Dissertation: Contemporary Challenges of the Maritime Industry: Towards Financing of Green Shipping Technologies and Cyber-Security

How did you become interested in your field of research?

The journey started in 2018; during my Master studies [ich war im MSc Global Mgmt & Gov; falls Du das lieber schreiben möchtest] at HSBA, I developed the pay-as-you-save model for green shipping technologies in an elective for ship finance with Prof. Schinas. Back then, we decided to publish the paper in a respective journal. That’s when I started to follow the green shipping space.

What is the focus of your PhD?

Contemporary challenges of the maritime industry. In total, I published four papers in the green ship finance space and one paper on maritime cyber-security.

What are the main findings of your PhD and who are your results aimed at?

Due to the cumulative nature of my doctoral research, each paper addresses a different problem. Let me try to keep the answer short.

The developed shared savings financing scheme (pay-as-you-save) shall help the industry to overcome financial restraints in relation to the installation of green shipping technologies. In fact, just this year -5 years after the respective paper has been published- the pay-as-you-save model has been covered in a dedicated webinar hosted by one of the largest shipowner associations (BIMCO). This highlights that the model is still relevant. In another paper, which has been published on a conference on wind propulsion technologies, we apply the developed methodology to wind-assisted propulsion technologies (WASP) to illustrate the risk and return profile of two prominent WASP technologies.

Then, we introduced a novel decision-making tool to the green shipping space: the fuzzy-pay-off-method (FPOM). This real-option-based tool also has a high practical relevance as it is handy and rather easy to use. Further, with the help of the FPOM tool, we were able to expand the research on the pay-as-you-save model. Measured in citations, the FPOM paper has been the most successful paper in the overall doctoral research project.

The last paper in the green ship finance space, deals with so called ‘market-based measures’ (MBM), the pricing of GHG emission for global shipping. It analysis the various MBM scenarios that have been discussed at IMO level until 2021 under consideration of the pay-as-you-save model as well as the FPOM. Thereby, it aims at providing decision-making support for the industry as well as guidance for policy makers in relation to the MBM design, which is one of the hottest topics in shipping today.

The last paper has been published in the maritime cyber-space. It deals with shortcomings of the seaworthiness concept in the cyber-context. Based on a thorough literature review, weaknesses in the prevailing seaworthiness definitions are identified, and addressed by the introduction and definition of the term ‘cyber-seaworthiness’. This paper aims at providing an interim solution for stakeholders, who rely on the seaworthiness concept, until the policy makers have clarified the identified weaknesses. Thereby, it also provides respective guidance to policy makers.

How relevant is your work for your further professional development?

First of all, such doctoral research project, next to a demanding full-time job, requires a good portion of stamina, stress management, and organizational talent. Such skillset will -for sure- help me going forward. Further, I already had the plan to go -sooner or later- back to university as a lecturer for a long time. This doctoral project opens the academic world for me and allows me to pursue this plan.