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The relative efficiency of shipping companies

Author

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  • Panayides, Photis M.
  • Lambertides, Neophytos
  • Savva, Christos S.

Abstract

This paper contributes to the maritime transport literature by examining the relative efficiency of firms in the three key sectors of the shipping industry, i.e. dry, wet and container shipping. Two relative efficiency models are developed to assess relative market and relative operating performance efficiency. The theoretical framework of fundamental analysis is adopted to derive the inputs and outputs in the efficiency models which are assessed using data envelopment and stochastic frontier analysis. Shipping companies were found to exhibit average market efficiency. Market and operating performance efficiency of maritime firms is not consistent. Tanker companies are more market efficient whereas container shipping firms are found to have high operating performance efficiency but were market inefficient. Dry bulk firms were found to have the lowest ratings of market efficiency.

Suggested Citation

  • Panayides, Photis M. & Lambertides, Neophytos & Savva, Christos S., 2011. "The relative efficiency of shipping companies," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 47(5), pages 681-694, September.
    • Handle: RePEc:eee:transe:v:47:y:2011:i:5:p:681-694
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    Cited by:

    1. Shih-Liang Chao & Chun-Wei Lai, 2019. "Comparing the efficiency of alliance members and independent liner carriers: a metafrontier analysis," Maritime Economics & Logistics, Palgrave Macmillan;International Association of Maritime Economists (IAME), vol. 21(2), pages 157-172, June.
    2. Hashem Omrani & Mehdi Keshavarz, 2016. "A performance evaluation model for supply chain of shipping company in Iran: an application of the relational network DEA," Maritime Policy & Management, Taylor & Francis Journals, vol. 43(1), pages 121-135, January.
    3. Francesco Parola & Giovanni Satta & Riccardo Spinelli, 2013. "L?impatto delle strategie corporate sulle performance delle imprese di logistica via mare," ECONOMIA E DIRITTO DEL TERZIARIO, FrancoAngeli Editore, vol. 2013(2), pages 201-225.
    4. Quintano, Claudio & Mazzocchi, Paolo & Rocca, Antonella, 2021. "Evaluation of the eco-efficiency of territorial districts with seaport economic activities," Utilities Policy, Elsevier, vol. 71(C).
    5. Jean-Paul Rodrigue & Petr Kolář, 2016. "Port Regionalization and Landlocked Hinterland: The Czech Republic," Central European Business Review, Prague University of Economics and Business, vol. 2016(3), pages 69-77.
    6. Claudio Quintano & Paolo Mazzocchi & Antonella Rocca, 2020. "A competitive analysis of EU ports by fixing spatial and economic dimensions," Journal of Shipping and Trade, Springer, vol. 5(1), pages 1-19, December.
    7. Gong, Xiaoxing & Wu, Xiaofan & Luo, Meifeng, 2019. "Company performance and environmental efficiency: A case study for shipping enterprises," Transport Policy, Elsevier, vol. 82(C), pages 96-106.
    8. Grace W.Y. Wang & Su-Han Woo & Joan Mileski, 2014. "The relative efficiency and financial risk assessment of shipping companies," Maritime Policy & Management, Taylor & Francis Journals, vol. 41(7), pages 651-666, December.
    9. Chao, Shih-Liang & Yu, Ming-Miin & Hsieh, Wei-Fan, 2018. "Evaluating the efficiency of major container shipping companies: A framework of dynamic network DEA with shared inputs," Transportation Research Part A: Policy and Practice, Elsevier, vol. 117(C), pages 44-57.
    10. Kadziński, Miłosz & Labijak, Anna & Napieraj, Małgorzata, 2017. "Integrated framework for robustness analysis using ratio-based efficiency model with application to evaluation of Polish airports," Omega, Elsevier, vol. 67(C), pages 1-18.
    11. Andreas A. Kouspos & Photis M. Panayides & Dimitris A. Tsouknidis, 2023. "The relationship between technical innovation and financial performance in shipping firms," Maritime Economics & Logistics, Palgrave Macmillan;International Association of Maritime Economists (IAME), vol. 25(4), pages 698-727, December.
    12. Hyo-Won Kang & Grace W Y Wang & Hee-Seok Bang & Su-Han Woo, 2016. "Economic performance and corporate financial management of shipping firms," Maritime Economics & Logistics, Palgrave Macmillan;International Association of Maritime Economists (IAME), vol. 18(3), pages 317-330, September.
    13. Sun, Jiasen & Yuan, Yang & Yang, Rui & Ji, Xiang & Wu, Jie, 2017. "Performance evaluation of Chinese port enterprises under significant environmental concerns: An extended DEA-based analysis," Transport Policy, Elsevier, vol. 60(C), pages 75-86.
    14. H. Pierre Hsieh & Kuo‐Cheng Kuo & Minh‐Hieu Le & Wen‐Min Lu, 2021. "Exploring the cargo and eco‐efficiencies of international container shipping companies: A network‐based ranking approach," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 42(1), pages 45-60, January.
    15. Wu, Wei-Ming & Huang, Deng-Shing, 2018. "Modelling the profitability of container shipping lines: Theory and empirical evidence," Transport Policy, Elsevier, vol. 72(C), pages 159-170.
    16. Bor-Hong Lin & Hsuan-Shih Lee & Cheng-Chi Chung, 2020. "The Construction and Implication of Group Scale Efficiency Evaluation Model for Bulk Shipping Corporations," Mathematics, MDPI, vol. 8(5), pages 1-13, May.
    17. Joohwan Kim & Hwayoung Kim, 2021. "Evaluation of the Efficiency of Maritime Transport Using a Network Slacks-Based Measure (SBM) Approach: A Case Study on the Korean Coastal Ferry Market," Sustainability, MDPI, vol. 13(11), pages 1-17, May.
    18. Güner, Samet, 2015. "Investigating infrastructure, superstructure, operating and financial efficiency in the management of Turkish seaports using data envelopment analysis," Transport Policy, Elsevier, vol. 40(C), pages 36-48.
    19. Wu, Wei-Ming & Lin, Jenn-Rong, 2015. "Productivity growth, scale economies, ship size economies and technical progress for the container shipping industry in Taiwan," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 73(C), pages 1-16.
    20. Yi-Hui Liao & Hsuan-Shih Lee, 2023. "Using a Directional Distance Function to Measure the Environmental Efficiency of International Liner Shipping Companies and Assess Regulatory Impact," Sustainability, MDPI, vol. 15(4), pages 1-13, February.
    21. Nektarios A. Michail & Konstantinos D. Melas, 2019. "A cointegrating stock trading strategy: application to listed tanker shipping companies," Journal of Shipping and Trade, Springer, vol. 4(1), pages 1-10, December.

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