1. A shipping market culture – the expertise necessary for pursuing a classic, market-based shipping strategy.  Crucial to this is a keen understanding of the relevant market[s], such as a particular segment of the bulk market or a particular segment of the tanker market, with a good feel for eventual turning points in the dynamics of the market[s].


2. A chartering and trading culture – the expertise necessary for pursuing various customer-focused strategies.  Knowledge of brokerage and trading is needed here.


3. A technical innovation culture that pushes for better solutions. An innovation focus can be along less technical areas, too, for example in forecasting.


4. An operations culture – the ability to “make good even better.” This means having the necessary know-how for operating and crewing a given ship, focused on delivering the best possible transportation service at the lowest possible cost.


5. A financial culture – the ability to manage financial flows and budgets, to deal with currency issues, interest rate developments and, increasingly, new instruments and derivatives as they relate to futures freight market trading.  Financial engineering is becoming increasingly important.
   

Peter Lorange: Shipping Strategy: Innovating for Success (Cambridge University Press August 2009)