An Approach to Advance Circular Practices in the Maritime Industry through a Database as a Bridging Solution

Abstract

The concept of maritime circularity has gained increasing attention to address challenges arising from the net-zero targets of the maritime industry. The circular economy provides potential solutions to address these challenges through reuse, remanufacturing, and recycling practices. However, the industry faces complex challenges, including inefficient reverse supply chains, a lack of awareness about circular economy principles, standardisation issues, and the need for digital infrastructure to provide vital information in the sector. These challenges prevent the implementation of circularity practices, as access to crucial data throughout the vessel’s life cycle is obstructed. This novel research aims to create a robust first-of-its-kind database solution specifically designed to support the industry’s shift towards circularity. The database will facilitate fast and transparent information flow between the stakeholders, providing foundations for asset tracking and a robust reverse supply chain. A case study was conducted to show that a database could help extract higher financial value from end-of-life ships by over 80%. The ageing fleet increases the urgency of utilising such a database, which could be a pivotal strategy for a sustainable and circular industry. This digital solution offers significant benefits to all industry stakeholders and allows holistic resource management, influencing maritime operations’ sustainability, resilience, and profitability.