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Information barriers in shipping: Assessing effects on stakeholder decision-making with respect to the energy efficiency of vessels in the time charter market

Bonello, Jean-Marc; (2021) Information barriers in shipping: Assessing effects on stakeholder decision-making with respect to the energy efficiency of vessels in the time charter market. Doctoral thesis (Ph.D), UCL (University College London). Green open access

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Abstract

Given the increasing pressure for emission reduction through the Paris Agreement and the International Maritime Organisation’s emission reduction ambition set in 2018, energy performance in shipping is more important than ever. Several studies have identified information barriers lead to uncertainty around energy efficiency and vessel performance. This prevents more efficient vessels from being rewarded and discourages the uptake of energy efficiency technologies and operational measures. Poor in-service data quality, suboptimal performance modelling and information asymmetry between stakeholders regarding vessel performance result in challenging decision-making when choosing energy efficiency technologies, operational measures or when fixing a vessel for a charter. There is very little literature focused on investigating decision-making practices in relation to vessel and technology performance to expose specific problems related to information use. This work explores these problems and evaluates the effect of information related shortcomings in vessel efficiency on decision-making in deep sea cargo shipping. A mixed-methods approach is proposed, starting with an exploratory case study. The aim is to understand the use of information and identify information asymmetries encountered by all parties involved when making decisions on fixtures or energy efficiency technology selection. The insights from the case study are used to develop a probabilistic techno-economic model which quantifies uncertainties arising from identified information asymmetries and the impact they have on different stakeholders. A game theoretic framework is used as a basis for the model. As a third step, solutions to reduce uncertainty are tested. These solutions are focused on increasing transparency between stakeholders and are shown to provide a mutually beneficial scenario for both charterers and owners. The novel model developed can be used as a tool to evaluate risk stemming from stakeholder behaviour and the impact this has on operating profit for owners and charterers based on assumptions related to information flow and use. The work is aimed towards creating an evidence base for targeted commercial tools and policy designed to promote and reward vessel efficiency by bridging the information gap between technical and commercial sides of the shipping industry.

Type: Thesis (Doctoral)
Qualification: Ph.D
Title: Information barriers in shipping: Assessing effects on stakeholder decision-making with respect to the energy efficiency of vessels in the time charter market
Event: UCL (University College London)
Open access status: An open access version is available from UCL Discovery
Language: English
Additional information: Copyright © The Author 2021. Original content in this thesis is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International (CC BY-NC 4.0) Licence (https://creativecommons.org/licenses/by-nc/4.0/). Any third-party copyright material present remains the property of its respective owner(s) and is licensed under its existing terms. Access may initially be restricted at the author’s request.
UCL classification: UCL
UCL > Provost and Vice Provost Offices > UCL BEAMS
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment > Bartlett School Env, Energy and Resources
URI: https://discovery.ucl.ac.uk/id/eprint/10136118
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