Research on Diversification Strategies of Terminal Operators—Evidence from Polish Seaports

In response to changes taking place in the global environment, seaport terminal operators constantly search for lines of development in their operations, choosing i.a. a strategy of diversification or specialisation. So far, the issue of applying a diversification strategy in business models used by operators of multipurpose terminals has not been sufficiently addressed in the literature on the subject. In view of the above, the purpose of this paper is to identify and hierarchize the motivations for diversification and to specify the areas of diversification strategies and corresponding measures taken by operators of multipurpose terminals. The multi-case-study method was applied to conduct the research, along with the research technique of semi-structured in-depth interviews held with representatives of five terminal operators that had been running their business activity in Polish seaports and applying a diversification strategy. As a result of the completed research study, it was possible to specify the motivations for implementing a diversification strategy, and to hierarchize them. The main motives in selecting a diversification strategy as the main business strategy among the interviewed terminal operators were safeguarding against seasonal or sporadic business cycle fluctuations, and changes taking place in maritime trade and transport. Moreover, four areas of diversification strategies pursued by the terminal operators were identified: cargo diversification, contract diversification, services diversification, and cargo flow direction diversification. The diversification measures taken by the terminal operators in the specified areas were analysed in detail. The most important areas of the diversification measures in the studied entities were cargo diversification and services diversification. A heat map was developed to present the dependencies between the motivations for diversification and the areas of diversification strategies implemented by the terminal operators. The identified specific measures taken by the terminal operators as part of the indicated diversification areas included technical and organisational measures. The diversification strategy developed by terminal operators proved to be an effective strategy in coping with the effects of economic slowdown and disruptions ensuing from the COVID-19 pandemic and war in Ukraine. The results of the considerations may be of interest to seaports, transshipment terminals or other entities interested in implementation of a business activity diversification strategy.