1. ¹Department of Shipping Trade and Transport, University of the Aegean, 2A Korai Str., Chios 82100, Greece
2. ²Department of Financial and Management Engineering, University of the Aegean, 31 Fostini Str., Chios 82100, Greece

Correspondence: Ioannis Lagoudis, E-mail: ilagoudis@aegean.gr

Abstract

The significance of using efficient ports in modern supply chains cannot be overstated. Gantry cranes are key elements of superstructure in port container terminals, as they are placed in the ship–berth interface. In this paper, Markov theory and reliability models are used for the estimation of the associated risks and costs that can result in delays due to machinery breakdowns in container terminals. The aim of this study is to estimate the risk of delays and the economic consequences for not only the container terminals, but for their users as well. Results show that Markov theory assists not only in the estimation of economic consequences of gantry crane breakdowns, but enables management to focus on problematic areas in terminal operations and to take the necessary decisions for their solution.