A study in the International Journal of Shipping and Transport Logistics has outlined strategies to help liner shipping companies navigate the global market more effectively. The work was undertaken by Umur Bucak of the Department of Maritime Business Administration at Kocaeli University in Turkey against a challenging seascape. The study identifies key trends that are shaping the sector and offers practical insights for how companies might maintain competitiveness and build bridges to span the many challenges they face.
Bucak focused on the impact of geopolitical tensions, environmental regulations, and crises, such as the COVID-19 pandemic. The work emphasises how liner shipping companies must be able to change course quickly to benefit from changes in the market.
Using a combination of expected utilities theory and competitive advantage theory, Bucak was able to assess the prevalent market trends, which include digital transformation, decarbonisation initiatives, and supply chain integration. These trends are all key to making strategic decisions in the industry.
In order to determine effective strategies that would align with these trends, Bucak then used a hybrid methodology involving a fuzzy Analytic Hierarchy Process (AHP) model and the Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS). The work showed that the prioritization of rapid shipping between ports emerged as particularly beneficial and reflects the industry’s focus on speed and reliability amid rising freight rates and port congestion. The research also considers the economic implications of the trends identified by Bucak. By providing a framework for decision-making, his work could assist industry practitioners anchor themselves in a competitive market.
The study thus represents a significant step towards understanding and responding to changes within the liner shipping market. By using methodological innovations and theoretical frameworks, the research offers new and invaluable guidance for companies seeking to thrive amidst market shifts.
Bucak, U. (2024) ‘Expected utilities of liner shipping market trends: how can companies benefit?’, Int. J. Shipping and Transport Logistics, Vol. 18, No. 1, pp.92–110.
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