CBS Maritime

Arctic Shipping — Commercial Opportunities and Challenges

The Arctic Ocean has experienced a rapid decline in sea ice extent and volume, driven by rising global temperatures. This development has opened previously inaccessible shipping lanes and enabled access to major offshore fossil fuel reserves.

Growing maritime activity in the Arctic makes it important to assess what these environmental changes mean for Denmark and its maritime industry.

The Report

The report examines the challenges and opportunities linked to an increasingly accessible Arctic Ocean. The analysis builds on past literature and economic theory and focuses on future prospects for liner, bulk, offshore and cruise shipping.

A quantitative assessment is included to estimate when large-scale Arctic traffic may become viable if the decline in ice cover continues.

Online Calculation Tool

The online calculation tool supports the quantitative analysis by allowing users to input vessel specifications and environmental and economic parameters. The model evaluates the feasibility of transporting containerized cargo along the Northern Sea Route.

The tool also estimates when an ice-reinforced vessel operating partly on the NSR may become favorable compared to a conventional ship operating solely on the SCR.

Downloads

Arctic Shipping — Commercial Opportunities and Challenges (PDF)
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,” launched with the generous support of the Danish Maritime Fund.

Ports as Energy Transition Hubs: An Exploratory Study

Ports are beginning to take on new roles in the clean energy transition. This development makes it important to examine how ports can contribute to and benefit from wider changes in energy systems.

The Report

The report offers a transdisciplinary exploration of ports as hubs for the clean energy transition. The analysis identifies knowledge gaps, key challenges and emerging problems, and formulates ideas and approaches for addressing them.

The report aims to generate preliminary evidence that can support further research and inform strategic planning for ports seeking to engage actively in the clean energy transition.

Downloads

Ports as Energy Transition Hubs: An Exploratory Study (PDF)

Ownership, Finance and Strategy in the Segment of Product Tankers

The product tanker segment is part of a highly cyclical shipping industry closely linked to world trade and global economic conditions. This segment is fragmented, volatile and financially exposed because long-term investments must be made on the basis of short-term forecasts.

The industry’s vulnerability becomes particularly clear during unexpected financial crises. Developments can be understood through three chronological phases: the global growth boom, the financial crisis and the post-crisis period including the industry's current situation.

The Report

The report maps changes in financing methods, ownership structures and strategic approaches in the Danish product tanker segment. The analysis draws on qualitative sources, including scientific literature and maritime publications.

The study examines five major Danish product tanker companies with different financing models to understand how financing, strategy and ownership are connected. The timeframe covers developments from 2004 to 2014, supported by interviews that provide insights into company practices and decision-making.

Downloads

Ownership, Finance and Strategy in the Segment of Product Tankers (PDF)

Value Creation in the Maritime Chain of Transportation

The maritime chain of transportation is driven by the need to move cargo between locations with excess supply and locations with excess demand. Transport is therefore a derived demand, and carriers and service providers must create and extract value from this movement. Existing literature has paid limited attention to how value is created, particularly by agents in the chain.

The Report

The report presents initial insights from a broader mapping project on value creation logics in the maritime value chain. The analysis explains the roles of different actors and examines how they contribute to value creation.

The findings draw on interviews with key players in the maritime chain of transportation, combined with insights from the existing shipping literature.

Downloads

Value Creation in the Maritime Chain of Transportation (PDF)

Offshore Supply Industry Dynamics

Full title: 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 energy source. New offshore hydrocarbon discoveries and the rapid global expansion of offshore wind have strengthened the sector’s significance.

The offshore supply industry is often grouped with the general marine supply industry, yet the value chains for offshore oil, gas and wind differ in important ways. Understanding these differences is essential for analyzing how the sector operates.

The Report

The report examines how the value chains for offshore oil, gas and offshore wind differ from the broader maritime supply industry. The analysis applies a process model approach to identify key drivers in the energy sector and the characteristics of the relevant value chains.

Downloads

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)

Offshore Supply Industry Dynamics

Fuld titel: Offshore Supply Industry Dynamics: Business Strategies in the Offshore Supply Industry

The offshore supply industry consists of multiple markets with different characteristics. These differences shape how companies position themselves in offshore oil, gas and wind. The diversity of the sector is reflected in segments such as offshore drilling contractors, offshore wind turbine installation, stand-by services, offshore wind logistics and manufacturers of pumps and pumping solutions.

The Report

This report examines five offshore markets to highlight their competitive forces and value chain characteristics. It also analyses how six Danish offshore suppliers — Maersk Drilling, A2SEA, Esvagt, World Marine Offshore, Iron Pump and DESMI Pumping Technology — have positioned themselves in these markets. The findings are based on interviews with top management combined with insights from the management literature.

Downloads

Offshore Supply Industry Dynamics — Business Strategies in the Offshore Supply Industry (PDF)

Navigating ECA-Zones: Regulation and Decision-Making

Regulation in international shipping often has a major impact on the operations of firms and on the development of the shipping industry. Recent developments regarding energy efficiency, ballast water management and air pollution affect the entire maritime supply chain. Air pollution in Northern Europe has been a particularly contentious issue. New rules concerning Sulphur emissions took effect in the Baltic and North Sea in 2015, but little knowledge existed about how this regulation affects shipowners.

The Report

This report analyses the effects of Sulphur regulation in the Baltic and North Sea. The analysis shows that several factors influence which compliance strategy vessels choose. Three factors are identified as the most crucial: the price spread between marine gas oil and heavy fuel oil, the age of the vessel and the time spent sailing in the SECA area.

The report shows that compliance options vary. Investments in scrubbers or LNG are favourable for vessels operating most of the time in the SECA, while switching to marine gas oil is favourable for vessels operating only a minority of the time in the SECA. The underlying factor behind these relationships is the global oil price, which affects fuel prices but not retrofit or LNG investment costs.

ECA Zone Calculation Tool

The ECA Zone Optimal Fuel Retrofit Strategy Tool was developed in conjunction with the report. The tool allows users to insert vessel and route specifications to estimate the costs of four different fuel or retrofit strategies under the enhanced Sulphur regulations.

Downloads

Navigating ECA-Zones: Regulation and Decision-Making (PDF)

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 in business, as every activity in a company works to justify the value behind a price and convert it into profit. Pricing therefore has a dramatic but often underappreciated effect on profitability. Sustaining long-term growth requires marine suppliers to define pricing strategies in a holistic way.

Pricing remains under-managed in many companies. When moving towards servitization, services or integrated solutions are often underpriced or promised at performance levels that cannot be delivered profitably.

The Report

The report argues that the marine supplies industry needs radical change in pricing by focusing on customer needs and aligning incentives between suppliers and customers for long-term relationships. Value-based pricing is presented as the way forward. The report discusses key challenges in applying value-based pricing and how these challenges may be addressed.

Downloads

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.

Target Costing as a Strategic Tool to Commercialize the Product and Service Innovation

Innovation is a key factor for success in today’s competitive marketplace. With strong international competition and rapid technological change, the ability to introduce innovations into the market and capture the resulting profits is strategically important.

The Report

The report explains how the implementation of target costing increases the likelihood of commercial success for an innovation. Target costing focuses on market conditions and customer needs during the design and price-setting stages. This approach sets cost-reduction targets within the organisation and supports cost-effective design and internal operations.

Downloads

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.

Relational Maritime Contracts – a cost and risk perspective

The report concerns relational contracts in the maritime industry from legal, game theoretical and strategic perspectives. It discusses the purpose of a relational contract and the specific legal characteristics found in such contracts.

The report also outlines economic explanations of the relationships between different clauses in a relational contract. Strategy and game theory are used to explain negotiation outcomes and to show how parties should behave to obtain joint utility in contractual relationships in the maritime industry.

Downloads

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.

Pricing of Marine Products and Services in the Modular Age

Appropriate pricing of product-and-service combinations can have a broad impact on business performance. It can boost sales and revenue by differentiating customer preferences across offerings, reduce transaction costs and strengthen competitiveness. Customer satisfaction and loyalty can also increase when pricing better reflects customer needs.

Pricing is particularly challenging for marine suppliers offering multiple products and services, especially when aiming to address specific customer requirements while maintaining pricing efficiency.

The Report

The report explains how pricing challenges can be addressed by applying the modular concept to pricing. Each product or service is offered as a separate module, allowing individual pricing or bundled pricing. This approach helps balance customization and standardization and creates the potential for a win-win situation.

Downloads

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.

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 cybersecurity within maritime shipping. It departs from the question of whether it makes sense to regulate cybersecurity at the industry level, considering that shipping organisations themselves are the main beneficiaries of cyber hygiene or cyber resilience.

In exploring these and related questions, the study draws on reports, applicable regulation and policies at national and supranational levels. It also builds on interviews with key stakeholders in the Danish shipping industry and participation in relevant events.

Downloads

Cruising Digitalization — Governance Framework for Cybersecurity (PDF)

For further information please contact Maya Mitre at mmi.digi@cbs.dk.

Maritime Industry 2030

“The Maritime Industry 2030” conference was held at Copenhagen Business School on 5–6 February 2018. The event served as 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.

The report summarises the discussions at the conference and highlights broader maritime industry issues and the goals of MRA.

Downloads

Maritime Industry 2030 (PDF)

The conference was supported by the Danish Maritime Fund. In 2020 the fund supported the establishment of the Maritime Research Alliance based on cross-disciplinary research themes and ideas identified at the conference.

For more information please contact Henrik Sornn-Friese at hs.si@cbs.dk.

Creating Circular Economy Clusters for Sustainable Ship Recycling in Denmark

With the tightening of international ship recycling regulation — including the EU Ship Recycling Regulation, the adoption of the Basel Convention Ban Amendment and the pending adoption of the Hong Kong Convention — a general upgrading of global ship recycling is expected. These developments may reduce the cost advantages historically enjoyed by facilities in South Asia and create new conditions for ship recycling in Europe.

The move towards a circular economy, reflected in Danish and European policies and regulation, could support a strong business case for European ship recycling facilities and maritime suppliers able to meet strengthened environmental and safety requirements.

The Report

The report summarises and discusses initial project results regarding the future prospects for a circular business ecosystem for end-of-life shipping assets in Denmark, including the potential for Danish ship recycling yards and the maritime industry. It addresses questions related to:

the size and composition of the near-end-of-life fleet
the structure and capabilities of the Danish yards and maritime industry
analysis of the market for ship recycling in Denmark
circular business models and remanufacturing in the marine equipment industry

Downloads

Creating Circular Economy Clusters for Sustainable Ship Recycling in Denmark (PDF)

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].

For more information please contact Henrik Sornn-Friese at hs.si@cbs.dk.

About (Panel content)

About CBS Mari­time

Research Profile

Build­ing Strength Through Col­lab­or­a­tion

In­tern­al Col­lab­or­a­tion at CBS

Ex­tern­al Re­search Net­works

Busi­ness Part­ner­ships

Re­search Areas

Pro­grammes re­lated to CBS Mari­time

BSc in In­ter­na­tion­al Ship­ping and Trade

MSc in Eco­nom­ics and Busi­ness Ad­min­is­tra­tion in Sup­ply Chain Man­age­ment

For fur­ther in­form­a­tion con­tact

Car­sten Ørts Han­sen

Hen­rik Sor­nn-Fri­e­se

Research (Panel content)

Re­search at CBS Mari­time

Or­gan­iz­a­tion­al In­nov­a­tion in Ship­ping, Ports and Mari­time In­dustry

Green Ship­ping: Gov­ernance and In­nov­a­tion in the Mari­time Sup­ply Chain

Blue IN­NO­ship — Ser­vit­iz­a­tion

Project background

Project activities

Practical information

Com­pet­it­ive Chal­lenges and Stra­tegic De­vel­op­ment Po­ten­tial in Glob­al Mari­time In­dus­tries

The Dy­nam­ics of Mari­time Clusters

The Sources of Mari­time Lead­er­ship

The Entrepreneur­ship Dy­nam­ics of a No­mad­ic Work­force

Nor­d­ic Ship­ping in a Glob­al Con­text

The Cli­mate Chal­lenge for Ship­ping

CBS Maritime publications (Panel content)

Articles in peer reviewed journals (Panel content)

Books and reports (Panel content)

Book chapters (Panel content)

Other (Panel content)

News and Dissemination (Panel content)

Me­dia and Dis­sem­in­a­tion

Public Reach (Panel content)

Own articles (Panel content)

2025

2024

2023

2022

2021

2020

Keynote and plenary speeches (Panel content)

Interviews (Panel content)

2025

2024

2023

2022

2021

2020

Other articles (Panel content)

Downloads (Panel content)

Down­load Re­ports and Tools

Arctic Ship­ping — Com­merci­al Op­portu­ni­ties and Chal­len­ges

The Report

Online Calculation Tool

Downloads

Po­rts as Ener­gy Tran­si­tion Hubs: An Expl­ora­tory Stu­dy

The Report

Downloads

Ow­ners­hip, Fi­nan­ce and Stra­te­gy in the Seg­ment of Pro­duct Tan­kers

The Report

Downloads

Va­lue Cre­a­tion in the Ma­ri­ti­me Chain of Trans­porta­tion

The Report

Downloads

Of­fsho­re Sup­ply In­du­s­try Dy­na­mi­cs

The Report

Downloads

Of­fsho­re Sup­ply In­du­s­try Dy­na­mi­cs

The Report

Downloads

Navi­gat­ing ECA-Zo­nes: Re­gu­la­tion and De­ci­sion-Making

The Report

ECA Zone Calculation Tool

Downloads

Pri­cing Stra­te­gy for the Ma­ri­ne Sup­plies In­du­s­try

The Report

Downloads

About CBS Maritime

Building Strength Through Collaboration

Internal Collaboration at CBS

External Research Networks

Business Partnerships

Research Areas

Programmes related to CBS Maritime

BSc in International Shipping and Trade

MSc in Economics and Business Administration in Supply Chain Management

For further information contact

Carsten Ørts Hansen

Henrik Sornn-Friese

Research at CBS Maritime

Organizational Innovation in Shipping, Ports and Maritime Industry

Green Shipping: Governance and Innovation in the Maritime Supply Chain

Blue INNOship — Servitization

Competitive Challenges and Strategic Development Potential in Global Maritime Industries

The Dynamics of Maritime Clusters

The Sources of Maritime Leadership

The Entrepreneurship Dynamics of a Nomadic Workforce

Nordic Shipping in a Global Context

The Climate Challenge for Shipping

Media and Dissemination

Download Reports and Tools

Arctic Shipping — Commercial Opportunities and Challenges

Ports as Energy Transition Hubs: An Exploratory Study

Ownership, Finance and Strategy in the Segment of Product Tankers

Value Creation in the Maritime Chain of Transportation

Offshore Supply Industry Dynamics

Offshore Supply Industry Dynamics

Navigating ECA-Zones: Regulation and Decision-Making

Pricing Strategy for the Marine Supplies Industry

Target Costing as a Strategic Tool to Commercialize the Product and Service Innovation

Relational Maritime Contracts – a cost and risk perspective

Pricing of Marine Products and Services in the Modular Age

Cruising Digitalization — A Study of the Governance Framework for Cybersecurity in the Danish Maritime Shipping Industry

Maritime Industry 2030

Creating Circular Economy Clusters for Sustainable Ship Recycling in Denmark