Blockchain Technology in the Process of Financing the Construction and Purchase of Commercial Vessels

Zoran Kunkera (), Dragutin Lisjak, Nataša Tošanović, Ivan Sumić, Neven Hadžić and Robert Blažinović
Additional contact information
Zoran Kunkera: Leaera d.o.o., for Business Consulting, 10000 Zagreb, Croatia
Dragutin Lisjak: Faculty of Mechanical Engineering and Naval Architecture, University of Zagreb, 10000 Zagreb, Croatia
Nataša Tošanović: Faculty of Mechanical Engineering and Naval Architecture, University of Zagreb, 10000 Zagreb, Croatia
Ivan Sumić: Matulić Sumić & Partneri d.o.o., 21000 Split, Croatia
Neven Hadžić: Faculty of Mechanical Engineering and Naval Architecture, University of Zagreb, 10000 Zagreb, Croatia
Robert Blažinović: Department of Media and Communication, University North, 48000 Koprivnica, Croatia

JRFM, 2025, vol. 18, issue 4, 1-39

Abstract: The share of European shipbuilding in the world market, with the constant exception of the cruise ship niche, has been in continuous decline for decades, while at the same time, state-supported Asian competitors are recording accelerated growth. With the already long-standing ban on subsidizing the shipbuilding industry by EU member states, its shipyards can maintain their market position primarily by continuously improving business processes, including adopting Industry 4.0 doctrines. In order to contribute to the European shipyards’ competitiveness growth, the authors of this paper use the case study methodology to investigate the applicability of blockchain technology in the process of financing the construction and purchase of ships according to a bareboat charter model, which is recognized as risk-balanced for all parties involved in the process. The empirically analyzed implementation of the blockchain application of smart contracts, using the example of three ships built and purchased according to the proposed model, theoretically results in an almost one-year shortening of the financing process, with a significant reduction in the costs of legal activities. The originality of this study is also emphasized by the correlation of smart contracts and the process of early ship outfitting in the sense of the possible improvement in its level, thus achieving savings in working hours and energy and ultimately shortening the process of realizing the shipbuilding project.

Keywords: shipbuilding; ship financing; blockchain; smart contracts; competitiveness (search for similar items in EconPapers)
JEL-codes: C E F2 F3 G (search for similar items in EconPapers)
Date: 2025
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