WBFN - Sustainable Strategies

This study examines the quality of Environmental, Social, and Governance (ESG) reporting among 126 listed maritime firms (2009–2023) in response to evolving decarbonization policies. Using a content-analysis-driven ESG quality index and panel data analysis, the findings reveal that the 2018 International Maritime Organization (IMO) Initial Greenhouse Gas (GHG) Strategy regulation announcement significantly improved ESG reporting quality one-year post-announcement, highlighting firms' proactive compliance with regulatory mandates. The analysis identifies a bidirectional negative relationship between profitability and ESG reporting, as less profitable firms prioritize ESG to attract external funding, while profitable firms deprioritize such initiatives. Innovation, measured by patents, positively influences ESG reporting and profitability, emphasizing the synergy between sustainable innovation and disclosure quality. Additionally, enhanced ESG reporting is linked to reduced agency costs (measured by free cash flow and asset turnover) and lower corporate risk, underscoring its role in fostering transparency, resource efficiency, and resilience. This research contributes to the growing literature on ESG by exploring the dynamic interplay between regulatory pressures, financial performance, innovation, governance, and risk in the maritime sector. The findings have implications for policymakers, industry practitioners, and stakeholders seeking to navigate the transition toward sustainability within one of the most emission-intensive industries.

The maritime supply chain, a critical enabler of global trade and logistics, is increasingly pressured by various environmental regulations. It accounts for approximately 2.9% of global human-caused CO2 emissions, ranking it as the sixth-largest greenhouse gas emitter if regarded as a country. Consequently, eco-innovation has become a critical priority for attaining sustainable competitiveness. This study investigates how digital technology resources, both tangible and intangible, enable eco-innovation within maritime supply chains and enhance sustainable performance. With the Dynamic Capability View (DCV) theory as a theoretical foundation, an online survey was conducted among various stakeholders in the Singapore maritime industry, and a total of 123 responses were collected. Subsequently, structural equation modelling was employed to analyse the collected data. The results show that AI applications are the most significant driver of eco-process innovation, while digital marketing plays a key role in stimulating eco-service innovation. Both eco-process and eco-service innovation substantially boost the sustainable performance of maritime companies, together accounting for 40.2% of its variance. This study underscores the importance of integrating digital technology resources to foster eco-innovation within organisations. It also offers actionable insights for maritime companies to achieve sustainability and long-term competitiveness in a dynamic market.

The transition towards renewable energy sources has positioned offshore wind ports as critical nodes in the European energy supply chain. These ports serve as essential hubs for the assembly, transportation, maintenance, and future energy conversion of offshore wind power. Despite their significant role in energy decarbonization, research on the sustainability efforts of offshore wind terminals remains limited. This study examines the status and drivers of sustainability implementation in European offshore wind terminals through a comparative case study of key ports, including Esbjerg, Cuxhaven, Eemshaven, Oostende, and Hull/Humber.
The research applies institutional theory to identify coercive, mimetic, and normative pressures influencing sustainability adoption. Data collection includes a mixed-methods approach, integrating a web-based review of sustainability initiatives with expert interviews from terminal operators and port authorities. Findings indicate that sustainability in offshore wind terminals is primarily driven by external pressures, such as customer demands, regulatory requirements, and climate-related obligations, rather than internal motivations. The comparative analysis reveals disparities in sustainability efforts, with some terminals demonstrating proactive strategies, including environmental management systems and sustainability reporting, while others lack dedicated sustainability initiatives.
Challenges such as high investment costs, technical limitations, and uncertainty in regulatory enforcement hinder widespread sustainability adoption. However, the study highlights emerging opportunities, including competitive advantages through green initiatives, increased market reputation, and potential financial incentives for sustainable operations. The research concludes that while offshore wind terminals contribute to the renewable energy transition, systematic sustainability implementation is still in its early stages. Further regulatory support and industry collaboration are required to accelerate sustainability integration, ensuring that offshore wind ports align with broader climate goals and the European Green Deal targets.