The Circular Shipping Initiative: How the Circular Economy could introduce new value to the shipping industry
Year: 2019 Language: english Author: Danish Ship Finance, et al. Genre: Research papers Publisher: Danish Ship Finance, et al. Format: PDF Quality: eBook Pages count: 19 Description: Short-term tensions over trade, geopolitics and new environmental regulations are capturing the attention of the shipping industry, masking a more structural shift that is taking place. The introduction of new technologies, the digitalisation of interconnected global supply chains, and the transition towards a global circular economy will, at some point, change how value is created in the shipping industry. The shipping industry has been following a cost savings narrative during the past decade. The introduction of climate-related regulation seems to amplify this trend. The new regulation has introduced new investment requirements, many of which mean that the adoption of new technologies is being focused on fuel saving. But it becomes increasingly hard for individual players to develop a competitive edge if operational excellence is delivered through third-party algorithms or software available to all industry players. In many cases, these new technologies are simply redefining shipowners’ licence to operate. This shift is largely in line with many investors’ call for distinct ESG profiles but is doing little to enable the industry to capture the opportunities from the integration of the various sectors throughout the global supply chain. Additional value needs to be identified and new services need to be launched. Still, few of the traditional players are working to discover the revenue potentials in adjacent markets, different parts of the value chain, and new industries. The digital transformation of the global supply chain does not necessarily mean a sea change for every company in every part of the industry at the same time, although all ship segments are expected to be affected at some point. These trends are as likely to impact the container and the ro-ro players as the players operating tanker or dry bulk vessels. But the implications, the timing and the impact of these changes will vary greatly between ship segments. The introduction of circular business models represents an opportunity for differentiation and value creation in a period where the traditional guiding principles are slowly being corroded. The global supply chain is still at an early stage of digitalisation. Individual sectors are being upgraded and connected, but existing assets are for many reasons not being upgraded to the highest standards possible. The transformative effects of the emerging changes are therefore hardly visible yet, but the introduction of hyperconnectivity and embedded intelligence at the edge will work to integrate and optimise all elements of the global supply chain within the next decade. The Circular Shipping Initiative report, a project kindly financed by the Danish Maritime Fund, is intended to inspire and encourage further exploration of the circular economy and the opportunities it may present. We have only taken the first steps and invite readers to broaden the discussion, the perspectives and the possible future outcomes.
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The Circular Shipping Initiative: How the Circular Economy could introduce new value to the shipping industry
Language: english
Author: Danish Ship Finance, et al.
Genre: Research papers
Publisher: Danish Ship Finance, et al.
Format: PDF
Quality: eBook
Pages count: 19
Description: Short-term tensions over trade, geopolitics and new environmental regulations are capturing the attention of the shipping industry, masking a more structural shift that is taking place. The introduction of new technologies, the digitalisation of interconnected global supply chains, and the transition towards a global circular economy will, at some point, change how value is created in the shipping industry.
The shipping industry has been following a cost savings narrative during the past decade. The introduction of climate-related regulation seems to amplify this trend. The new regulation has introduced new investment requirements, many of which mean that the adoption of new technologies is being focused on fuel saving. But it becomes increasingly hard for individual players to develop a competitive edge if operational excellence is delivered through third-party algorithms or software available to all industry players. In many cases, these new technologies are simply redefining shipowners’ licence to operate.
This shift is largely in line with many investors’ call for distinct ESG profiles but is doing little to enable the industry to capture the opportunities from the integration of the various sectors throughout the global supply chain. Additional value needs to be identified and new services need to be launched. Still, few of the traditional players are working to discover the revenue potentials in adjacent markets, different parts of the value chain, and new industries.
The digital transformation of the global supply chain does not necessarily mean a sea change for every company in every part of the industry at the same time, although all ship segments are expected to be affected at some point. These trends are as likely to impact the container and the ro-ro players as the players operating tanker or dry bulk vessels. But the implications, the timing and the impact of these changes will vary greatly between ship segments.
The introduction of circular business models represents an opportunity for differentiation and value creation in a period where the traditional guiding principles are slowly being corroded. The global supply chain is still at an early stage of digitalisation. Individual sectors are being upgraded and connected, but existing assets are for many reasons not being upgraded to the highest standards possible. The transformative effects of the emerging changes are therefore hardly visible yet, but the introduction of hyperconnectivity and embedded intelligence at the edge will work to integrate and optimise all elements of the global supply chain within the next decade.
The Circular Shipping Initiative report, a project kindly financed by the Danish Maritime Fund, is intended to inspire and encourage further exploration of the circular economy and the opportunities it may present. We have only taken the first steps and invite readers to broaden the discussion, the perspectives and the possible future outcomes.
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