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The transition of shipping companies from family business to corporate governance
Family businesses have played an important role in the shipping sector for centuries. In the last 20 years, the shares of family-owned shipping companies have been decreasing. In this study, the dimensions of the corporate governance of the maritime sector affecting the potential and quality of family-owned shipping companies are examined. For that structure of shipping family businesses, their management style, the basic elements that make up the family company, the effects of generational differences, professional manager and family management relationships and interactions, corporate governance structure, the life process of family companies, the characteristics of family values, habits and bonds are examined. An Unstructured Interview Research Method was used in making face-to-face and telephone interviews with the owners, CEOs, directors, and managers of four different sized Turkish shipping companies. The Fishbone (Ishikawa) Diagram Method was applied to identify, analyze, and examine the barriers in the transition process of family shipping businesses to third generations. PESTLE analysis was used to evaluate the results of the research and to shed light on future research. In this research scope; • The emotional commitment of family members restricts the input of hired professionals and their say in the family dominated board and this negatively affects sustainability; • Family members of shipping businesses do not always have a positive effect on the decisions taken; • It has been recognized that the changes experienced by family shipping companies as the generations change will directly affect the success of the business and this will result in significant difficulties in the transition to corporate governance. As a result of the regarding the short, medium and long term plans of the shipping companies, the effectiveness of corporate governance was confirmed and the importance of the transition to corporate governance was made clear. Keywords: Shipping family business, corporate culture, corporate governance, sustainability
Additional acquisitions for Turkish watchkeeping officers to be employed onboard cruise ships
Cruise industry experienced a remarkable growth in tourism industry over the past decades. Especially in recent years, interest of consumers in tourism sector shifted to cruising around the world which offers different activities and mobility. Number of cruise passengers which is around 18 million in 2009, reached 28 million in 2018 with an increase of 55 percent in 9 years. To meet this increasing demand, cruise ship fleet has also been growing and will continue to grow in the future according to number of new ship orders. However, Turkey cannot get enough share from cruise industry. Similar to share in industry, Turkey is not successful by means of number of watchkeeping officers working on cruise ships. Training and education of seafarers is standardized by IMO with STCW Convention. Hence, countries ratified the STCW Convention must follow the regulations of STCW and maritime education and training programs must be in compliance with STCW. Also certification standards are defined in STCW for each rank of seafarer. Besides the standard training regardless the ship type a seafarer work on, IMO set a new set of standards for personnel working on passenger ships because of their different operations than cargo ships. Number of people on cruise ships other than officers are significantly greater when compared to cargo ships and this requires more knowledge and skills for those officers especially on crowd management and crisis management main titles. It is seen that maritime education and training system in Turkey is in compliance with STCW standards and Turkey is a considerable country by means of number of officers provided. Furthermore, number of active officers in Turkey is continuing to increase each year. However, in contrary with increasing number, it is apparent that Turkish watchkeeping officers have difficulty in working on cruise ships according to literature and statistics. In this thesis, after reviewing the literature, both international and national regulations and legislations are examined to investigate the compliance and differences of maritime training and education system in Turkey with global standards. A questionnaire was conducted for cruise lines to gather information about the requirements of the industry. In this study, the reasons why Turkish watchkeeping officers cannot work on cruise ships were investigated and the additional acquisitions
An analysis of the relation between the commodity prices and freight rates
International trade activities increased remarkably over the last decades thanks to the globalization. Considering that over the 80% of global trade by volume and over 70 % of global trade by value are carried by sea; freight rate which is defined as a cost charged by the carrier for the transportation of cargo from the origin to the final location becomes crucial under the area of maritime economics. Freight rates may vary with respect to the type of goods, distance, weight, size, methods, and directions of the cargo. Just like final and semi-final products; commodities are also carried by the vessels in international seas and ships are named with respect to the goods carried such as bulk-carrier, dry cargo ship and tankers. In this thesis we aim firstly to detect the main determinants of the freight rates as a cost of transportation from the microeconomics and macroeconomics point of view in the literature and using those determinants we aim to investigate, in specific, the dynamic relationship between the commodity prices and freight rates charged to carry those commodities by using time series analysis for the various types of vessels and commodities in specific routes. Hereby analyzing the strength of direction of the relationship and the lag between changes in the freight rates up to the changes in the commodity prices may be useful for the actors in international trade for future's projections.
Efficiency and logistic capabilities of commercial seaports
In this study, ports are considered as complete logistics and supply chain entities that create added value and it is aimed at creating "a new balanced score card method" whereby environmental and social aspects of ports can be evaluated as well as their operational and financial performances. In this context, the aim of the study is to create a four-dimension port's balanced score card in order to benchmark container terminals or to monitor the changes in the performance of a single port over different periods. To reach this aim, the views and subjective judgments of the professionals working in the port industry were received and these judgemets were evaluated by the Analytic Hierarchy Process (AHP) method.