A systemic risk framework to improve the resilience of port and supply-chain networks to natural hazards

Jasper Verschuur (), Raghav Pant, Elco Koks and Jim Hall
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Jasper Verschuur: University of Oxford
Raghav Pant: University of Oxford
Elco Koks: University of Oxford
Jim Hall: University of Oxford

Maritime Economics & Logistics, 2022, vol. 24, issue 3, No 1, 489-506

Abstract: Abstract Ports are embedded in different networks, including the local critical infrastructure network, the regional hinterland transport network and the global maritime transport network. These networks are exposed to a variety of natural hazards, which cause disruptions that can propagate to other network components, resulting in wider supply chain losses. However, the risks of such indirect network disruptions, or systemic risks, are often not considered in risk analyses of ports. We propose a systemic risk framework for different networks interconnected through ports, and describe the state-of-the-art risk modelling approaches to quantify systemic risks. In addition, we present a port risk layering framework that can help identify how resilience against systemic risks can be improved. As climate change will likely increase the occurrence of natural hazards to ports and transport networks, efforts to enhance system-wide resilience should be considered, alongside port adaptation, to prevent exacerbation of supply chain losses in the future.

Keywords: Systemic risks; Natural hazards; Resilience; Maritime transport; Supply-chains (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (7)

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DOI: 10.1057/s41278-021-00204-8

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