A study of CSR in the maritime industry (part C : shipping companies)

• Main Author: Lim, Vanessa Yi Jie
• Other Authors: -
• Format: Final Year Project
• Language: English
• Published: Nanyang Technological University 2021
• Subjects: Engineering::Maritime studies
• Online Access: https://hdl.handle.net/10356/150798
• Institution: Nanyang Technological University

In recent years, stakeholders’ expectations of the shipping industry to be socially responsible have been increasingly apparent. Aligning with public opinions and increasing concern for environment, maritime authorities have also implemented policies to regulate the industry, where shipping companies are then obligated to be responsible for their actions. As the pressure from stakeholders and authorities increases, shipping companies are expected to adopt Corporate Social Responsibility (CSR) policies in addition to complying with maritime regulations. Taking reference from the Triple Bottom Line Theory, which comprises of economic, environment and social sustainability, this study aims to study the CSR policies shipping companies have in place that focuses on social sustainability. Research shows that the most common social issues acknowledged by shipping companies are: Seafarers Welfare, Diversity in Maritime Industry and Local Communities. This investigation was done using existing literatures and findings from published sustainability reports of shipping companies that are present in Singapore. Interviews with industry professionals were also conducted to evaluate and cross-reference with the secondary research materials. Results of this study showed that CSR practices vary with an organization’s size and prestige. Larger and more renowned firms tend to have the resources and determination to implement proper policies for social sustainability for both internal and external stakeholders. The smaller firms, however, may not have adequate resources and thus tend to focus on their economic sustainability. These firms then practice CSR mainly through philanthropic activities. This study also showed that despite the rise in awareness of social issues, it is still very apparent in the industry. To conquer these issues, shipping companies have to enhance their social sustainability by cultivating a CSR culture, do timely self-assessments based on social sustainability, and to publish sustainability reports to stakeholders so companies will indirectly be held accountable.