ABSTRACT
Together with growth in international trade, transport and maritime volumes have strongly grown over recent decades. Vessel sizes have increased, requiring ever-increasing volumes of capital. This has led to a greater concentration of shipping activities, in particular in the container segment and in segments such as dry bulk, where historically the number of major operators has been lower (Meersman et al., 2013). At the same time, larger ships contribute to lower costs. van Hassel et al. (2014), Sys (2010) and Stopford (2009) showed that the general total chain cost will decrease if larger ships are deployed. However, the shipping company’s position will worsen due to the deployment of larger ships. It can therefore be expected that shipping companies want to increase their power in the total chain by acquiring hinterland transportation companies and establishing vertical integration.
