Strengthening Financial Efficiency in the Maritime Industry: A Systematic Review of Internal Governance, Strategic Control Systems, and Operational Cost Management
Keywords:
Financial Efficiency, Maritime Industry, Corporate Governance, Strategic Control Systems, Operational Cost Management.
Abstract
This study examines the strengthening of financial efficiency in the maritime industry through a Systematic Literature Review (SLR) approach by analyzing the role of corporate governance, strategic control systems, and operational cost management. A total of 50 peer-reviewed articles were reviewed based on the PRISMA guidelines to identify research trends related to financial efficiency, governance mechanisms, digital-based control systems, cost optimization strategies, and organizational capabilities in managing maritime operations. The findings indicate that financial efficiency in the maritime industry is achieved through the integration of effective corporate governance, data-driven strategic control systems, and efficient operational cost management practices. Furthermore, technological transformation, analytics capabilities, and adaptive organizational resources enhance companies' ability to optimize resources, improve decision-making quality, and respond to dynamic market conditions. However, challenges remain regarding cost volatility, technological adoption, sustainability pressures, and alignment between operational strategies and long-term financial objectives. This study contributes to the literature by providing a structured synthesis of previous research and highlighting the importance of integrated management approaches in strengthening sustainable and competitive financial efficiency within the maritime industry.
References
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Li, H., Yang, J., Zhang, W., Arya, V., & Li, Y. (2026). Designing reverse logistics networks in shipyards: Integrating cost, safety, and environmental trade-offs in location-routing decisions. Transportation Research Part E: Logistics and Transportation Review, 211, 104883. https://doi.org/10.1016/j.tre.2026. 104883
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Tang, H., Zhang, H., & Yang, D. (2026). Optimal sailing side planning for sustainable maritime transportation in inland waterways. Cleaner Logistics and Supply Chain, 19, 100324. https://doi.org/10.1016/j.clscn.2026.100324
Wang, H., Liu, Y., Wang, S., & Zhen, L. (2026). A decision-oriented cost-sensitive learning approach for optimal decisions in ship management. Transportation Research Part E: Logistics and Transportation Review, 213, 104985. https://doi.org/10.1016/j. tre.2026.104985
Wang, J., Zhang, B., Zhu, Q., & Liu, J. (2025). Emission surcharge in the European Union Emissions Trading System: A competitive analysis for shipping companies. Transportation Research Part E: Logistics and Transportation Review, 202, 104338. https://doi.org/10.1 016/j.tre.2025.104338
Wei, H., Mao, T., & Lee, S.-J. (2026). Low-carbon China-Europe multi-corridor container freight network under shipping disruption risks. Transportation Research Part E: Logistics and Transportation Review, 216, 105136. https://doi.org/10.1016/j.tre.2026.105136
Wu, R. (2026). How do climate risk and geopolitical risk impact shipping markets? Research in International Business and Finance, 81, 103190. https://doi.org/10.1016/j.riba f.2025.103190
Yan, R., Wang, S., & Psaraftis, H. N. (2021). Data analytics for fuel consumption management in maritime transportation: Status and perspectives. Transportation Research Part E: Logistics and Transportation Review, 155, 102489. https://doi.org/10.1016/j.tre.20 21.102489
Yang, B., Xu, X., Cao, J., Zeng, K., & Yu, Z. (2024). An anticipatory shipping system for online retailers via mining customer behavior in large e-commerce promotion. Electronic Commerce Research and Applications, 65, 101403. https://doi.org/10.1016/j.ele rap.2024.101403
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Yu, F., Xiang, Z., Wang, X., Yang, M., & Kuang, H. (2023). An innovative tool for cost control under fragmented scenarios: The container freight index microinsurance. Transportation Research Part E: Logistics and Transportation Review, 169, 102975. https://doi.org/10.1016/j.tre.2022. 102975
Zhang, W., Wang, J., Geng, Q., Satpathi, K., Gong, F., & Yan, R. (2025). Review of the state-of-the-art of alternative marine fuels: A viable approach to zero-carbon shipping. Cleaner Logistics and Supply Chain, 16, 100232. https://doi.org/10.1016/j.clscn.2025.100232
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Zhao, G., Xie, X., Jones, P., & Wu, X. (2026). A critical examination of the impact of big data analytics capability on container port performance. Technology in Society, 88, 103469. https://doi.org/10.1016/j.techsoc.2026.103469
Zhao, S., Yang, H., Wang, Y., & Yang, Z. (2026). A risk-averse two-stage stochastic programming model for vessel schedule recovery in liner shipping service. Transportation Research Part E: Logistics and Transportation Review, 208, 104655. https://doi.org/10.1016/ j.tre.2025.104655
Zhao, S., Yang, H., Zheng, J., & Li, D. (2024). A two-step approach for deploying heterogeneous vessels and designing reliable schedule in liner shipping services. Transportation Research Part E: Logistics and Transportation Review, 182, 103416. https://doi.org/10.1016/j.tre.2024.103416
Zhao, X., Jia, P., Li, H., & Si, R. (2026). Carbon intensity diagnostics for global crude oil ports: Linking AIS trajectories and economic contributions. Transportation Research Part E: Logistics and Transportation Review, 210, 104820. https://doi.org/10.1016/j.t re.2026.104820
Akhtar, P., Papadopoulos, T., Khan, H., Ghouri, A. M., Shamim, S., & Ashraf, A. (2026). Risk, generative AI, disinformation control, global supply chains, and social impacts. Technological Forecasting and Social Change, 226, 124609. https://doi.org/10.1016/j.tec hfore.2026.124609
Almasabi, S. S., Singh, S., Mehraj, D., Kurucz, A., Gregori, G. L., & Del Giudice, M. (2026). Driving circular financial performance and circular economic value added: Insights from institutional pressures and dynamic circular reconfiguration. Technology in Society, 86, 103291. https://doi.org/10.1016 /j.techsoc.2026.103291
Andrikopoulos, A., Merika, A., Merikas, A., & Sigalas, C. (2021). Related party transactions and principal-principal conflicts in public companies: Evidence from the maritime shipping industry. Transportation Research Part E: Logistics and Transportation Review, 145, 102171. https://doi.org/10.1016 /j.tre.2020.102171
Babuder, D., Lapko, Y., & Trucco, P. (2026). Navigating the sustainability transition in aviation: The case of liquid hydrogen aircraft adoption by low-cost airlines. Journal of Air Transport Management, 135, 103011. https://doi.org/10.1016/j.jairtraman.2026.103011
Bai, X., Cheng, L., & Iris, Ç. (2022). Data-driven financial and operational risk management: Empirical evidence from the global tramp shipping industry. Transportation Research Part E: Logistics and Transportation Review, 158, 102617. https://doi.org/10.1016/j.tre. 2022.102617
Chang, B., & Sim, D. (2026). Does transaction cost analysis explain virtual export channel choice? Journal of International Management, 32, 101329. https://doi.org/10.1016/j. intman.2026.101329
Chen, D., Jin, Y., Lian, F., Lai, F., & Yang, Z. (2026). Determinants of investment risk: A comparative analysis of China's port and manufacturing investments along the maritime silk road. Transportation Research Part E: Logistics and Transportation Review, 214, 105112. https://doi.org/10.1016/j.tre.2026. 105112
Chrysafis, K. A., Papadopoulou, G. C., & Theotokas, I. N. (2024). Measuring financial performance through operating business efficiency in the global cruise industry: A fuzzy benchmarking study on the "big three". Tourism Management, 100, 104830. https://doi.org/10.1016/j.tourman.2023.104830
Djoumessi, A., Tei, A., Ferrari, C., Wide, P., & Santén, V. (2026). Drivers and barriers to the adoption of wind assisted ship propulsion technologies: An organisational perspective. Technological Forecasting and Social Change, 226, 124559. https://doi.org/10.1016 /j.techfore.2026.124559
Guo, Y., Wang, Y., Zhang, X., Li, S., & Wu, L. (2026). Learning-based route-speed optimization for emission-control-area-aware sailing: No backfire to green shipping. Transportation Research Part E: Logistics and Transportation Review, 214, 105057. https://doi.org/10.10 16/j.tre.2026.105057
Hu, Y., Liu, R., & Yan, R. (2026). A predict-then-optimize framework for port state control officer routing. Transportation Research Part E: Logistics and Transportation Review, 211, 104833. https://doi.org/10.1016/j.tre.2026.104 833.
Hu, Y., Wang, M., Guo, X., & Lukinykh, V. F. (2025). Pre-occurrence location-allocation-configuration of maritime emergency resources considering shipborne unmanned aerial vehicle (UAV). Omega, 131, 103231. https://doi.org/10.1016/j.omega.2024.103231
Ichimura, Y., Dalaklis, D., Kitada, M., & Christodoulou, A. (2022). Shipping in the era of digitalization: Mapping the future strategic plans of major maritime commercial actors. Digital Business, 2(1), 100022. https://doi.org/10.1016/j.digbus.2022.100022
Ishiguro, K., Ishihara, H., & Takebayashi, M. (2025). Sea and air intermodal freight transport from East Asia to North America: From the viewpoint of cost efficiency. Journal of Air Transport Management, 124, 102737. https://doi. org/10.1016/j.jairtraman.2024.102737
Jelodari Mamaghani, E., & Bouchery, Y. (2026). Rethinking intermodal hinterland freight transport: The hidden impact of demurrage, detention, and storage costs. Transportation Research Part E: Logistics and Transportation Review, 212, 104905. https://doi.org/10.10 16/j.tre.2026.104905
Kaheni, S., Jabalameli, M. S., Dehghani, E., & Ghasemi, P. (2026). Designing cost-effective and environmentally responsible saffron supply chains: A two-stage data-driven approach for public and service sector decision-making. Socio-Economic Planning Sciences, 106, 102544. https://doi.org/10.1016/ J.Seps.2026.102544
Lassen, M. L., & Pisinger, D. (2026). A consensus fixing based heuristic for liner shipping network design with stochastic demands. Transportation Research Part E: Logistics and Transportation Review, 214, 105053. https://doi.org/10.1016/j.tre.2026.105053
Li, H., Yang, J., Zhang, W., Arya, V., & Li, Y. (2026). Designing reverse logistics networks in shipyards: Integrating cost, safety, and environmental trade-offs in location-routing decisions. Transportation Research Part E: Logistics and Transportation Review, 211, 104883. https://doi.org/10.1016/j.tre.2026. 104883
Liu, Q., Wang, X., Liu, H., Meng, L., & Hao, C. (2025). Optimization of sustainable coal procurement for power plants under maritime transportation uncertainty. Cleaner Logistics and Supply Chain, 14, 100204. https://doi.org/10.1016/j.clscn.2025.100204
Lu, B., Sun, Y., Wang, H., Wang, J.-J., Liu, S. S., & Cheng, T. C. E. (2024). Dynamic resilience analysis of the liner shipping network: From structure to cooperative mechanism. Transportation Research Part E: Logistics and Transportation Review, 191, 103755. https://doi.org/10.1016/j.tre.2024.10 3755
Luo, X., Fagerholt, K., Ormevik, A. B., & Yan, R. (2026). Hybrid electric platform supply vessel routing with speed optimization: Pathways to cost-effective emission reduction. Transportation Research Part E: Logistics and Transportation Review, 214, 105035. https://doi.org/10.1016/j.tre.2026.10 5035
Masoumi Hazhir, M., & Foroughi, A. A. (2025). A survey on resource and fixed cost allocation research with data envelopment analysis. Socio-Economic Planning Sciences, 101, 102275. https://doi.org/10.1016/j.seps.2025.102275
Mishra, A., Kundu, T., Kapoor, R., & Goh, M. (2025). Blockchain adoption in cross-border cold supply chains: Cost, efficiency and trust. Transportation Research Part E: Logistics and Transportation Review, 201, 104236. https://doi.org/10.1016/j.tre.2025.104236
Naoum, V. C., Ntounis, D., Papanastasopoulos, G., & Vlismas, O. (2023). Asymmetric cost behavior: Theory, meta-analysis, and implications. Journal of International Accounting, Auditing and Taxation, 53, 100578. https://doi.org/10.1016/j.intaccaudtax.2023.100578
Naganawa, H., Hirata, E., & Thompson, R. G. (2025). A sustainable crowd shipping model using public transport for low-carbon urban logistics. Cleaner Logistics and Supply Chain, 17, 100276. https://doi.org/10.1016/j.clscn.2025.100276
Nguyen, S., Chen, P. S.-L., & Du, Y. (2022). Risk assessment of maritime container shipping blockchain-integrated systems: An analysis of multi-event scenarios. Transportation Research Part E: Logistics and Transportation Review, 163, 102764. https://doi.org/10.10 16/j.tre.2022.102764
Niu, B., Zhang, E., Xie, F., & Wang, H. (2026). Marching towards maritime decarbonization: Could self-operated fleets hedge cost and consumer payment uncertainty risks? Transportation Research Part E: Logistics and Transportation Review, 215, 105123. https://doi.org/10.1016/j.tre.2026. 105123
Papathanasiou, S., Syriopoulos, T., Kenourgios, D., & Koutsokostas, D. (2025). Sailing through uncertainty: Shipping's role in financial shock transmission and hedging strategies. Global Finance Journal, 67, 101159. https://doi.org/10.1016/j.gfj.2025.101159
Serper, E. Z., & Alumur, S. A. (2026). Optimizing hub networks for truck platooning under uncertainty in cost savings. Transportation Research Part E: Logistics and Transportation Review, 208, 104692. https://doi.org/10.10 16/j.tre.2026.104692
Seo, J., Ding, W., Ke, Y., & Shi, Z. (2025). How do investors perceive firms' hiring of local CEOs? Evidence from the cost of equity capital. The British Accounting Review. https://doi.org/10.1016/j.bar.2025.101694
Song, Z., & Jin, J. G. (2025). Bulk ship fleet scheduling in industrial shipping for multiple destinations with time-variant loading constraints. Transportation Research Part E: Logistics and Transportation Review, 197, 104049. https://doi.org/10.1016/j.tre.20 25.104049
Sugrue, D., & Adriaens, P. (2021). A data fusion approach to predict shipping efficiency for bulk carriers. Transportation Research Part E: Logistics and Transportation Review, 149, 102326. https://doi.org/10.1016/j.tre.2021. 102326
Su, Z., Li, J., Pang, Q., & Su, M. (2025). China futures market and world container shipping economy: An exploratory analysis based on deep learning. Research in International Business and Finance, 76, 102870. https://doi.org/10.1016/j. ribaf.2025.102870
Tang, H., Zhang, H., & Yang, D. (2026). Optimal sailing side planning for sustainable maritime transportation in inland waterways. Cleaner Logistics and Supply Chain, 19, 100324. https://doi.org/10.1016/j.clscn.2026.100324
Wang, H., Liu, Y., Wang, S., & Zhen, L. (2026). A decision-oriented cost-sensitive learning approach for optimal decisions in ship management. Transportation Research Part E: Logistics and Transportation Review, 213, 104985. https://doi.org/10.1016/j. tre.2026.104985
Wang, J., Zhang, B., Zhu, Q., & Liu, J. (2025). Emission surcharge in the European Union Emissions Trading System: A competitive analysis for shipping companies. Transportation Research Part E: Logistics and Transportation Review, 202, 104338. https://doi.org/10.1 016/j.tre.2025.104338
Wei, H., Mao, T., & Lee, S.-J. (2026). Low-carbon China-Europe multi-corridor container freight network under shipping disruption risks. Transportation Research Part E: Logistics and Transportation Review, 216, 105136. https://doi.org/10.1016/j.tre.2026.105136
Wu, R. (2026). How do climate risk and geopolitical risk impact shipping markets? Research in International Business and Finance, 81, 103190. https://doi.org/10.1016/j.riba f.2025.103190
Yan, R., Wang, S., & Psaraftis, H. N. (2021). Data analytics for fuel consumption management in maritime transportation: Status and perspectives. Transportation Research Part E: Logistics and Transportation Review, 155, 102489. https://doi.org/10.1016/j.tre.20 21.102489
Yang, B., Xu, X., Cao, J., Zeng, K., & Yu, Z. (2024). An anticipatory shipping system for online retailers via mining customer behavior in large e-commerce promotion. Electronic Commerce Research and Applications, 65, 101403. https://doi.org/10.1016/j.ele rap.2024.101403
Ye, G., Li, S., Zhang, H., Lin, C., Yang, L., & Gao, Y. (2026). Navigating uncertainty in maritime decarbonization: A multi-risk framework for fuel–technology decisions. Transportation Research Part E: Logistics and Transportation Review, 214, 105001. https://doi.org/10.10 16/j.tre.2026 .105001
Yu, F., Xiang, Z., Wang, X., Yang, M., & Kuang, H. (2023). An innovative tool for cost control under fragmented scenarios: The container freight index microinsurance. Transportation Research Part E: Logistics and Transportation Review, 169, 102975. https://doi.org/10.1016/j.tre.2022. 102975
Zhang, W., Wang, J., Geng, Q., Satpathi, K., Gong, F., & Yan, R. (2025). Review of the state-of-the-art of alternative marine fuels: A viable approach to zero-carbon shipping. Cleaner Logistics and Supply Chain, 16, 100232. https://doi.org/10.1016/j.clscn.2025.100232
Zhang, Y., Cai, Y., Kuang, H., Yu, F., & Li, J. (2026). An empirical study on the adoption drivers of port-shipping blockchain-enabled electronic delivery order platform. Transportation Research Part E: Logistics and Transportation Review, 215, 105092. https://doi.org/10.10 16/j.tre.2026. 105092
Zhao, G., Xie, X., Jones, P., & Wu, X. (2026). A critical examination of the impact of big data analytics capability on container port performance. Technology in Society, 88, 103469. https://doi.org/10.1016/j.techsoc.2026.103469
Zhao, S., Yang, H., Wang, Y., & Yang, Z. (2026). A risk-averse two-stage stochastic programming model for vessel schedule recovery in liner shipping service. Transportation Research Part E: Logistics and Transportation Review, 208, 104655. https://doi.org/10.1016/ j.tre.2025.104655
Zhao, S., Yang, H., Zheng, J., & Li, D. (2024). A two-step approach for deploying heterogeneous vessels and designing reliable schedule in liner shipping services. Transportation Research Part E: Logistics and Transportation Review, 182, 103416. https://doi.org/10.1016/j.tre.2024.103416
Zhao, X., Jia, P., Li, H., & Si, R. (2026). Carbon intensity diagnostics for global crude oil ports: Linking AIS trajectories and economic contributions. Transportation Research Part E: Logistics and Transportation Review, 210, 104820. https://doi.org/10.1016/j.t re.2026.104820
Published
2026-09-05
How to Cite
Sianturi, A., Yusnaini, & Kartasari, S. F. (2026). Strengthening Financial Efficiency in the Maritime Industry: A Systematic Review of Internal Governance, Strategic Control Systems, and Operational Cost Management. International Journal of Education, Vocational and Social Science , 5(04), 231-256. https://doi.org/10.63922/ijevss.v5i04.6426
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Email : ijevss@citakonsultindo.or.id / editor.ijevss@gmail.com
