Building a Sustainable Maritime Finance Ecosystem: Enhancing Shipping Management and Education

Titis Ari  Wibowo; Mudakir  Mudakir; Muhammad Zilal  Hamzah; Eleonora  Sofilda

doi:10.36101/msm.v17i2.386

Titis Ari Wibowo Sekolah Tinggi Ilmu Pelayaran Jakarta, North Jakarta, Indonesia
Mudakir Mudakir Sekolah Tinggi Ilmu Pelayaran Jakarta
Muhammad Zilal Hamzah Faculty Of Business And Economics, Trisakti University, Indonesia
Eleonora Sofilda Faculty Of Business And Economics, Trisakti University, Indonesia

DOI: https://doi.org/10.36101/msm.v17i2.386

Keywords: maritime finance, sustainability, port management, shipping business, maritime education

Abstract

This research explores the intersection of maritime finance, sustainability, and education, aiming to develop a sustainable maritime finance ecosystem. Focusing on port and shipping management, the study examines the perspectives of three key stakeholder groups: maritime industry experts, educators, and graduates. Through qualitative research and descriptive analysis, the study identifies key challenges and opportunities in aligning financial practices with sustainability goals. Findings show that while industry professionals and educators recognize the importance of green finance and sustainable business practices, gaps remain in education, particularly in integrating up-to-date sustainability principles into curricula. Furthermore, the research emphasizes the need for continued collaboration between industry, education, and policy to ensure that future maritime professionals are equipped with the skills necessary to navigate evolving financial and environmental challenges. The results provide actionable insights for enhancing vocational training and curriculum development to support the maritime sector’s transition to more sustainable and financially viable practices. Overall, this research highlights the crucial role of education in fostering a sustainable maritime future and provides recommendations for improving maritime finance and sustainability frameworks.

References

[1] Y.-J. Hsiao and W.-C. Tsai, “Financial literacy and participation in the derivatives markets,” J. Bank. Financ., vol. 88, pp. 15–29, 2018.
[2] M. Plaza-Hernández, A. B. Gil-González, S. Rodríguez-González, J. Prieto-Tejedor, and J. M. Corchado-Rodríguez, “Integration of IoT technologies in the maritime industry,” in Distributed Computing and Artificial Intelligence, Special Sessions, 17th International Conference, 2021, pp. 107–115.
[3] H. D. V. Nalupa, “Challenges and opportunities for maritime education and training in the 4th industrial revolution,” 2022.
[4] R. Agrifoglio, C. Cannavale, E. Laurenza, and C. Metallo, “How emerging digital technologies affect operations management through co-creation. Empirical evidence from the maritime industry,” Prod. Plan. Control, vol. 28, no. 16, pp. 1298–1306, 2017.
[5] K. Bergheim, M. B. Nielsen, K. Mearns, and J. Eid, “The relationship between psychological capital, job satisfaction, and safety perceptions in the maritime industry,” Saf. Sci., vol. 74, pp. 27–36, 2015.
[6] S. Ghosh, M. Bowles, D. Ranmuthugala, and B. Brooks, “On a lookout beyond STCW: Seeking standards and context for the authentic assessment of seafarers,” in 15th Annual General Assembly of the International Association of Maritime Universities, IAMU AGA 2014-Looking Ahead: Innovation in Maritime Education, Training and Research, 2014, pp. 77–86.
[7] A. M. Baylon and V. Santos, “The challenges in Philippine maritime education and training,” Int. J. Innov. Interdiscip. Res., vol. 1, no. 1, pp. 34–43, 2011.
[8] T. Albayrak and R. Ziarati, “Encouraging research in maritime education & training,” J. Marit. Transp. Eng., vol. 1, no. 1, pp. 4–9, 2012.
[9] A. A. Zaid, A. A. M. Jaaron, and A. T. Bon, “The impact of green human resource management and green supply chain management practices on sustainable performance: An empirical study,” J. Clean. Prod., vol. 204, pp. 965–979, 2018.
[10] J. Katz, “A theory of qualitative methodology: The social system of analytic fieldwork,” Méthod s African Rev. Soc. Sci. Methodol., vol. 1, no. 1–2, pp. 131–146, 2015.
[11] B. Chilisa, Indigenous research methodologies. Sage publications, 2019.
[12] Y. Roza, S. N. Siregar, and T. Solfitri, “Ethnomathematics: Design mathematics learning at secondary schools by using the traditional game of Melayu Riau,” J. Phys. Conf. Ser., vol. 1470, no. 1, 2020, doi: 10.1088/1742-6596/1470/1/012051.
[13] S. B. Merriam and R. S. Grenier, Qualitative research in practice: Examples for discussion and analysis. John Wiley & Sons, 2019.
[14] C. Willig, “Interpretation and analysis,” SAGE Handb. Qual. data Anal., vol. 481, 2014.
[15] D. Dalaklis, “Safety and security in shipping operations,” Shipp. Oper. Manag., pp. 197–213, 2017.
[16] P. Ricardianto, R. Prastiama, M. Thamrin, L. Agusinta, E. Abdurachman, and E. P. Perwitasari, “the Ship’S Crew Performance of Indonesian National Shipping Companies,” Int. J. Res. Commer. Manag. Stud., vol. 3, no. 03, pp. 52–66, 2021.
[17] N. Al Rahahleh, M. Ishaq Bhatti, and F. Najuna Misman, “Developments in risk management in Islamic finance: A review,” J. Risk Financ. Manag., vol. 12, no. 1, p. 37, 2019.
[18] F. Deuflhard, D. Georgarakos, and R. Inderst, “Financial literacy and savings account returns,” J. Eur. Econ. Assoc., vol. 17, no. 1, pp. 131–164, 2019.
[19] M. E. Manuel, “Vocational and academic approaches to maritime education and training (MET): Trends, challenges and opportunities,” WMU J. Marit. Aff., vol. 16, pp. 473–483, 2017.
[20] M. Rashidirad and H. Salimian, “SMEs’ dynamic capabilities and value creation: the mediating role of competitive strategy,” Eur. Bus. Rev., vol. 32, no. 4, pp. 591–613, 2020.
[21] D. Sudarman, “THE INFLUENCE OF OCCUPATIONAL HEALTH AND SAFETY AND SUPERVISION ON EMPLOYEE PERFORMANCE OF PT. PAN MARITIME WIRA PAWITRA CREW MEMBERS,” J. Manag. ACCOUNTING, Gen. Financ. Int. Econ. ISSUES, vol. 2, no. 3, pp. 729–741, 2023.