Resilience of Small and Medium-Sized Shipping Companies in Turbulent Times

Abstract

The ability of companies in the shipping industry, which is subject to ups and downs throughout history, to survive and continue their activities depends on applying the right response strategies at the right time especially during periods of economic recession. This study aims to determine which strategies small and medium-sized enterprises in the dry cargo shipping industry use the most in such turbulent times in the light of a resource-based perspective. The current study identifies response strategies through literature review and interviews with subject experts. Afterward, an integrated AHP and TOPSIS approach is used. Strategies such as debt restructuring, reducing fuel consumption and procurement costs, focusing on marketing activities, and reducing crewing costs have been highlighted as the most used response strategies. Sub-strategies were determined within the scope of each strategy and ranked according to their importance. This study mainly contributes to resilience literature by identifying and ranking response strategies in dry bulk shipping to make accurate decisions.