A1 Refereed original research article in a scientific journal

Optimizing Voyage Costs in Maritime Supply Chains: A Holistic Approach Towards Logistics Service Improvement and Supply Chain Finance




AuthorsPrause Gunnar, Olaniyi Eunice O.

PublisherSciendo

Publication year2023

Journal: Transport and Telecommunication Journal

Journal name in sourceTransport and Telecommunication

Volume24

Issue4

First page 361

Last page374

eISSN1407-6179

DOIhttps://doi.org/10.2478/ttj-2023-0028

Publication's open availability at the time of reportingOpen Access

Publication channel's open availability Open Access publication channel

Web address https://sciendo.com/article/10.2478/ttj-2023-0028

Self-archived copy’s web addresshttps://research.utu.fi/converis/portal/detail/Publication/182421474

Self-archived copy's licenceCC BY NC ND

Self-archived copy's versionPublisher`s PDF


Abstract

The multi-objective optimization for voyage planning, which aims to balance time, fuel utilization, and all other relevant service costs, is noticeably absent in the scientific literature. The reason behind this gap is closely linked to the involvement of a large number of participants with conflicting interests in the process. This complexity explains why modelling an optimization tool for maritime logistics services appears challenging. Although new technologies such as blockchains and smart contracts have helped reduce the number of participants and address some complexities, they cannot fully resolve the fragmentation observed in maritime transport.

To address the need for optimized voyage management for vessels, this study takes a holistic approach to voyage costs within the maritime supply chain, similar to how a single company would approach it. The study combines a case study from the container shipping industry, expert interviews, project results, and secondary empirical data research to develop a financial model for optimizing voyage costs. The research opens up opportunities for improving logistics services and developing new business models in the field of supply chain finance.


Downloadable publication

This is an electronic reprint of the original article.
This reprint may differ from the original in pagination and typographic detail. Please cite the original version.





Last updated on 27/03/2025 10:01:10 PM