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
Authors: Prause Gunnar, Olaniyi Eunice O.
Publisher: Sciendo
Publication year: 2023
Journal: Transport and Telecommunication Journal
Journal name in source: Transport and Telecommunication
Volume: 24
Issue: 4
First page : 361
Last page: 374
eISSN: 1407-6179
DOI: https://doi.org/10.2478/ttj-2023-0028
Publication's open availability at the time of reporting: Open 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 address: https://research.utu.fi/converis/portal/detail/Publication/182421474
Self-archived copy's licence: CC BY NC ND
Self-archived copy's version: Publisher`s PDF
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. |