The Decarbonization Strategy and Fuel Adoption of Shipping Companies: A Contingency Theory Perspective

This study examines the diverse decarbonization strategies and fuel technology adoption in the maritime industry. It introduces a conceptual framework based on contingency theory and technology management to assess the influence of company profiles on decarbonization strategies and fuel adoption. The paper investigates the key enablers for proactive environmental responses by industry leaders and barriers for other companies, with the relationship between strategy and fuel adoption moderated by fuel technology development. Findings suggest that financial strength, business models, and operational capabilities determine the adoption of decarbonization strategies. Companies with robust finances and value chains are often first movers, with their experience in alternative fuels significantly influencing fuel choices. The study observes an evolution from strategy development to implementation and adoption of fuels, highlighting the absence of a one-size-fits-all solution and the need for tailored sustainable investments. The results emphasize the need for nuanced policies to facilitate the maritime industry's green transition.