Formation of the effectiveness of public and private sector companies of the maritime industry based on an integrated analysis of financial results

Abstract

The maritime industry in Lithuania is based on the public, state, and private sectors, and on the interests, activities and partnership of business companies operating in the aforementioned sectors. Despite the management of the public sector in Lithuania being criticized for showing performance shortcomings, the state of Klaipeda's seaport management and performance results refutes this criticism. The overall result of partnerships and co-operation is obtained – it reflects the port's competitiveness level in the region. According to a report conducted by the International Monetary Fund, the potential output growth in 2014–2015 has declined since the global financial crisis. Policy actions are required to boost the productivity levels, and to foster capital growth. In order to achieve these objectives, it is essential to know the company's financial situation better, because the better the financial state of the company, the more new port service users, cargo owners, shipping lines, and investors it attracts. The standard analysis of financial indicators is insufficient. Hence the method of integrated analysis is applied. The results of it might be considered as guidelines for both the state seaport authorities in order to improve the port's competitive position in the region, and for the private companies for their business development.