IDEAS home Printed from https://ideas.repec.org/a/spr/josatr/v8y2023i1d10.1186_s41072-023-00158-5.html
   My bibliography  Save this article

COVID-19 and the financial resilience of Finland’s seaports

Author

Listed:
  • Pekka Leviäkangas

    (University of Oulu)

  • Lauri Ojala

    (University of Turku)

  • Seong Mok Paik

    (University College Dublin)

  • Veikko Pekkala

    (University of Oulu)

Abstract

This research quantifies the impacts that COVID-19 had on the financial performance of Finnish seaports. The data comprises annual financial statement information from 18 seaports. The ports are different in terms of ownership, size, and main lines of business. Most ports’ turnover dropped because of COVID-19, and their profitability declined. However, the ports were able to maintain their financial position quite well despite their declining turnovers. Statistically significant impacts of COVID-19 were observable regarding turnover growth, profitability, labor intensity and capital intensity. Surprisingly, ports with mainly import traffic had the least negative impacts on turnover growth.

Suggested Citation

  • Pekka Leviäkangas & Lauri Ojala & Seong Mok Paik & Veikko Pekkala, 2023. "COVID-19 and the financial resilience of Finland’s seaports," Journal of Shipping and Trade, Springer, vol. 8(1), pages 1-20, December.
    • Handle: RePEc:spr:josatr:v:8:y:2023:i:1:d:10.1186_s41072-023-00158-5
    DOI: 10.1186/s41072-023-00158-5
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1186/s41072-023-00158-5
    File Function: Abstract
    Download Restriction: Access to the full text of the articles in this series is restricted.
    File URL: https://libkey.io/10.1186/s41072-023-00158-5?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Pamela S. Barr, 1998. "Adapting to Unfamiliar Environmental Events: A Look at the Evolution of Interpretation and Its Role in Strategic Change," Organization Science, INFORMS, vol. 9(6), pages 644-669, December.
    2. López-Bermúdez, Beatriz & Freire-Seoane, María Jesús & Nieves-Martínez, Diego José, 2019. "Port efficiency in Argentina from 2012 to 2017: An ally for sustained economic growth," Utilities Policy, Elsevier, vol. 61(C).
    3. Theo Notteboom & Thanos Pallis & Jean-Paul Rodrigue, 2021. "Disruptions and resilience in global container shipping and ports: the COVID-19 pandemic versus the 2008–2009 financial crisis," Maritime Economics & Logistics, Palgrave Macmillan;International Association of Maritime Economists (IAME), vol. 23(2), pages 179-210, June.
    4. Olaf Merk & Jan Hoffmann & Hercules Haralambides, 2022. "Post-COVID-19 scenarios for the governance of maritime transport and ports," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-04046254, HAL.
    5. P. Leviäkangas & S. Michaelides, 2014. "Transport system management under extreme weather risks: views to project appraisal, asset value protection and risk-aware system management," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 72(1), pages 263-286, May.
    6. Kevin Cullinane & Hercules Haralambides, 2021. "Global trends in maritime and port economics: the COVID-19 pandemic and beyond," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-04046225, HAL.
    7. Courage Mlambo, 2021. "The Impact of Port Performance on Trade: The Case of Selected African States," Economies, MDPI, vol. 9(4), pages 1-18, September.
    8. Jason Monios & Gordon Wilmsmeier, 2022. "Maritime governance after COVID-19: how responses to market developments and environmental challenges lead towards degrowth," Maritime Economics & Logistics, Palgrave Macmillan;International Association of Maritime Economists (IAME), vol. 24(4), pages 699-722, December.
    9. Ziaul Haque Munim & Hans-Joachim Schramm, 2018. "The impacts of port infrastructure and logistics performance on economic growth: the mediating role of seaborne trade," Journal of Shipping and Trade, Springer, vol. 3(1), pages 1-19, December.
    10. Olaf Merk & Jan Hoffmann & Hercules Haralambides, 2022. "Post-COVID-19 scenarios for the governance of maritime transport and ports," Post-Print hal-04046254, HAL.
    11. Laxe, Fernando González & Bermúdez, Federico Martín & Prado Domínguez, Antonio Javier, 2021. "Are Spanish ports efficient and profitable? A quantitative analysis," Utilities Policy, Elsevier, vol. 70(C).
    12. Kevin Cullinane & Hercules Haralambides, 2021. "Global trends in maritime and port economics: the COVID-19 pandemic and beyond," Post-Print hal-04046225, HAL.
    13. Olaf Merk & Jan Hoffmann & Hercules Haralambides, 2022. "Post-COVID-19 scenarios for the governance of maritime transport and ports," Maritime Economics & Logistics, Palgrave Macmillan;International Association of Maritime Economists (IAME), vol. 24(4), pages 673-685, December.
    14. Kevin Cullinane & Hercules Haralambides, 2021. "Global trends in maritime and port economics: the COVID-19 pandemic and beyond," Maritime Economics & Logistics, Palgrave Macmillan;International Association of Maritime Economists (IAME), vol. 23(3), pages 369-380, September.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Theo Notteboom & Hercules Haralambides & Kevin Cullinane, 2024. "The Red Sea Crisis: ramifications for vessel operations, shipping networks, and maritime supply chains," Maritime Economics & Logistics, Palgrave Macmillan;International Association of Maritime Economists (IAME), vol. 26(1), pages 1-20, March.
    2. Tran, Nguyen Khoi & Haralambides, Hercules & Notteboom, Theo & Cullinane, Kevin, 2025. "The costs of maritime supply chain disruptions: The case of the Suez Canal blockage by the ‘Ever Given’ megaship," International Journal of Production Economics, Elsevier, vol. 279(C).
    3. Wenjie Li & Elise Miller-Hooks, 2023. "Understanding the implications of port-related workforce shortages on global maritime performance through the study of a carrier alliance," Maritime Economics & Logistics, Palgrave Macmillan;International Association of Maritime Economists (IAME), vol. 25(3), pages 452-478, September.
    4. Saeed, Naima & Nguyen, Su & Cullinane, Kevin & Gekara, Victor & Chhetri, Prem, 2023. "Forecasting container freight rates using the Prophet forecasting method," Transport Policy, Elsevier, vol. 133(C), pages 86-107.
    5. Li, Xue & Chua, Jie Ying & Yuen, Kum Fai, 2024. "A review on maritime disruption management: Categories, impacts, and strategies," Transport Policy, Elsevier, vol. 154(C), pages 40-47.
    6. Bruno Moeremans & Michaël Dooms & Elvira Haezendonck, 2023. "Long-term analysis of traffic flows in European inland ports: implications for the port–city interface," Maritime Economics & Logistics, Palgrave Macmillan;International Association of Maritime Economists (IAME), vol. 25(2), pages 272-300, June.
    7. Kunpeng Li & Jun-Yeon Lee & Amir Gharehgozli, 2024. "Blockchain implementation in the maritime industry: a literature review and synthesis analysis of benefits and challenges," Maritime Economics & Logistics, Palgrave Macmillan;International Association of Maritime Economists (IAME), vol. 26(4), pages 630-657, December.
    8. Yang, Yang & Liu, Qing & Chang, Chia-Hsun, 2023. "China-Europe freight transportation under the first wave of COVID-19 pandemic and government restriction measures," Research in Transportation Economics, Elsevier, vol. 97(C).
    9. Hercules Haralambides & Girish Gujar, 2023. "The ‘new normal’, global uncertainty and key challenges in building reliable and resilient supply chains," Maritime Economics & Logistics, Palgrave Macmillan;International Association of Maritime Economists (IAME), vol. 25(4), pages 623-638, December.
    10. Taeil Kim & Sunghwa Park & Hanna Kim & Janghan Kwon, 2023. "Estimating the Impact of COVID-19 on International Trade: Cases of Major Countries Using the SUR Model," Sustainability, MDPI, vol. 15(24), pages 1-17, December.
    11. Marc Lim, Weng, 2023. "Transformative marketing in the new normal: A novel practice-scholarly integrative review of business-to-business marketing mix challenges, opportunities, and solutions," Journal of Business Research, Elsevier, vol. 160(C).
    12. Chu, Zhong & Yan, Ran & Wang, Shuaian, 2024. "Are vessel arrival and port operations affected by COVID-19? Evidence from the Hong Kong port," Transport Policy, Elsevier, vol. 154(C), pages 157-181.
    13. Antonis A. Michis, 2025. "On measuring competition in the ship management industry," Journal of Shipping and Trade, Springer, vol. 10(1), pages 1-18, December.
    14. Miao Su & Keun Sik Park & Sung Hoon Bae, 2024. "A new exploration in Baltic Dry Index forecasting learning: application of a deep ensemble model," Maritime Economics & Logistics, Palgrave Macmillan;International Association of Maritime Economists (IAME), vol. 26(1), pages 21-43, March.
    15. Kim, Ki-Dong & Shim, Gyuhun & Choi, Hyun-Im & Kim, Dong-Hyun, 2023. "Effect of the timber legality requirement system on lumber trade: focusing on EUTR and Lacey Act," LSE Research Online Documents on Economics 121106, London School of Economics and Political Science, LSE Library.
    16. Mohammed, Ahmed & Yazdani, Morteza & Govindan, Kannan & Chatterjee, Prasenjit & Hubbard, Nicolas, 2023. "Would your company’s resilience be internally viable after COVID-19 pandemic disruption?: A new PADRIC-based diagnostic methodology," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 180(C).
    17. Richard Grant & Landolf Rhode-Barbarigos & Shouraseni Sen Roy & Lucas Britton & Chang Li & Aidan Rowe & Austin Becker & Becky Hope & Michael Bello, 2024. "No port stands alone: PortMiami and the resilience of its Caribbean and Mesoamerican maritime network," Maritime Economics & Logistics, Palgrave Macmillan;International Association of Maritime Economists (IAME), vol. 26(2), pages 342-365, June.
    18. Bokyung Kim & Geunsub Kim & Moohong Kang, 2022. "Study on Comparing the Performance of Fully Automated Container Terminals during the COVID-19 Pandemic," Sustainability, MDPI, vol. 14(15), pages 1-13, August.
    19. César Ducruet & Hidekazu Itoh, 2022. "Spatial Network Analysis of Container Port Operations: The Case of Ship Turnaround Times," Networks and Spatial Economics, Springer, vol. 22(4), pages 883-902, December.
    20. César Ducruet & Hidekazu Itoh, 2022. "Spatial network analysis of container port operations: the case of ship turnaround times," EconomiX Working Papers 2022-15, University of Paris Nanterre, EconomiX.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:josatr:v:8:y:2023:i:1:d:10.1186_s41072-023-00158-5. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.