Maritime Cyber Risk Management Process: Case for American Liquefied Gas CarrierThe entwinement of shipboard traditional and cyber assets and the unique and potentially severe hazards of a liquefied gas carrier necessitate the need of the robust implementation of a shipboard cyber risk management process. Academic research on maritime cyber risk management lack an empirical research on a shipboard system in operation and a broader coverage of regulatory and commercial insights in formulating such process. This thesis aims to propose a shipboard cyber risk management process with broader technological, regulatory, and commercial perspectives in the maritime transportation of liquefied gas cargo. Case study methodology is applied to describe the formulation and implementation of a shipboard cyber risk management process. Interpretive data collection is conducted to identify and review key stakeholders on the cyber risk management of American liquefied gas carriers and their relevant resources. A baseline of references is proposed to formulate a shipboard cyber risk management process. For this purpose, the cyberspace and vulnerabilities of the maritime industry is reviewed to identify considerations originating from a cyber environment, the maritime industry, and a vessel. Case study was conducted by reviewing documents and observing a cargo handling system commissioned on a liquefied petroleum gas carrier in operation. Asset-based risk assessment is conducted to determine quantitative risk impact value of and cyber threats to critical equipment. The study demonstrates how the integration of traditional and cyber assets in a cargo handling system introduce cyber threats and aggravate physical threats. Results demonstrates how existing company and shipboard practices can be enhanced to improve shipboard cyber resilience.
Residual Fuel Oil Market: Risks and Opportunities for the Maritime SectorThe Transportation Sector, and by extension, public and private oceangoing shipping, is on track to become effectively the only remaining consumer of residual fuel oil (RFO) over the next several years in the United States. This work examines this changing demand and analyzes implications for the shipping industry and refiners. It develops an RFO demand prediction model using multiple regression. It also makes recommendations for increasing efficiency in the marine bunkering supply chain - improving corporate efficiency is one approach to managing cost and risk in this changing marketplace.
COVID-19 and the Fate of the Cruise Industry: A Holistic Answer to Regaining the Public's TrustThe cruise industry is facing a challenge that has never been seen before. The COVID-19 Pandemic has crippled a market that has been steadily growing for decades and, before this, showed no end in sight. As cruise lines halt operations, hemorrhage money, and call for loans just to stay in business, there also must be a complete shift in how these companies operate and vessels run in order to ensure viability. The general public has understood the risks of cruising since its inception, but this new era of uncommon hazards is changing their view to second guess safety and practicability of a vacation at sea. Patterns have begun to emerge where ship size, itinerary, common areas, and space ratios have all played an integral role in the spread of this pandemic onboard ships. Indications from the public have shown that they have little knowledge of how ships work and focus more on assumptions and grouping companies as a collective when assessing how safe the cruise market is. Since cruise companies tend to be merged together in the public's mind due to lack of understanding, the market as a whole needs to implement new strategies that are clearly visible to the public now and hidden from public view later on in order to create and maintain consumer confidence. The companies need to form a holistic approach to combat this spread and regain control of their industry. Presented in this thesis is evidence of a changing cruise industry landscape and strategies to better safeguard the market from the likelihood of this happening in the future. Additional research after implementation of the industry's new operating structures would be beneficial to improve on these findings.