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In this final chapter, three major themes are emphasized: to develop an overall fleet perspective when it comes to a shipping company; strategy (with support from modern technology); to push toward more “asset-light” strategies, keeping in mind that traditional shipowning is normally rather asset-heavy; to strive for relevant innovations also in the future, by being even closer to key customers, and by proactively taking advantage of technological developments, climatic changes, and technology-driven managerial economic opportunities.
A total of 10 case studies are given, to illustrate how innovations might take place in real-life shipping company settings. We see here the critical importance of an open-minded corporate culture, as well as the key role of the person at the top of the organization.
This chapter discusses how innovations are reshaping the two major fundamental strategic options that a shipowner typically might have: asset-play, i.e., a typically short-term focus on “in-out/long-short”, vs. industrial shipping, i.e. more tailored ships employed on longer-term charters, and typically with relatively high financial gearing. Key innovations are reshaping the essence of each of these strategic options, above all, regarding what might now be a commercially modern ship. Customer closeness is increasingly seen as key to all of this.
Innovations are definitely to a large degree happening as a result of impacts from the top management of various shipping organizations. Several shipowners have come to be known for their commitments to innovation – implicit as well as explicit. The materials reported in this chapter are archival.
This chapter discusses the fundamental role of shipping research when it comes to “redefining” freight rates, as well as key decision-making processes. Cognitive limits are becoming increasingly important, and these “shape” innovations, including when it comes to buying or selling ships.
This chapter provides a status report of the shipping industry, including major structural changes, and key innovations so far. The chapter provides a natural extension of the introduction, and should be seen together with this.
This introductory chapter discusses major changes in the shipping industry, traditionally rather conservative and static, but now increasingly characterized by fundamental innovations and dynamism. Several of the drivers for these key innovations are discussed, such as technological advances, changes in legal requirements, effects from climate change, as well as economic pressures to become even more efficient.
Innovations are dramatically changing the traditionally conservative global ocean shipping industry as it works to become more efficient and more sustainable. Academic and former shipping company owner Peter Lorange is best placed to make sense of how to approach and keep ahead of these changes. This book explains what the key innovations are, how to ensure a return on investment, the barriers to innovation and how to overcome them. Drawing on a number of specialist case studies, Lorange outlines the specific analytical and decision-making steps to consider and the actions to take to arrive at a new strategic blueprint for modern shipping companies. This book is invaluable for practising shipping company executives, advanced students of shipping, logistics, port management and maritime economics, and investors deciding whether to invest in a particular shipping firm.
The chapter elaborates on how the practice of teaching seems to be changing towards more seminar-type discussions of key dilemmas, with students coming from diverse backgrounds, that they would draw on. This means a new role for the professor (now a catalyst, discussion leader, synthesizer), and with the classroom simply being an ordinary flat-floored room with round tables. The physical space, in general would be open, to facilitate discussions and reflective learning
This chapter falls into these related parts. The first deals with research: why it is different today than before, why a library is no longer essential, as well as the training of faculty members to become good researchers. Strong, relevant research is a key driver for marketing, and the Dean/President typically would play a key role here, above all by communicating effectively key research findings. The Dean/President is typically also critical in finding a reasonable balance when it comes to how much resources that is spent on research verses on marketing.
The chapter starts with the changing roles of the faculty as well as the Dean/President in a fast, flexible, networked setting, with outsourcing and a slimmer core. This network reality is seen as key to cope effectively with contextual macro shifts, especially when it comes to implementing key curricular change. The Dean/President is seen as critical here, in the sense that he/she represents a “top-down” dimension, which might not only be key when it comes to driving key changes, but also for effective faculty mentoring and for quality assurance. This top-down orchestrator role is likely to become even more central in the business schools of the future. The choice of new Dean/President is thus becoming even more critical, discussed at the end of the chapter.
This chapter discusses in detail what might be key features of a so-called network-organized business school verse a more traditionally organized one. These particularly key features of the networked school are discussed in detail: the critical importance of trust among members of a network, that cooperate and compete among network members typically might be the norm, and that creativity tends to flourish in such network-orientated groups. These examples of such network-orientated educational institutions are then discussed in terms of approaches, experiences (pluses and minuses), as well as outlooks: the Lorange Institute of Business, SHARE, and the Lorange Network.
The final text chapter of the book starts out delineating five key factors likely to shape the future of business schools in general. It then makes the point that various forms of blended learning are likely to become more and more prevailing, and the ways in which good business schools might be managed might become more ambiguous. To measure progress shall thus become more and more key. An emerging new business school context shall thus have to take into account the need to be cost-effective, make space for changing study preferences, and allow for more tailoring of the curriculum, all within school network settings, discussed in the previous chapter.