Optimizing Voyage Costs in Maritime Supply Chains: A Holistic Approach Towards Logistics Service Improvement and Supply Chain Finance

Abstract

Abstract The multi-objective optimization for voyage planning, which aims to balance time, fuel utilization, and all other relevant service costs, is noticeably absent in the scientific literature. The reason behind this gap is closely linked to the involvement of a large number of participants with conflicting interests in the process. This complexity explains why modelling an optimization tool for maritime logistics services appears challenging. Although new technologies such as blockchains and smart contracts have helped reduce the number of participants and address some complexities, they cannot fully resolve the fragmentation observed in maritime transport. To address the need for optimized voyage management for vessels, this study takes a holistic approach to voyage costs within the maritime supply chain, similar to how a single company would approach it. The study combines a case study from the container shipping industry, expert interviews, project results, and secondary empirical data research to develop a financial model for optimizing voyage costs. The research opens up opportunities for improving logistics services and developing new business models in the field of supply chain finance.