Peter Lorange: Innovations in Shipping
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Peter Lorange: Innovations in Shipping Cambridge University Press, 2020 Hercules E. Haralambides1 Published online: 17 August 2020 © Springer Nature Limited 2020
I rarely review books myself. The present exception is made not only because of the book’s fascinating contents—a most lucid explanation of hotly debated shipping innovations and their ramifications—but also as a small gesture of appreciation to a valuable member of this journal’s Editorial Board: Peter Lorange. The book offers welcome new insights to an industry which, by general recognition, is described as conservative, secretive and away from the spotlight of publicity. I don’t recall how many times in the past have I heard the passionate plea of shipowners to governments and regulators: ‘please stay away and let us do our job the way we know it’. Fortunately or unfortunately, the complexity of present-day transport systems, particularly as regards their impact on and compliance with environmental demands, is making a plea like the above quizzical at best. Be that as it may, an outsider might not normally expect a high degree of innovation in shipping. Yet, Lorange, a renowned academician and shipowner, discusses 11 important and relatively recent innovations. He argues that there are two overriding issues that drive innovation in shipping: company strategy in general, and company overall portfolio strategy in particular. The role of the shipowner is crucial in both strategies. There are indeed those, claims Lorange, who through deep knowledge of markets and of the complexity of the business, stay always on top of things, pushing innovation ahead; and then there are those who, either because of intrinsic complacency or lack of understanding, are just followers and onlookers. We have a saying in Greece which I don’t mind quoting in the language of this world’s most acclaimed shipowners: ‘πενία τέχνας κατεργάζεται’. Liberally, ‘it is the hungry who strive most for survival’. And this is what Peter also says in his book: In good times, everyone—owners, shipyards and more—is happy. They sit back and rest on their laurels. Only when shipping markets are in the doldrums, there seems to be a real drive for innovation. The preoccupation now is to reduce costs and improve efficiency; innovation plays an essential role in both cases. Privately * Hercules E. Haralambides [email protected] 1
Sorbonne University, Paris, France Vol:.(1234567890)
Peter Lorange: Innovations in Shipping
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held firms may be more apt in pursuing effective innovations, the book also claims. Such firms may not have to report on the costs of specific innovations and can thus afford to take a longer-term view, of longer payoff periods, without having to worry about shareholders and the potential negative effects on their stock prices. Lorange spares no effort to discuss the need for more innovation in matters of ship propulsion. He is concerned that the IMO regulation on low sulfur content in bunker fuel has already been in effect since January 2020, and this implies a shift
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