Purpose - This paper aims to address how to systematically address
vulnerability in a maritime transportation system using a formal
vulnerability assessment approach, create quantitative measures of
disruption risk and test the effect of mitigating measures. These
quantitative data are prerequisites for cost efficiency calculations,
and may be obtained without requiring excessive resources.
Design/methodology/approach - Supply chain simulation using
heuristics-based planning tools offers an approach to quantify the
impact of disruption scenarios and mitigating measures. This is used to
enrich a risk-based approach to maritime supply chain vulnerability
assessment. Monte Carlo simulation is used to simulate a stochastic
nature of disruptions. Findings - The exemplary assessment of a maritime
liquefied natural gas (LNG) transportation system illustrates the
potential for providing quantitative data about the cost of disruptions
and the effects of mitigating measures, which are foundations for more
precise cost efficiency estimates. Research limitations/implications -
This simulation was done on a simplified version of a real
transportation system. For resource reasons, several simplifications
were made, both with regards to modeling the transportation system and
with the implementation of the formal vulnerability assessment
framework. Nevertheless, the authors believe the paper serves to
illustrate the approach and potential outcome. Practical implications -
Practitioners are provided with an approach to get more precise
quantitative data on disruption costs and cost/efficiency of mitigating
measures, providing background data for decisions on investing in
reduction of supply chain vulnerability. Originality/value - The
combination of risk assessment methods and inventory routing simulation
of maritime supply chain problems is a novelty. Quantifying
vulnerability, effects of disruptions and effects of mitigating measures
in maritime transportation systems contributes to a little-researched
area.