Which Forecasting Models Are Employed in The Shipping Industry? Identifying Key Themes and Future Directions Through an Integrative Review

Abstract

Developing accurate forecasting models provides the capability of handling the uncertain, volatile, and complex nature of the shipping industry. The outcome of the forecasts directly affects the decisions of policymakers. In this case, numerous forecasting studies have been published over time and rapid development has been evolved to reach accurate forecasts. This paper reviews both analytical and empirical studies by categorizing forecasting themes for shipping. The focus is threefold: to examine the developed forecasting models, to analyse the employed specific features and to evaluate the data characteristics, used variables, forecasting methods and models, and model features. Furthermore, a future agenda and implications to the industry are proposed. The findings are considered to provide information that is useful for researchers and practitioners who are involved in the forecasting process of the shipping industry.