\nChandler Jr, AD . 1990: Scale and scope: the dynamics of industrial capitalism. Belkap Press: Cambridge, MA.\nConyon, MJ and Peck, SI . 1998: Board size and corporate governance: evidence from European countries. 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has a significant impact on shipbuilding competitiveness. In China, low costs have created favourable conditions for domestic shipyards competing in the international market. However, China's shipbuilders have faced rising cost pressures in recent years, which may affect their industrial competitiveness. In this article, we assess shipbuilding costs and their impacts on the competitiveness of China's shipbuilding industry. We compare developments with China's two primary competitors, South Korea and Japan, from 2000 to 2009. First, we analyse primary factors that affect shipbuilding costs. Second, we examine how the shipbuilding costs in China have changed over time. Finally, we use shipbuilding costs and market share to evaluate the competitiveness of China's shipbuilding industry. The results reveal sources and constraints of China's cost advantage, as well as changes in its shipbuilding costs and competitiveness. 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(2003) Strategic control productivity and other competitiveness parameters. Proceedings of the Institution of Mechanical Engineers, Part M: Journal of Engineering for the Maritime Environment 217 (2): 61–70.",{"doi":882},{"id":20,"text":1243,"url":20,"identifiers":1244},"Chou, C.C. and Chang, P.L. (2004) Core competence and competitive strategy of the Taiwan shipbuilding. Maritime Policy & Management 31 (2): 125–137.",{},{"id":20,"text":1246,"url":1247,"identifiers":1248},"ECORYS. (2009) Study on competitiveness of the European shipbuilding industry. 8 October, http:\u002F\u002Fec.europa.eu\u002Fenterprise\u002Fsectors\u002Fmaritime\u002Ffiles\u002Ffn97616_ecorys_final_report_on_shipbuilding_competitiveness_en.pdf.","http:\u002F\u002Fec.europa.eu\u002Fenterprise\u002Fsectors\u002Fmaritime\u002Ffiles\u002Ffn97616_ecorys_final_report_on_shipbuilding_competitiveness_en.pdf",{},{"id":20,"text":1250,"url":20,"identifiers":1251},"Ennis, K., Dougherty, J., Lamb, T., Greenwell, C. and Zimmermann, R. (1997) Product-oriented design and construction cost model. Proceedings of the 1997 Ship Production Symposium, 21–23 April; New Orleans, Louisiana: Society of Naval Architects and Marine Engineers.",{},{"id":20,"text":1253,"url":1254,"identifiers":1255},"First Maritime International. (2005) Findings for the global shipbuilding industry base benchmarking study. Part1: Major shipyards. May 2005, http:\u002F\u002Fwww.nsrp.org\u002FIndustry_Initiatives\u002Fbenchmarking\u002Fdocuments\u002Fgsibbs.pdf.","http:\u002F\u002Fwww.nsrp.org\u002FIndustry_Initiatives\u002Fbenchmarking\u002Fdocuments\u002Fgsibbs.pdf",{},{"id":878,"text":1257,"url":880,"identifiers":1258},"Goldan, M. (1995) The Netherland's shipbuilding industry: Own solutions to competitiveness. Proceedings of the 1995 Ship Production Symposium, 25–27 January; Seattle, Washington: Society of Naval Architects and Marine Engineers.",{"doi":882},{"id":878,"text":1260,"url":880,"identifiers":1261},"Hengst, S. and Koppies, J. (1996) Analysis of competitiveness in commercial shipbuilding. Journal of Ship Production 12 (2): 73–84.",{"doi":882},{"id":878,"text":1263,"url":880,"identifiers":1264},"Hinkelman, E. (2010) Dictionary of International Trade, 9th edn. California: World Trade Press.",{"doi":882},{"id":20,"text":1266,"url":20,"identifiers":1267},"Hopeman, J. and Nielnuis, U. (2009) The future of ships and shipbuilding – A look into the crystal ball. In: H. Meersman, E. Voorde and T. Vanelslander (eds.) Future Challenges for the Port and Shipping Sector, Vol. 1. London: Informa, pp. 65–70.",{},{"id":878,"text":1269,"url":880,"identifiers":1270},"Kaiser, M.J. and Snyder, B. (2010) Mobile offshore drilling rig newbuild and replacement cost functions. Maritime Economics & Logistics 12 (4): 392–429.",{"doi":882},{"id":20,"text":1272,"url":20,"identifiers":1273},"Lamb, T. (2002a) Discussion paper on productivity rate. Michigan, US: Department of Naval Architecture and Marine Engineering.",{},{"id":20,"text":1275,"url":20,"identifiers":1276},"Lamb, T. (2002b) The development of gross tonnage compensation coefficients for naval shipbuilding based on direct productivity calculations, Michigan, US: Department of Naval Architecture and Marine Engineering.",{},{"id":20,"text":1278,"url":20,"identifiers":1279},"Lamb, T. (2007) Worldwide shipbuilding productivity status and trends. Paper presented at the Pan American Conference of Naval Engineering, Maritime Transport and Port Engineering, 22–26 October.",{},{"id":878,"text":1281,"url":880,"identifiers":1282},"Mikelis, N. (2007) A statistical overview of ship recycling. International symposium on maritime safety, security and environmental protection. Athens, September 2007 http:\u002F\u002Fwww5.imo.org\u002FSharePoint\u002FblastDataHelper.asp\u002Fdata_id%3D23449\u002Fshiprecycling.pdf.",{"doi":882},{"id":878,"text":1284,"url":880,"identifiers":1285},"Mitschke, A. (2008) The Influence of National Competition Policy on the International Competitiveness of Nations. Heidelberg, Germany: Physica-Verlag HD.",{"doi":882},{"id":878,"text":1287,"url":880,"identifiers":1288},"Mulligan, R.F. (2008) A simple model for estimating newbuilding costs. 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Growth and Change 24: 579–588.",{"doi":1597},"10.1111\u002Fj.1468-2257.1993.tb00138.x",{"id":20,"text":1599,"url":20,"identifiers":1600},"Tavares, G . 2002: A bibliography of data envelopment analysis (1978–2001), RUTCOR research report RRR 01–02 (January). Rutgers University: Piscatway, NJ.",{},{"id":20,"text":1602,"url":20,"identifiers":1603},"Tongzon, J . 2001: Efficiency measurement of selected Australian and other international ports using data envelopment analysis. Transportation Research Part A: Policy and Practice 35: 113–128.",{},{"id":20,"text":1605,"url":20,"identifiers":1606},"Tongzon, J . 2005: Key success factors for transhipment hubs: The case of the port of Singapore. In: Lee, T-W and Cullinane, KPB (eds). World Shipping and Port Development. Palgrave-Macmillan: Basingstoke. pp. 162–180.",{},{"id":20,"text":1608,"url":20,"identifiers":1609},"Tongzon, J and Heng, W . 2005: Port privatization, efficiency and competitiveness: Some empirical evidence from container ports (terminals). Transportation Research Part A – Policy and Practice 39: 405–424.",{"doi":1610},"10.1016\u002Fj.tra.2005.02.001",{"id":20,"text":1612,"url":20,"identifiers":1613},"Turner, H, Windle, R and Dresner, M . 2004: North American container port productivity: 1984–1997. Transportation Research Part E – Logistics and Transportation Review 40: 339–356.",{"doi":1614},"10.1016\u002Fj.tre.2003.06.001",{"id":20,"text":1616,"url":20,"identifiers":1617},"UNCTAD. 1992: Port marketing and the third generation port, TD\u002FB C.4\u002FAC.7\u002F14. UNCTAD: Geneva.",{},{"id":20,"text":1619,"url":20,"identifiers":1620},"UNCTAD. 1999: Technical note: The fourth generation port. UNCTAD Ports Newsletter 19: 9–12.",{},{"id":20,"text":1622,"url":20,"identifiers":1623},"Valentine, VF and Gray, R . 2001: The measurement of port efficiency using data envelopment analysis. Proceedings of the 9th World Conference on Transport Research, Seoul, South Korea, 22–27 July.",{},{"id":20,"text":1625,"url":20,"identifiers":1626},"Wang, T-F and Cullinane, KPB . 2004: Industrial concentration in container ports. International Association of Maritime Economists Annual Conference, Izmir, 30 June–2 July.",{},{"id":20,"text":1628,"url":20,"identifiers":1629},"Wang, T-F, Cullinane, KPB and Song, D-W . 2005: Container port production and economic efficiency. Palgrave Macmillan: Basingstoke.",{"doi":1630},"10.1057\u002F9780230505971",{"id":20,"text":1632,"url":20,"identifiers":1633},"Weston, R and Robinson, R . 2005: Value migration and profit pools in port-oriented freight systems: The implications for new patterns of efficiency. International Association of Maritime Economists Annual Conference, Cyprus, 22–25 June.",{},{"id":20,"text":1635,"url":20,"identifiers":1636},"Winkelmans, W . 2004: The socio-economic value of seaports in the European Union. The European Sea Ports Conference 2004: European Sea Ports in a Dynamic Market – Ports and the EU Agenda, Rotterdam, 17–18 June.",{},{"id":1638,"createTime":1639,"updateTime":1640,"relativeEntities":1641,"slug":1642,"properties":1643,"entityType":172,"verifyStatus":173,"verifyTime":1652,"verifyNote":175,"languages":20,"translateLanguages":20,"viewCount":21,"primaryUrl":1653,"fullTextUrl":20,"authors":1654,"publicationType":195,"publisherRelationship":1687,"citationCount":21,"citationInfo":1734,"publishDate":1737,"publishYear":1735,"citationAnalyzeStatus":19,"lastCitationAnalyze":1738,"indexDatabases":1739,"openAccess":20,"references":1740,"isForceReanalyzing":250},"c4b156e9-a361-4fdc-8026-b63c9192f9e3","2024-01-15T10:45:05.810+00:00","2026-03-30T12:12:03.856+00:00",[],"The-importance-of-export-logistics-and-trade-costs-in-emerging-economies",{"abstract":1644,"title":1646,"gsPaper":1648,"doi":1650},{"EN":1645},"The aim of this article is to analyse the importance of logistical performance in international trade and its influence on costs, focusing on the study of emerging economies with a maritime border. For this purpose, gravity models are used to determine the importance of logistics in these countries’ exports, taking as a representative variable the Logistics Performance Index and each of its components. Moreover, the equation of trade costs proposed by Novy (2013) is used to determine the importance of logistical performance. The results show that the analysed countries should continue to strive for improvement in their logistical infrastructure, not only in order to boost their trade, but also to improve their export competitiveness. They have already undertaken both by the private and public sector in an attempt to progress internationally as a way of boosting country growth.",{"EN":1647},"The importance of export logistics and trade costs in emerging economies",{"VOID":1649},"[\"11196783093792244648\"]",{"VOID":1651},"10.1057\u002Fmel.2015.31","2024-04-29T08:25:58.712+00:00","https:\u002F\u002Flink.springer.com\u002Farticle\u002F10.1057\u002Fmel.2015.31",[1655,1672],{"id":1656,"sortIndex":21,"researcher":20,"roles":1657,"affiliations":1658,"properties":1667},"a3f36251-2234-43fa-8e63-5dfa361d4a5f",[182],[1659],{"id":1660,"sortIndex":21,"affiliation":1661,"properties":20},"6c059eea-9023-4032-82fc-681cd9d1fba3",{"id":1660,"createTime":20,"updateTime":20,"relativeEntities":1662,"slug":20,"properties":1663,"entityType":20,"verifyStatus":20,"verifyTime":20,"verifyNote":20,"languages":20,"translateLanguages":20,"viewCount":20,"url":20,"parentIds":1666,"statistic":20},[],{"title":1664},{"VI":1665},"Department of Social 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