In this paper we extend the state-of-the-art stochastic programming models for the Maritime Fleet Renewal Problem (MFRP) to explicitly limit the risk of insolvency due to negative cash flows when making maritime shipping investments. This is achieved by modeling the payment of ships in a number of periodical installments rather than in a lump sum paid upfront, representing more closely the actual cash flows for a shipping company. Based on this, we propose two alternative risk control measures, where the first imposes that the cash flow in each time period is always higher than a desired threshold, while the second limits the Conditional Value-at-Risk. We test the two models on realistic test instances based on data from a shipping company. The computational study demonstrates how the two models can be used to assess the trade-offs between risk of insolvency and expected profits in the MFRP.
This chapter is a historical case study of Maersk Line, the world’s leading container carrier. Maersk Line’s global leadership was achieved within a relatively short time period and was the result of Mærsk Mc-Kinney Møllers decision in 1973 to enter container shipping—the biggest investment in the history of the AP Moller companies. When Maersk Line managed to achieve global leadership in a period of just about 25 years, the company’s own country offices were particularly important. They allowed the interconnection of three types of networks: The physical network of ships and routes, the digital network of information and communication systems and the human network of Maersk employees. The interaction between the vessels, the systems and the people is still at the core of the company today and central to its continued development.
Maersk Line er verdens førende containerrederi og blandt de mest betydningsfulde virksomheder i Danmark. Den globale førerposition blev opnået på relativt kort tid og var et resultat af rederiets beslutning i 1973 om at gå helhjertet ind i containerskibsfarten. Beslutningen blev startskuddet til Maersk Lines dybe internationalisering, hvor rederiet ændrede sig fra at være en overvejende danske virksomhed, der betjente internationale markeder, til at være en genuin transnational virksomhed. Med fokus på opbygningen af Maersk Lines globale organisation og særligt etableringen af egne kontorer i udlandet indkredses rederiets tilpasning og udvikling i perioden fra 1973-1999.
This paper aims to conduct an updated literature survey on the Market-Based Measures (MBMs) currently being proposed by various member states and organizations at the International Maritime Organization (IMO) or by the scientific and grey literature as a cost-effective solution to reduce greenhouse gas (GHG) emissions from ships. The paper collects, summarizes, and categorizes the different proposals to provide a clear understanding of the existing discussions on the field and also identifies the areas of prior investigation in order to prevent duplication and to avoid the future discussion at the IMO to start from scratch. Relevant European Union (EU) action on MBMs is also described. Furthermore, the study identifies inconsistencies, gaps in research, conflicting studies, or unanswered questions that form challenges for the implementation of any environmental policy at a global level for shipping. Finally, by providing foundational knowledge on the topic of MBMs for shipping and by exploring inadequately investigated areas, the study addresses concrete research questions that can be investigated and resolved by the scientific and shipping community.
This report provides a summary on the prospects for developing offshore logistics hubs and their evaluation as opportunities for the maritime and offshore industries. The report’s findings are based on respondents’ answers to surveys and focuses on when offshore logistic hubs will come into operation and their business potential. The data for this report is based on desk research and an analysis of survey responses. The report is produced by the PERISCOPE network.
This report provides an assessment on the prospects for offshore energy hubs. Four use cases have been developed and evaluated by respondents in a survey instrument for their forecasted time horizon to implementation and their business potential as opportunities for the maritime and offshore
industries. The report is produced by the PERISCOPE Group at Aarhus University for the PERISCOPE network.
Recent trends in port development show that ports are making increasing efforts to forge mutually beneficial cooperation strategies, particularly ports sharing a common hinterland. In this paper, we analyse the North Adriatic ports (Koper, Rijeka, Trieste and Venice) with a focus on two related themes. First, the complementarity of the North Adriatic (NA) ports in the container market is analysed based on port vessel service patterns and shipping line interviews. We operationalize the analysis of complementarity with an analysis of the effects of multiple port calls on the revenue required to make a call in a specific NA port economically feasible. We conclude that the inclusion of another NA port reduces the minimum required revenue for a call in an additional NA port.
Second, we assess the scope and depth of cooperation between ports. We map current and potential future cooperation using a 'cooperation matrix' with two dimensions: the involvement of stakeholders (limited vs. broad), and the depth of cooperation (pre-competitive vs. commercial). We use in-depth interviews with port authorities, terminal operators, rail operators, major shipping lines and forwarders in the NA region to position the NA ports in the matrix. We conclude by discussing prospects of future NAPA ports cooperation.
Cod stocks in the Danish inland waters and the Baltic Sea have collapsed today. Fishing vessels have therefore been required to install video cameras that film the catch for control purposes. The use of artificial intelligence for automated documentation of the catch is therefore a promising solution for control as well as research and management purposes that can contribute to rebuilding cod stocks and ensuring sustainable fishing in the future.
The regulation of greenhouse gas emissions from international shipping is becoming a matter of increasing concern. Two issues arise in particular. The first issue concerns the elaboration of rules on this subject. In this regard, Annex VI of the International Convention for the Prevention of Pollution from Ships (MARPOL), amended in 2011, constitutes a key instrument because it was the first legally binding climate change instrument since the Kyoto Protocol. The second issue relates to effective compliance with relevant rules. While the flag State has the primary responsibility to implement relevant rules concerning the regulation of greenhouse gas emissions from international shipping, the flag State responsibility alone is inadequate to secure effective compliance with relevant rules. Thus, there is a need to examine the question whether and to what extent coastal and port States can regulate greenhouse gas emissions from vessels in international law. This article seeks to address these two issues. The article concludes that while port States can perform a valuable role in effectuating global rules provided in MARPOL Annex VI, port State control encounters several challenges. Thus, securing compliance with relevant rules should be an important issue in the regulation of greenhouse gas emissions from international shipping.
In an effort to reduce carbon emissions from international shipping, the International Maritime Organization (IMO) developed its initial strategy in April 2018 setting ambitious targets for the sector. According to the initial strategy, greenhouse gas (GHG) emissions from international shipping need to be reduced by at least 50% by 2050, and the CO2 emissions intensity by 40% by the year 2030, both compared to the 2008 levels. In order to achieve these goals, a combination of operational measures, investments in emissions abatement technology, and market-based measures will be necessary. The goals currently do not differentiate among different shipping sectors, and each sector faces different challenges. In this paper, we focus on short sea shipping (SSS), and on Ro-Pax services in particular that in general have not been examined thoroughly in the literature. We examine the emissions reduction potential of several measures, and we assess their efficacy compared with the targets set by the IMO initial strategy. The paper shows that the examined measures are not sufficient on their own to achieve the desired levels of reductions, and that a combination will be necessary, while technological solutions will need to be made more competitive through market based instruments.