Financial Challenges and Opportunities In The Maritime Industry: Insights From Expert Perspectives
DOI:
https://doi.org/10.61132/ijems.v1i3.158Keywords:
Maritime industry, Financial challenges, Economic indicators, Sustainability, Strategic recommendationsAbstract
This research investigates the intricate landscape of financial challenges and opportunities in the maritime industry through the lens of expert perspectives in economics, management, and maritime operations. Drawing on qualitative insights from industry leaders and scholars, the study analyses key economic indicators such as GDP growth rates, inflation, interest rates, and trade balances, highlighting their profound impact on global shipping dynamics. The findings reveal pervasive challenges including economic volatility, regulatory compliance burdens, and sustainability pressures, which necessitate strategic responses for financial resilience and operational sustainability. Strategic recommendations are delineated to address these challenges effectively, advocating for enhanced risk management strategies, investment in technological innovation, adoption of sustainable practices, collaborative industry partnerships, and capacity building in talent development. These insights are crucial for maritime stakeholders aiming to navigate economic uncertainties and regulatory complexities while advancing towards sustainable growth and competitiveness in the global maritime economy.
Downloads
References
Bain, K., & Howells, P. (2017). Monetary economics: Policy and its theoretical basis. Bloomsbury Publishing.
Borio, C. (2014). The financial cycle and macroeconomics: What have we learnt? Journal of Banking & Finance, 45, 182–198.
Brown, J. R., Cookson, J. A., & Heimer, R. Z. (2019). Growing up without finance. Journal of Financial Economics, 134(3), 591–616.
Chircop, A. (2015). The international maritime organization.
Choudhury, M. A. (2018). Micro-money, finance and real economy interrelationship in the framework of Islamic ontology of unity of knowledge and the world-system of social economy. International Journal of Social Economics, 45(2), 445–462.
Flin, R., Mearns, K., O’Connor, P., & Bryden, R. (2000). Measuring safety climate: Identifying the common features. Safety Science, 34(1), 177–192. https://doi.org/10.1016/S0925-7535(00)00012-6
Gavalas, D., Syriopoulos, T., & Roumpis, E. (2022). Digital adoption and efficiency in the maritime industry. Journal of Shipping and Trade, 7(1), 11.
Katz, J. (2015). A theory of qualitative methodology: The social system of analytic fieldwork. Méthod(e)s: African Review of Social Sciences Methodology, 1(1–2), 131–146.
Kongsvik, T. Ø., Størkersen, K. V., & Antonsen, S. (2014). The relationship between regulation, safety management systems and safety culture in the maritime industry. Safety, Reliability and Risk Analysis: Beyond the Horizon, 467–473.
Mandaraka-Sheppard, A. (2014). Modern maritime law and risk management. CRC Press.
Martin, T., Ondra, V., & Dominik, K. (2022). The role of fiscal vs monetary policy in modern economics. Fusion of Multidisciplinary Research, An International Journal, 3(2), 329–341.
Raut, R. K. (2020). Past behaviour, financial literacy and investment decision-making process of individual investors. International Journal of Emerging Markets, 15(6), 1243–1263.
Saeed, S., & Zyngier, D. (2012). How motivation influences student engagement: A qualitative case study. Journal of Education and Learning, 1(2), 252–267.
Salim, A., Rustam, A., Haeruddin, H., Asriati, A., & Putra, A. H. P. K. (2020). Economic strategy: Correlation between macro and microeconomics on income inequality in Indonesia. The Journal of Asian Finance, Economics and Business, 7(8), 681–693.
Simanjuntak, M. B., Rafli, Z., & Utami, S. R. (2024). Enhancing global maritime education: A qualitative exploration of post-internship perspectives and preparedness among cadets. Journal of Education and Learning (EduLearn), 18(4), 1134–1146. https://doi.org/10.11591/edulearn.v18i4.21719
Sparrow, R., Dartanto, T., & Hartwig, R. (2020). Indonesia under the new normal: Challenges and the way ahead. Bulletin of Indonesian Economic Studies, 56(3), 269–299. https://doi.org/10.1080/00074918.2020.1854079
Toriia, T. G., Epikhin, A. I., Panchenko, S. V., & Modina, M. A. (2023). Modern educational trends in the maritime industry. SHS Web of Conferences, 164, 60.
Utne, I. B., Sørensen, A. J., & Schjølberg, I. (2017). Risk management of autonomous marine systems and operations. International Conference on Offshore Mechanics and Arctic Engineering, 57663, V03BT02A020.
Vilko, J., Ritala, P., & Hallikas, J. (2019). Risk management abilities in multimodal maritime supply chains: Visibility and control perspectives. Accident Analysis & Prevention, 123, 469–481.
Willig, C. (2014). Interpretation and analysis. In The SAGE Handbook of Qualitative Data Analysis (pp. 481).
Zaderei, A. (2020). Ensuring the sustainability of the human resources management system of maritime industry enterprises. Access: Access to Science, Business, Innovation in Digital Economy, 1(2), 146–156.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2024 International Journal of Economics and Management Sciences
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.