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This study investigates the relationship between financial performance and technical innovation of 21 listed shipping firms employing a panel data methodology. Using vessel-level and firm-level data over the period 2013 to 2019, we show that vessels' technical innovation exhibits a positive relationship with firms' financial performance. We identify three types of technical innovation for listed shipping firms, namely ice-class, eco, and propulsion types, and show that shipping firms operating eco-type ships exhibit higher financial performance on average during the sample period examined. This result has important implications not least on the decision-making of shipping firms to invest in technically innovative ships. [ABSTRACT FROM AUTHOR]

This paper investigates whether dynamic volatility spillovers across freight-shipping markets can be explained by a comprehensive set of indicators capturing shipping investors' sentiment. Our results reveal that an increase in the ratio of second-hand over newbuilding vessel price triggers an increase of the transmission of economic information within both the dry-bulk and tanker segments, while an increase in the ratio of price-to-earnings, as well as in the ratio of vessels sold over vessels of the global fleet also trigger an increase of the economic information transmission within each of the dry-bulk and tanker vessels, respectively. These results have important implications for shipping-market players, as they reveal novel mechanisms of the transmission of economic information within the segments and across the sub-segments of freight-shipping markets. [ABSTRACT FROM AUTHOR]

This study empirically examines the relationship between green supply chain management (GSCM) strategy and financial performance for shipping firms. We collect global data from 289 shipping firms and apply cluster analysis and analysis of variance (ANOVA) to test the research hypotheses. We cluster shipping firms according to their level of GSCM strategy adoption, which ranges from reactive to proactive. We find that shipping firms with a proactive GSCM strategy perform better financially. The findings of this study can contribute to shipping firms' environmental management strategy decisions and help tackle environmental problems while improving their financial outcome. This paper provides a discussion of managerial and theoretical implications and recommends future research directions. [ABSTRACT FROM AUTHOR]

This paper investigates how vertical integration may influence inventory turnover and firm operating performance. A causal model is developed to investigate the effects of vertical integration on three types of inventory, namely raw materials inventory (RMI), work in progress inventory (WIPI) and finished goods inventory (FGI). The model tests the interactions between inventory types and the consequences of inventory turnover performance on various aspects of firm performance including costs and profitability. In particular, path analysis supports systematic differences with respect to how vertical integration affects RMI, WIPI and FGI. Vertical integration has a positive effect on RMI and FGI turnover but no significant effect on WIPI turnover. FGI contributes to a reduction in supporting processes costs which causes an improvement in return on sales (ROSs). Vertical integration impacts ROS directly. [ABSTRACT FROM PUBLISHER]

The inherent uncertainty, capital intensity and riskiness of investing in ships and port facilities have led to irregular corporate economic and financial performance for maritime logistics organizations. Although the relative impact of corporate strategy on firm profitability is a topic of considerable scientific and managerial interest, insights into contemporary issues in maritime logistics strategy are still limited. This article provides an exploratory contribution in bridging this gap, by measuring the effects of maritime logistics firm's corporate strategy on overall financial performance. Empirical findings show that investments for growth, focalization on the core business, related diversification and vertical integration have a positive impact on corporate profitability, whereas unrelated diversification does not affect firm's performance and international diversification has a negative effect. The outcomes are consistent with and add to the extant theoretical literature while insightful implications for research and practice are discussed. [ABSTRACT FROM AUTHOR]

The evolution of maritime logistics as an emerging discipline has resulted, to a large extent, from the increasing and varied demands of shippers and customers and the rapidly changing role of ports in the context of supply and logistics chains. Scholars are becoming increasingly aware of the need to integrate logistics and supply chain management concepts in the maritime transportation chain and operations. This article aims to provide a review and foundation for understanding the domain of maritime logistics and to assess its potential as an emerging discipline. To do so, a framework for understanding the various aspects of maritime logistics strategy and implementation is developed. A synthesis of the existing knowledge on maritime logistics is done by integrating diverse explorations forming the basis of this framework. We draw upon the literature on maritime transport and ports and primarily theliterature that analyses concepts by adopting an economic or management perspective. [ABSTRACT FROM AUTHOR]

It has been stated that the meaning of higher efficiency is equivalent to being more competitive and profitable for enterprise operations. Using insights from fundamental analysis, the purpose of this study is to investigate the relative operational performance and market efficiency of liner shipping firms. The paper applies Data Envelopment Analysis (DEA) to calculate an efficient frontier that corresponds to the optimal relationship between financial data and market value. Stocks at the frontier are optimally priced in the market. Stocks falling behind the frontier are valued less favorably. The models developed incorporate inputs and outputs related to operating performance and market efficiency consistent with the prior financial accounting literature. Our sample consists of 18 major (leading) international liner shipping firms that have been found to exhibit average market efficiency and a high degree of operational performance. [ABSTRACT FROM AUTHOR]

The aim of this article is to define and empirically develop measures of seaport integration in global supply chains and to infer implications for maritime logistics. A literature review identified four key parameters hypothesised to be part of the higher-order construct of 'terminal supply chain integration' (TESCI). Data for operationalizing the conceptualised variables were obtained via a large scale survey of container terminal operators. A model was developed and validated using confirmatory factor analysis. The validated parameters of the higher-order construct of 'TESCI' included 'information and communication systems', 'value-added services', 'multimodal systems and operations', and 'supply chain integration practices'. The study provides implications for maritime logistics by focusing on key parameters such as determination of costs, revenues, performance, productivity, and competitive advantage for international supply chains. [ABSTRACT FROM AUTHOR]

Purpose — The purpose of this paper is to define and empirically develop measures to evaluate the extent of integration of seaport container terminals in supply chains. Design/methodology/approach — A literature review identified four key variables hypothesized to be part of the higher-order construct of "terminal supply chain integration (TESCI)". The hypotheses were theoretically justified a priori and data for operationalizing the conceptualized variables obtained via a large-scale survey of container terminal operators. A model was developed and validated using confirmatory factor analysis. Findings — The validated variables of the higher-order construct of TESCI included "information and communication systems", "value-added services", "multimodal systems and operations" and "supply chain integration practices". Research limitations/implications — The study develops measures from the standpoint of the container terminal (the centric supply chain actor). Supply chains involve a network of companies and it would be useful to obtain data as to integration from other supply chain participants. The usual caveats of cross-sectional research apply and longitudinal case studies may provide supplementary information. Practical implications — There are valuable practical implications for container terminals that seek to measure the extent of integration into supply chains and for port users that place value on container TESCI in their choice and evaluation criteria. Originality/value — The study is the first of its nature that attempts to provide a valid theoretical construct and empirical measures of seaport container TESCI. The study shifts container TESCI from an abstract concept to a theoretical construct with validated measures. [ABSTRACT FROM AUTHOR]

Much has been said of the importance of port and terminal integration in the supply chain. Authors have stressed the importance of agility to the port environment, which involves being proactive along supply chains, facilitation of intermodal integration, as well as organizational integration and partnership between ports and users. Despite the well articulated importance of the issues, little has been offered in terms of conceptualizations and empirical evidence of what really is meant by port/terminal integration in the supply chain, how such integration can be measured and quantified as well as the extent to which different ports/terminals in the world are integrated in the supply chain and competitive performance implications arising thereof. This paper aims to make a contribution in this respect by (i) reviewing the relevant literature on supply chain integration and port integration in the supply chain, (ii) conceptualizing measures for port/terminal integration in the supply chain, (iii) empirically testing the influence of port/terminal integration in the supply chain on port competitiveness and (iv) outlining the significance and value of the study for port operators, shipping lines, transport providers and for further research. [ABSTRACT FROM AUTHOR]

Logistics service providers operate in an intense competitive environment that requires continuous improvement in logistics service quality and firm performance. Key organizational resources may contribute toward the improvement in performance of logistics service providers. This paper investigates the effect of organizational learning within logistics service providers on client relationship orientation, logistics service quality and firm performance. The study proposes and examines an original concept in logistics research that contributes to theory in the area, provides the opportunity for further research and addresses how organizational resources can contribute to performance in logistics. [ABSTRACT FROM AUTHOR]

This special issue of Maritime Policy and Management includes a collection of the best papers presented at the recent conference of the International Association of Maritime Economists (IAME) 2005. On the basis of a review and conceptual synthesis of the six papers selected for the special issue, this paper provides a discussion of the role and potential of research in informing managerial decision-making and policy-making in the context of the maritime industry and makes recommendations for elevating the discipline-related credentials of the maritime area as a field of study. [ABSTRACT FROM AUTHOR]

Recognising the practical and theoretical importance of strategy research in a logistics context, this study investigates the impact of product-market and resource-based competitive strategies on various measures of company performance of logistics service providers. Multivariate techniques are used to test four research hypotheses relating to the impact of cost advantage, differentiation, market segmentation and market orientation on performance. The findings suggest that both product-market and resource-based strategies may account for variation in performance among logistics service providers. Specifically, service differentiation, market segmentation and inter-functional co-ordination have been found to exert a positive impact on various measures of company performance, unlike cost advantage, which does not seem to be a significant predictor of performance in this context. Theoretical, managerial and research implications emanating from the findings are discussed. [ABSTRACT FROM AUTHOR]

Ship management has been characterized by strong competition that resulted in structural changes in the industry, with the bigger companies merging or acquiring smaller ones in an effort to remain competitive. Competitiveness, however, may also be attained through the formulation and implementation of competitive business strategies that will improve performance. The aim of this paper has been to empirically examine the competitive strategy-performance relationship in the context of ship management companies. The findings suggest that there is a positive relationship between pursuing competitive strategies and company performance in ship management. Companies that apply competitive strategies are more likely to be high performers. The strongest influences on performance seem to be achieving economies of scale, differentiation (in particular through a wider range of services offered) and market-focus and competitor-analysis. It is suggested that high performers are more likely to pursue a combination of the generic strategies rather than pursuing one of the generic strategies in isolation. [ABSTRACT FROM AUTHOR]

The paper considers in detail strategic changes occurring in the organizational context of intermodal transportation and discusses the application of economic approaches (primarily transaction-cost economics) for assessing the effectiveness of the appropriate governance structure in organizing the intermodal transport economic system. The paper reviews the developments in intermodal transportation, particularly in the context of logistics and supply chain management, and recognizes the trend for the formation of one-stop shopping megacarriers spurred by deregulation and market requirements. This culminates in the need to consider how companies should organize the economic governance of the intermodal transport system. The main governance structures include market (subcontracting) or hierarchy (internal organization). The transaction-cost economics approach is reviewed and applied at a conceptual level to provide the core basis upon which the assessment of the optimal governance structure in intermodal transport can be based. The review of the core economic principles indicates that the governance structure in intermodal transport is dependent on transaction costs, production costs and strategic considerations that a particular structure might entail and the policy implications thereof. The potential for empirical research in the application of the transaction-cost economics approach to intermodal transport is discussed and detailed direction for further empirical research is provided as well as discussion of policy implications particularly with respect to competition and antitrust. [ABSTRACT FROM AUTHOR]

Since its advent, the liner shipping industry has been characterized by fierce competition and cooperation amongst the member carriers. In recent years, almost all the liners have sought extensive cooperation with others, as reflected mainly by the formation of strategic shipping alliances. Despite this, there are still some liners who prefer the 'go-it-alone' policy and have achieved relative success. It seems that cooperation is not always necessary for a liner company's success. It follows that a study that aims to find the rationale behind liner cooperation (or non-cooperation) is of great significance. Over many years of development, game theory has proved to be a useful tool in the study of economics. It is analytically applicable in this market. With these arguments in mind, this paper aims to apply cooperative game theory to analyse co-operation among members of liner shipping strategic alliances. This will involve: (i) presenting a detailed and systematic analysis of liner shipping strategic alliances: (ii) a concise overview of the development of game theory with specific focus on cooperative game theory, and (iii) deducing a conceptual framework through the application of cooperative game theory to liner shipping strategic alliances. The accomplishment of the aforementioned objectives will enhance understanding of inter-organizational relationships and decision-making behaviour in the liner shipping sector. [ABSTRACT FROM AUTHOR]

Focuses on the integration of marketing and strategy advocated by contemporary marketing. Identification of strattegic groups in professional service; Advantage of professional service firms in marketing; Basis of marketing relationships.

An assessment of the rationale for the vertical disintegration of ship management suggests that there might be compelling economic benefits for the separation of ownership from management. In this context, as a means for developing effective marketing strategies, it is important for ship managers to know the criteria used by current and prospective clients for ship manager selection and evaluation. The aim of this paper is to empirically identify the dimensions for ship manager selection and performance evaluation and their relative importance and to discuss the implications for marketing emanating from such an assessment. The methodology adopted includes the collection of secondary and primary data, both from ship managers and their clients, using interviews and a mail survey. The results indicate the prevailing importance of certain dimensions in selection (e.g. technical ability, reputation, competency) and evaluation (responsiveness, trustworthiness, technical ability), whereas it also found that price alone is not perceived to be as important in ship manager selection. It is concluded that placing emphasis on such dimensions in the formulation of a marketing strategy will contribute towards the attraction and retention of clients, whereas cost-cutting measures to allow price reduction, as well as advertising, will be ineffective over the long term. [ABSTRACT FROM AUTHOR]

Intense competition in many sectors across the maritime industry and in professional ship management in particular, means that the quest for achieving competitiveness will continue and intensify. A review of the current strategies across many sectors of the industry indicates the importance of forging stable partnerships for the achievement of competitiveness. Considering that the capability to form a relationship is an intangible resource (as depicted in resource-advantage theory), an empirical assessment in the context of ship management was undertaken. The assessment aimed to identify the type of relationships present in ship management, and succeeded in classifying those relationships into four distinct groups. The central thesis of the paper is that maritime organizations in general, and ship management companies in particular, may utilize their intangible relational resources in order to achieve competitive advantage. Based on the classification of ship management relationships, implications for managers are discussed. [ABSTRACT FROM AUTHOR]

This article aims to apply the relationship marketing concept in a professional ship management context. The dramatic growth in the ship management industry means that companies are increasingly seeking ways of ensuring competitiveness. Efforts have mainly concentrated on the improvement of the quality of the service, market entry strategies, establishment in strategic locations, and promotion. Nevertheless, it is argued that in the professional service context of ship management, the aspect of building and maintaining client relationships is of utmost importance. The building of client relationships will require investments of an economic and social nature, training of personnel and the consideration of marketing as a strategic issue. Ship management companies that build long–term client relationships will ensure client retention, reduce transaction costs and achieve differentiation and competitiveness. [ABSTRACT FROM PUBLISHER]

The article discusses various reports within the issue, including one about market efficiency in the bulk freight market and another about trading strategies in the market for tankers.