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Arctic Shipping - Commercial Opportunities and Challenges
Over the last few decades the Arctic Ocean has experienced a rapid reduction in both the extent and volume of sea ice. These changes, caused by the global temperature increases, have opened up previously inaccessible shipping lanes and made possible the extraction of major natural reserves of fossil fuels. Following these changes in the Arctic environment, the last decade has seen an influx of maritime activities. As Denmark retains a major maritime industry it is therefore paramount to analyze what a changing Arctic Ocean means for the Danish state and companies alike.
The report
This report aims to address and analyze some of these challenges and opportunities faced by the maritime industry in an increasingly accessible Arctic Ocean. The possibilities and challenges are analyzed qualitatively, from a combination of past literature and economic theory, with a particular focus on the future prospects for the sectors of liner, bulk, offshore and cruise. In the light of the presently limited amount of maritime activity, a quantitative economic analysis is also performed aiming to establish when maritime traffic on a large scale is feasible under the assumption of a continuous decline of the Arctic ice cover.
Press on the link below to download the report:
Arctic Shipping - Commercial Opportunities and Challenges (PDF)
Create your own scenarios
As a part of the quantitative economic analysis on the commercial opportunities and challenges for the liner shipping sector in the Arctic, an online calculation tool was developed. This calculation tool allows researchers and industry professionals to insert the specifications of a given vessel, along with environmental and economic parameters in order to obtain information on the feasibility of transporting containerized cargo along the Northern Sea Route. Specifically, the model allows the user to determine the year when the investment in an ice reinforced containership operating along the NSR during the navigation (and the SCR at other times), will become favorable compared to an ordinary container ship solely operating on the SCR.
Press the links below to download the calculation tool and the guide to successfully utilize the model:
Arctic Shipping - Online Calculation Tool (Excel)
Guide - Online Calculation Tool (PDF)
This report forms part of the ambitious CBS Maritime research initiative entitled “Competitive Challenges and Strategic Development Potential in Global Maritime Industries” which was launched with the generous support of the Danish Maritime Fund.
Over the last few decades the Arctic Ocean has experienced a rapid reduction in both the extent and volume of sea ice. These changes, caused by the global temperature increases, have opened up previously inaccessible shipping lanes and made possible the extraction of major natural reserves of fossil fuels. Following these changes in the Arctic environment, the last decade has seen an influx of maritime activities. As Denmark retains a major maritime industry it is therefore paramount to analyze what a changing Arctic Ocean means for the Danish state and companies alike.
The report
This report aims to address and analyze some of these challenges and opportunities faced by the maritime industry in an increasingly accessible Arctic Ocean. The possibilities and challenges are analyzed qualitatively, from a combination of past literature and economic theory, with a particular focus on the future prospects for the sectors of liner, bulk, offshore and cruise. In the light of the presently limited amount of maritime activity, a quantitative economic analysis is also performed aiming to establish when maritime traffic on a large scale is feasible under the assumption of a continuous decline of the Arctic ice cover.
Press on the link below to download the report:
Arctic Shipping - Commercial Opportunities and Challenges (PDF)
Create your own scenarios
As a part of the quantitative economic analysis on the commercial opportunities and challenges for the liner shipping sector in the Arctic, an online calculation tool was developed. This calculation tool allows researchers and industry professionals to insert the specifications of a given vessel, along with environmental and economic parameters in order to obtain information on the feasibility of transporting containerized cargo along the Northern Sea Route. Specifically, the model allows the user to determine the year when the investment in an ice reinforced containership operating along the NSR during the navigation (and the SCR at other times), will become favorable compared to an ordinary container ship solely operating on the SCR.
Press the links below to download the calculation tool and the guide to successfully utilize the model:
Arctic Shipping - Online Calculation Tool (Excel)
Guide - Online Calculation Tool (PDF)
This report forms part of the ambitious CBS Maritime research initiative entitled “Competitive Challenges and Strategic Development Potential in Global Maritime Industries” which was launched with the generous support of the Danish Maritime Fund.
Ownership, Finance and Strategy in the Segment of Product Tankers
It is often argued that the shipping industry is the cornerstone of globalization and that the shipping market is closely linked to the state of the world economy and especially world trade. This close link to the world economy and trade makes the shipping industry one of the most cyclical industries in the world. The product tanker segment is a fragmented and cyclical industry characterized by volatility and a high dependency on the financial sector. It is extremely vulnerable to an unexpected financial crisis, as the investments are long-term but the forecasts only short-term. It is relevant to focus on three chronological phases; the global growth boom, the global financial crisis and the period in the aftermath of the financial crisis including the current situation of the industry.
The report
This report attempts to map the fundamental changes in financing methods, ownership structures and strategies within the Danish product tanker segment, by using open qualitative sources of relevant scientific literature and various other maritime publications. By examining the case of five of the biggest Danish product tanker companies with different financing possibilities, this project will seek to map the connection between financing, strategy and ownership in the Danish product tanker industry. For practical reasons, it was chosen to focus on developments occurring between 2004 and 2014. An important source of data has been interviews with the selected companies, which has provided valuable inside knowledge and understanding of the implicated companies.
Press on the link below to download the report:
Ownership, Finance and Strategy in the Segment of Product Tankers (PDF)
This report forms part of the ambitious CBS Maritime research initiative entitled “Competitive Challenges and Strategic Development Potential in Global Maritime Industries” which was launched with the generous support of the Danish Maritime Fund.
It is often argued that the shipping industry is the cornerstone of globalization and that the shipping market is closely linked to the state of the world economy and especially world trade. This close link to the world economy and trade makes the shipping industry one of the most cyclical industries in the world. The product tanker segment is a fragmented and cyclical industry characterized by volatility and a high dependency on the financial sector. It is extremely vulnerable to an unexpected financial crisis, as the investments are long-term but the forecasts only short-term. It is relevant to focus on three chronological phases; the global growth boom, the global financial crisis and the period in the aftermath of the financial crisis including the current situation of the industry.
The report
This report attempts to map the fundamental changes in financing methods, ownership structures and strategies within the Danish product tanker segment, by using open qualitative sources of relevant scientific literature and various other maritime publications. By examining the case of five of the biggest Danish product tanker companies with different financing possibilities, this project will seek to map the connection between financing, strategy and ownership in the Danish product tanker industry. For practical reasons, it was chosen to focus on developments occurring between 2004 and 2014. An important source of data has been interviews with the selected companies, which has provided valuable inside knowledge and understanding of the implicated companies.
Press on the link below to download the report:
Ownership, Finance and Strategy in the Segment of Product Tankers (PDF)
This report forms part of the ambitious CBS Maritime research initiative entitled “Competitive Challenges and Strategic Development Potential in Global Maritime Industries” which was launched with the generous support of the Danish Maritime Fund.
Value Creation in the Maritime Chain of Transportation: The Role of Carriers, Ports and Third
Parties in Liner and Bulk Shipping
The maritime chain of transportation is driven by the demand for transportation of cargo between locations with excess supply to locations with excess demand. If there is no demand there is no movement and thus no requirement for providers of transportation. Transport is thus a derived demand and carriers and third party service providers who engage in the chain of transportation must derive value from and add value to the movement. How carriers and agents create value in the maritime chain of transportation is, however, a subject which has been overlooked in the existing literature. This is especially the case with regard to the role of the agents and we have very little systematic knowledge about their key functions in the creation of value in maritime transportation.
The report
This report presents preliminary insights from a broader mapping project examining value creation logics in the maritime value chain. It explains the roles of various actors in the maritime chain of transportation and examines how these actors create value. The report builds on interviews with key players in the maritime value chain combined with studies of the extant shipping industry literature.
Press on the link below to download the report:
Value Creation in the Maritime Chain of Transportation: The Role of Carriers, Ports and Third Parties in Liner and Bulk Shipping (PDF)
This report forms part of the ambitious CBS Maritime research initiative entitled “Competitive Challenges and Strategic Development Potential in Global Maritime Industries” which was launched with the generous support of the Danish Maritime Fund.
Parties in Liner and Bulk Shipping
The maritime chain of transportation is driven by the demand for transportation of cargo between locations with excess supply to locations with excess demand. If there is no demand there is no movement and thus no requirement for providers of transportation. Transport is thus a derived demand and carriers and third party service providers who engage in the chain of transportation must derive value from and add value to the movement. How carriers and agents create value in the maritime chain of transportation is, however, a subject which has been overlooked in the existing literature. This is especially the case with regard to the role of the agents and we have very little systematic knowledge about their key functions in the creation of value in maritime transportation.
The report
This report presents preliminary insights from a broader mapping project examining value creation logics in the maritime value chain. It explains the roles of various actors in the maritime chain of transportation and examines how these actors create value. The report builds on interviews with key players in the maritime value chain combined with studies of the extant shipping industry literature.
Press on the link below to download the report:
Value Creation in the Maritime Chain of Transportation: The Role of Carriers, Ports and Third Parties in Liner and Bulk Shipping (PDF)
This report forms part of the ambitious CBS Maritime research initiative entitled “Competitive Challenges and Strategic Development Potential in Global Maritime Industries” which was launched with the generous support of the Danish Maritime Fund.
Offshore Supply Industry Dynamics: The Main Drivers in the Energy Sector and the Value Chain Characteristics for Offshore Oil and Gas and Offshore Wind
The offshore sector has become an increasingly important source of energy. Technological advances in exploration and production technologies have led to the discovery of several new offshore deposits of oil and gas. From the new deposits of hydrocarbons discovered in 2011, app. 2/3 of the volume was discovered offshore. At the same time the global importance of offshore wind has increased significantly. From 2001 to 2014, the energy production from installed offshore windfarms increased a dramatic 2.800% compared to a 135 % increase onshore.
The offshore supply industry is often being treated as a part of the general marine supply industry and most offshore suppliers are indeed a part of the marine supply industry. But the value chains for offshore oil, gas and wind also differ from the value chains for shipbuilding and ship repair in several ways, which will be analyzed in the report.
The report
This report investigates how the value chains for offshore oil, gas and wind differ from the general maritime supply industry, and aims at filling this gap in the literature. The project applies a process model approach to analyze the main drivers in the energy sector and the value chain characteristics for offshore oil, gas and offshore wind.
Press on the link below to download the report:
Offshore Supply Industry Dynamics: The Main Drivers in the Energy Sector and the Value Chain Characteristics for Offshore Oil and Gas and Offshore Wind (PDF)
This report forms part of the ambitious CBS Maritime research initiative entitled “Competitive Challenges and Strategic Development Potential in Global Maritime Industries” which was launched with the generous support of the Danish Maritime Fund.
The offshore sector has become an increasingly important source of energy. Technological advances in exploration and production technologies have led to the discovery of several new offshore deposits of oil and gas. From the new deposits of hydrocarbons discovered in 2011, app. 2/3 of the volume was discovered offshore. At the same time the global importance of offshore wind has increased significantly. From 2001 to 2014, the energy production from installed offshore windfarms increased a dramatic 2.800% compared to a 135 % increase onshore.
The offshore supply industry is often being treated as a part of the general marine supply industry and most offshore suppliers are indeed a part of the marine supply industry. But the value chains for offshore oil, gas and wind also differ from the value chains for shipbuilding and ship repair in several ways, which will be analyzed in the report.
The report
This report investigates how the value chains for offshore oil, gas and wind differ from the general maritime supply industry, and aims at filling this gap in the literature. The project applies a process model approach to analyze the main drivers in the energy sector and the value chain characteristics for offshore oil, gas and offshore wind.
Press on the link below to download the report:
Offshore Supply Industry Dynamics: The Main Drivers in the Energy Sector and the Value Chain Characteristics for Offshore Oil and Gas and Offshore Wind (PDF)
This report forms part of the ambitious CBS Maritime research initiative entitled “Competitive Challenges and Strategic Development Potential in Global Maritime Industries” which was launched with the generous support of the Danish Maritime Fund.
Offshore Supply Industry Dynamics: Business Strategies in the Offshore Supply Industry
The offshore supply industry consists of a multitude of different markets with different characteristics. The aim of this report is to highlight the diversity of the value chains for offshore oil and gas and for offshore wind. This is done by analyzing the competitive forces of five different markets and examining how various offshore suppliers position themselves within these markets. Based on these studies, the report lists a number of key challenges and opportunities that apply to most types of offshore suppliers.
The report
This report examines the markets for offshore drilling contractors, offshore wind turbine installation, stand-by services, logistics providers in the offshore wind sector, and the market for manufacturers of pumps and pumping solutions. Based on these studies, the report investigates how six Danish offshore suppliers have positioned themselves within these markets. The companies are Maersk Drilling, A2SEA, Esvagt, World Marine Offshore, Iron Pump, and DESMI Pumping Technology. The findings are based on interviews with the companies’ top management, combined with findings from the management literature.
Press on the link below to download the report:
Offshore Supply Industry Dynamics: Business Strategies in the Offshore Supply Industry (PDF)
This report forms part of the ambitious CBS Maritime research initiative entitled “Competitive Challenges and Strategic Development Potential in Global Maritime Industries” which was launched with the generous support of the Danish Maritime Fund.
The offshore supply industry consists of a multitude of different markets with different characteristics. The aim of this report is to highlight the diversity of the value chains for offshore oil and gas and for offshore wind. This is done by analyzing the competitive forces of five different markets and examining how various offshore suppliers position themselves within these markets. Based on these studies, the report lists a number of key challenges and opportunities that apply to most types of offshore suppliers.
The report
This report examines the markets for offshore drilling contractors, offshore wind turbine installation, stand-by services, logistics providers in the offshore wind sector, and the market for manufacturers of pumps and pumping solutions. Based on these studies, the report investigates how six Danish offshore suppliers have positioned themselves within these markets. The companies are Maersk Drilling, A2SEA, Esvagt, World Marine Offshore, Iron Pump, and DESMI Pumping Technology. The findings are based on interviews with the companies’ top management, combined with findings from the management literature.
Press on the link below to download the report:
Offshore Supply Industry Dynamics: Business Strategies in the Offshore Supply Industry (PDF)
This report forms part of the ambitious CBS Maritime research initiative entitled “Competitive Challenges and Strategic Development Potential in Global Maritime Industries” which was launched with the generous support of the Danish Maritime Fund.
Navigating ECA-Zones: Regulation and Decision-Making
Regulation in international shipping often have huge impact on the operations of firms and the trajectory of the shipping industry as a whole. Recent developments with regards to regulation of energy efficiency, ballast water management and air pollution affects the entire industry across the maritime supply chain. Air pollution in Northern Europe has been an especially contentious issue affecting many different parts of Scandinavian society. New rules concerning Sulphur emissions took effect in the Baltic and North Sea in 2015, but there is little knowledge regarding what impact this type of regulation has on the operations of shipowners in general.
The Report
This report by CBS Maritime analyzes the effects of Sulphur regulation in the Baltic and North Sea shows that multiple factors determine the optimal compliance strategy chosen by vessels. In this consideration, three factors are determined by our analysis to be the most crucial: The price spread between marine gas oil and heavy fuel oil, the age of the vessel, and the time spent navigating the Sulphur Emission Control Area (SECA). It is identified that compliance options vary, with an asset investment in scrubbers or LNG adaptation being favorable for vessels operating a majority of the time in the SECA – and changing to MGO fuel for vessels operating a minority of the time within the SECA. Crucially, the underlying factor behind these relationships is the global oil price which affects fuel prices but not retrofits and LNG.
Press on the link below to download the report:
Navigating ECA-Zones: Regulation and Decision-Making (PDF)
Use your own data
The calculation tool developed in conjunction with the report allows researchers and industry professionals to insert the specifications of a vessel operating within the ECA zone in order to estimate the costs of four different fuel/retrofit strategies in response to the enhanced Sulphur regulations. The ship and route specifications are determined from a wide range of input variables such as type of ship (container, bulk or tanker), vessel size, speed, fuel spreads, annual sailing distance, and sailing distance within the ECA zone. In essence, the calculation tool allows anyone to see what effect Sulphur emission control rules have on a specific vessel and the investment considerations that lie behind this. Notably, the calculation tool works regardless of the geographical area covered by the SECA.
Press the link below to download the calculation tool to successfully utilize the model:
ECA Zone Optimal Fuel Retrofit Strategy Tool (Excel)
This material is part of the ongoing research activities about understanding the creation of the retrofit market through analysis of regulation processes and specifically price, cost, contracts and finance. For further information please contact Associate Professor Liping Jiang on email lji.om@cbs.dk or Head of Department Carsten Ørts Hansen on email ch.om@cbs.dk
Regulation in international shipping often have huge impact on the operations of firms and the trajectory of the shipping industry as a whole. Recent developments with regards to regulation of energy efficiency, ballast water management and air pollution affects the entire industry across the maritime supply chain. Air pollution in Northern Europe has been an especially contentious issue affecting many different parts of Scandinavian society. New rules concerning Sulphur emissions took effect in the Baltic and North Sea in 2015, but there is little knowledge regarding what impact this type of regulation has on the operations of shipowners in general.
The Report
This report by CBS Maritime analyzes the effects of Sulphur regulation in the Baltic and North Sea shows that multiple factors determine the optimal compliance strategy chosen by vessels. In this consideration, three factors are determined by our analysis to be the most crucial: The price spread between marine gas oil and heavy fuel oil, the age of the vessel, and the time spent navigating the Sulphur Emission Control Area (SECA). It is identified that compliance options vary, with an asset investment in scrubbers or LNG adaptation being favorable for vessels operating a majority of the time in the SECA – and changing to MGO fuel for vessels operating a minority of the time within the SECA. Crucially, the underlying factor behind these relationships is the global oil price which affects fuel prices but not retrofits and LNG.
Press on the link below to download the report:
Navigating ECA-Zones: Regulation and Decision-Making (PDF)
Use your own data
The calculation tool developed in conjunction with the report allows researchers and industry professionals to insert the specifications of a vessel operating within the ECA zone in order to estimate the costs of four different fuel/retrofit strategies in response to the enhanced Sulphur regulations. The ship and route specifications are determined from a wide range of input variables such as type of ship (container, bulk or tanker), vessel size, speed, fuel spreads, annual sailing distance, and sailing distance within the ECA zone. In essence, the calculation tool allows anyone to see what effect Sulphur emission control rules have on a specific vessel and the investment considerations that lie behind this. Notably, the calculation tool works regardless of the geographical area covered by the SECA.
Press the link below to download the calculation tool to successfully utilize the model:
ECA Zone Optimal Fuel Retrofit Strategy Tool (Excel)
This material is part of the ongoing research activities about understanding the creation of the retrofit market through analysis of regulation processes and specifically price, cost, contracts and finance. For further information please contact Associate Professor Liping Jiang on email lji.om@cbs.dk or Head of Department Carsten Ørts Hansen on email ch.om@cbs.dk
Pricing Strategy for the Marine Supplies Industry
Pricing is one of the most important elements for all business and everything in the business works to justify the input value for a price and turn it into a profit. It therefore has a dramatic but frequently underappreciated effort on achieving profitability and keeping business thriving.
Sustaining long-term growth requires marine suppliers to define their pricing strategies in a holistic fashion. However, pricing is an under-managed activity in many companies. Especially when moving towards servitization, services or integrated solutions are frequently underpriced or promised at performance levels that cannot be delivered profitably.
The Report
The marine supplies industry needs radical change in pricing by thinking about customer’s needs and aligning the incentives between suppliers and customers for long-term relationship. Value-based pricing is the way forward. An intensive discussion has been made with regard to the key challenges of applying value-based pricing in the marine supplies industry. Understanding these challenges is crucial for a move towards valuebased pricing and will shed light on how to tackle these challenges.
Press on the link below to download the report:
Pricing Strategy for the Marine Supplies Industry.pdf
The report Pricing Strategy for the Marine Supplies Industry is part of the on-going research activities about understanding the market through analysis of price, cost, contracts and finance in the Danish maritime equipment manufacturing industry. Copenhagen Business School (CBS) and Danish Maritime are project partners in the project, which is part of the Blue INNOship programme and supported by the Innovation Fund Denmark and The Danish Maritime Fund. For further information please contact Associate Professor Liping Jiang on email lji.om@cbs.dk or Head of Department Carsten Ørts Hansen on email ch.om@cbs.dk.
Pricing is one of the most important elements for all business and everything in the business works to justify the input value for a price and turn it into a profit. It therefore has a dramatic but frequently underappreciated effort on achieving profitability and keeping business thriving.
Sustaining long-term growth requires marine suppliers to define their pricing strategies in a holistic fashion. However, pricing is an under-managed activity in many companies. Especially when moving towards servitization, services or integrated solutions are frequently underpriced or promised at performance levels that cannot be delivered profitably.
The Report
The marine supplies industry needs radical change in pricing by thinking about customer’s needs and aligning the incentives between suppliers and customers for long-term relationship. Value-based pricing is the way forward. An intensive discussion has been made with regard to the key challenges of applying value-based pricing in the marine supplies industry. Understanding these challenges is crucial for a move towards valuebased pricing and will shed light on how to tackle these challenges.
Press on the link below to download the report:
Pricing Strategy for the Marine Supplies Industry.pdf
The report Pricing Strategy for the Marine Supplies Industry is part of the on-going research activities about understanding the market through analysis of price, cost, contracts and finance in the Danish maritime equipment manufacturing industry. Copenhagen Business School (CBS) and Danish Maritime are project partners in the project, which is part of the Blue INNOship programme and supported by the Innovation Fund Denmark and The Danish Maritime Fund. For further information please contact Associate Professor Liping Jiang on email lji.om@cbs.dk or Head of Department Carsten Ørts Hansen on email ch.om@cbs.dk.
Target Costing as a Strategic Tool to Commercialize the Product and Service Innovation
Innovation is an important key to success in today's competitive marketplace. With keen international competition and accelerating pace of technology change, the ability to introduce innovations into the market and capture the profits generated by an innovation, is of strategic importance. It can put a firm at a competitive advantage and build a firm’s sustainable financial benefits.
The Report
The implementation of target costing will increase the odds of commercial success of an innovation. Targit costing aims at fulfilling the economic potential of an innovation by focusing on the market and customers during the design and price setting stages. This price will, on one hand, impose the cost-reduction target in the organization. On the other hand, it can be a driving force for improving the cost-effective design and internal operations.
Press on the link below to download the report:
Target Costing as a Strategic Tool to Commercialize the Product and Service Innovation. pdf
The report Target Costing as a Strategic Tool to Commercialize the Product and Service Innovation, is part of the on-going research activities about understanding the market through analysis of price, cost, contracts and finance in the Danish maritime equipment manufacturing industry. Copenhagen Business School (CBS) and Danish Maritime are project partners in the project, which is part of the Blue INNOship programme and supported by the Innovation Fund Denmark and The Danish Maritime Fund. For further information please contact Associate Professor Liping Jiang on email lji.om@cbs.dk or Head of Department Carsten Ørts Hansen on email ch.om@cbs.dk.
Innovation is an important key to success in today's competitive marketplace. With keen international competition and accelerating pace of technology change, the ability to introduce innovations into the market and capture the profits generated by an innovation, is of strategic importance. It can put a firm at a competitive advantage and build a firm’s sustainable financial benefits.
The Report
The implementation of target costing will increase the odds of commercial success of an innovation. Targit costing aims at fulfilling the economic potential of an innovation by focusing on the market and customers during the design and price setting stages. This price will, on one hand, impose the cost-reduction target in the organization. On the other hand, it can be a driving force for improving the cost-effective design and internal operations.
Press on the link below to download the report:
Target Costing as a Strategic Tool to Commercialize the Product and Service Innovation. pdf
The report Target Costing as a Strategic Tool to Commercialize the Product and Service Innovation, is part of the on-going research activities about understanding the market through analysis of price, cost, contracts and finance in the Danish maritime equipment manufacturing industry. Copenhagen Business School (CBS) and Danish Maritime are project partners in the project, which is part of the Blue INNOship programme and supported by the Innovation Fund Denmark and The Danish Maritime Fund. For further information please contact Associate Professor Liping Jiang on email lji.om@cbs.dk or Head of Department Carsten Ørts Hansen on email ch.om@cbs.dk.
Relational Maritime Contracts – a cost and risk perspective
The report concerns relational contracts in the maritime industry from a legal, game theoretical, and strategic perspective. The paper discusses the purpose of a relational contract, the specific legal characteristics in a relational contract, and draw up economic explanations of the relations among the clauses in relational contract. Strategy and game theory are used to explain the output of negotiations and explain how to behave if to obtain joint utility in a contractual relationship in the maritime industry
Press on the link below to download the report:
Relational Maritime Contracts - a cost and risk perspective (PDF)
The report Relational Maritime Contracts - a cost and risk perspective, is part of the on-going research activities about understanding the market through analysis of price, cost, contracts and finance in the Danish maritime equipment manufacturing industry. Copenhagen Business School (CBS) and Danish Maritime are project partners in the project, which is part of the Blue INNOship programme and supported by the Innovation Fund Denmark and The Danish Maritime Fund. For further information please contact Associate Professor Liping Jiang on email lji.om@cbs.dk or Head of Department Carsten Ørts Hansen on email ch.om@cbs.dk.
The report concerns relational contracts in the maritime industry from a legal, game theoretical, and strategic perspective. The paper discusses the purpose of a relational contract, the specific legal characteristics in a relational contract, and draw up economic explanations of the relations among the clauses in relational contract. Strategy and game theory are used to explain the output of negotiations and explain how to behave if to obtain joint utility in a contractual relationship in the maritime industry
Press on the link below to download the report:
Relational Maritime Contracts - a cost and risk perspective (PDF)
The report Relational Maritime Contracts - a cost and risk perspective, is part of the on-going research activities about understanding the market through analysis of price, cost, contracts and finance in the Danish maritime equipment manufacturing industry. Copenhagen Business School (CBS) and Danish Maritime are project partners in the project, which is part of the Blue INNOship programme and supported by the Innovation Fund Denmark and The Danish Maritime Fund. For further information please contact Associate Professor Liping Jiang on email lji.om@cbs.dk or Head of Department Carsten Ørts Hansen on email ch.om@cbs.dk.
Pricing of Marine Products and Services in the Modular Age
Appropriate pricing of products-and-services combination can have a much broader impact on the business. First, it will boost the sales and revenue by differentiating customers’ varied preference between offerings while reducing the transaction costs. In addition, it will enhance the competitiveness and minimize the ability of new entrants to compete in the market. Lastly, customer satisfaction and loyalty will be increased accordingly.
Pricing can be a particular challenging issue for marine suppliers with multiple products and services especially when suppliers want to address specific customer needs and at the same time achieves the efficiency in pricing.
The Report
The pricing challenge for multiple products and services can be overcome by applying the modular concept on pricing, where each product or service is offered as a module, so suppliers can either set different prices for each module or offer a couple of modules at a bundled price. Pursuing price bundling will allow suppliers to balance the tradeoff between customization and standardization in pricing, thus creating a potential win-win situation.
Press on the link below to download the report:
Pricing of Marine Products and Services in the Modular Age (PDF)
The report Pricing of Marine Products and Services in the Modular Age, is part of the on-going research activities about understanding the market through analysis of price, cost, contracts and finance in the Danish maritime equipment manufacturing industry. Copenhagen Business School (CBS) and Danish Maritime are project partners in the project, which is part of the Blue INNOship programme and supported by the Innovation Fund Denmark and The Danish Maritime Fund. For further information please contact Associate Professor Liping Jiang on email lji.om@cbs.dk or Head of Department Carsten Ørts Hansen on email ch.om@cbs.dk.
Appropriate pricing of products-and-services combination can have a much broader impact on the business. First, it will boost the sales and revenue by differentiating customers’ varied preference between offerings while reducing the transaction costs. In addition, it will enhance the competitiveness and minimize the ability of new entrants to compete in the market. Lastly, customer satisfaction and loyalty will be increased accordingly.
Pricing can be a particular challenging issue for marine suppliers with multiple products and services especially when suppliers want to address specific customer needs and at the same time achieves the efficiency in pricing.
The Report
The pricing challenge for multiple products and services can be overcome by applying the modular concept on pricing, where each product or service is offered as a module, so suppliers can either set different prices for each module or offer a couple of modules at a bundled price. Pursuing price bundling will allow suppliers to balance the tradeoff between customization and standardization in pricing, thus creating a potential win-win situation.
Press on the link below to download the report:
Pricing of Marine Products and Services in the Modular Age (PDF)
The report Pricing of Marine Products and Services in the Modular Age, is part of the on-going research activities about understanding the market through analysis of price, cost, contracts and finance in the Danish maritime equipment manufacturing industry. Copenhagen Business School (CBS) and Danish Maritime are project partners in the project, which is part of the Blue INNOship programme and supported by the Innovation Fund Denmark and The Danish Maritime Fund. For further information please contact Associate Professor Liping Jiang on email lji.om@cbs.dk or Head of Department Carsten Ørts Hansen on email ch.om@cbs.dk.
Cruising Digitalization - A Study of the Governance Framework for Cybersecurity in the Danish Maritime Shipping Industry
The report discusses the roles of technology, regulation and self-regulatory schemes in building a governance framework to ensure cyber security within maritime shipping. It departs from the question of whether it makes sense to regulate cybersecurity in shipping, at the industry level, considering that shipping organizations themselves are the main beneficiaries of cyber hygiene or cyber resilience. In the process of exploring this and related questions we have consulted reports, applicable regulation, and policies at the national and supranational levels, interviewed key stakeholders in the Danish shipping industry, and participated in relevant events.
Press on the link below to download the report:
maya_mitre_cruizing_digitalization_report.pdf
For further information please contact Maya Mitre email mmi.digi@cbs.dk
The report discusses the roles of technology, regulation and self-regulatory schemes in building a governance framework to ensure cyber security within maritime shipping. It departs from the question of whether it makes sense to regulate cybersecurity in shipping, at the industry level, considering that shipping organizations themselves are the main beneficiaries of cyber hygiene or cyber resilience. In the process of exploring this and related questions we have consulted reports, applicable regulation, and policies at the national and supranational levels, interviewed key stakeholders in the Danish shipping industry, and participated in relevant events.
Press on the link below to download the report:
maya_mitre_cruizing_digitalization_report.pdf
For further information please contact Maya Mitre email mmi.digi@cbs.dk
Maritime Industry 2030
“The Maritime Industry 2030” was the kick-off conference for the Maritime Research Alliance (MRA), which was recently established in cooperation between seven Danish universities and two Danish maritime professional academies. This report summarizes the discussions at the conference and broader important maritime industry issues as well as presents the goals of MRA.
There have been several calls from private foundations, industry associations and governmental agencies to map out and to extensively coordinate cross-disciplinary maritime research in Denmark. MRA is an initiative that strengthens existing and creates new collaborative relationships across the universities and maritime academies, in part as a response to such calls. The most important aims of MRA are to:
1. Find solutions to those challenges to the maritime sector that require cross-disciplinary ventures
2. Create a critical mass of expertise in Denmark for maritime and related topics
3. Be a visible and viable one-point-of-contact to academic involvement and output for the industry
4. Attract attention nationally and internationally for Danish maritime research and education
5. Make Danish universities and maritime academies attractive partners for international cooperation on maritime and related projects
About the conference-report:
The “Maritime Industry 2030” conference was an international and joint researcher/practitioner event held at the Copenhagen Business School during 5-6 February 2018.
The first day of the conference was an open event organized with the aim of bringing industry and academia together to identify and discuss the most important issues facing the maritime industry in the near term towards 2030 and to lay a firm foundation for closer cross-disciplinary collaboration for addressing these issues.
The second day of the conference was a closed event for MRA members organized with the aim to reflect on the identified issues, determine the future focus and direction of MRA and initiate specific collaborative research projects.
The conference was kindly supported by the Danish Maritime Fund. In 2020 the fund supported the establishment of the Maritime Research Alliance based on, among other, future cross-disciplinary research themes and ideas that were identified at the conference.
Press the link below to download the report:
Maritime Industry 2030 (PDF)
For more information please contact Henrik Sornn-Friese, e-mail: hs.si@cbs.dk
Creating Circular Economy Clusters for Sustainable Ship Recycling in Denmark
With an aim to explore the future prospects for a circular business ecosystem for end-of-life shipping assets in Denmark, this report sums ups the project-findings.
With the tightening of international ship recycling regulation (e.g., the EU ship recycling regulation, the adoption of the Basel Convention Ban Amendment and the pending adoption of the Hong Kong Convention)
we would expect to see a general upgrading of ship recycling worldwide to meet stricter environmental and safety requirements, and a potential leveling out of the cost advantages so far enjoyed by facilities in South Asia.
The development towards circular economy, which is also taking hold in Danish and European policies and regulation, could support a lucrative business case for European ship recycling facilities and maritime suppliers
able to comply with the strengthened requirements.
In the report the authors present and debate initial project results regarding the potential for Danish ship recycling yards and maritime industry, addressing questions regarding:
- The size and composition of the relevant near-end-of-life fleet
- The structure and capabilities of the Danish yards and maritime industry
- A deeper analysis of the market for ship recycling in Denmark
- Circular business models and remanufacturing in the marine equipment industry
This research was supported by the Danish Maritime Fund Project” Sustainable Ship Recycling in Denmark” [#2019-068] and by the Social Sciences and Humanities Research Council of Canada ”Green Shipping Partnership Project” [#895-2017-1003]
Press the link below to download the report:
Sustainable Ship Recycling Clusters in DK_report.pdf
For more information please contact Henrik Sornn-Friese, e-mail: hs.si@cbs.dk
The page was last edited by: CBS Maritime // 11/18/2021