## 5 Discussion
### Implications of Research Findings  
From the analysis results, the following implications can be drawn. First, we anticipate that shipping companies will experience new opportunities during global supply chain crises. When such crises occur, the stock prices of shipping companies are positively influenced by a one-period lag (Lag 1) in GSCPI's one standard deviation fluctuations. For example, during the first quarter of 2020, amid the onset of the COVID-19 pandemic, shipping companies implemented measures to reduce vessel supply, such as delaying new ship orders, laying up vessels, and reducing the number of sailings. However, in the third quarter of 2020, pent-up consumer demand surged, leading to a rapid increase in container throughput. Consequently, the Shanghai Containerized Freight Index (SCFI), published by the Shanghai Shipping Exchange, rose to approximately 2885 in January 2021 compared with 1285 in January 2013, following the COVID-19 outbreak. Additionally, the SCFI peaked at approximately 5110 in February 2022 as the global supply chain crisis intensified owing to the Russia\(-\)Ukraine conflict. Thus, shipping companies are expected to benefit positively from rising freight rates and stock prices during global supply chain crises.  
Second, other global logistics companies, excluding shipping companies, should establish countermeasures for effective global supply chain management (SCM). Although the VARM analysis showed that the relationship with the GSCPI was not statistically significant, the three integrated logistics companies and most air cargo and pipeline companies exhibited a negative (-) impact at Lag 1. Additionally, the IRF analysis indicated that the stock prices of most global logistics companies, excluding shipping companies, declined in response to the GSCPI fluctuations. Particularly, stock prices showed a drop at Lag 1 in response to a one standard deviation fluctuation in the GSCPI. This indicates that global logistics companies' stock prices are significantly affected during the early stages of global supply chain crises. Furthermore, this study underscores the crucial role of transitioning to green energy solutions (e.g., liquefied hydrogen, ammonia, green methanol, and liquefied natural gas) in strengthening the resilience of logistics companies, particularly within the shipping industry. The adoption of environmentally sustainable fuel alternatives and advanced green technologies enhances companies' ability to navigate supply chain disruptions while simultaneously contributing to the broader global shift toward sustainable logistics practices. This strategic shift not only enables logistics companies to comply with increasingly stringent environmental regulations but also positions them to meet evolving market expectations, thereby fostering long-term value creation and operational stability.  
The competitiveness of the supply chain will depend on resilience, such as minimizing interruptions and rapid recovery. In the short term, a certain level of efficiency andperformance can be achieved through optimization of current network-based logistics operations. However, in the mid- to long term, it is necessary to seek an alternative to the supply chain operation with high structural responsiveness of the logistics network that preemptively meets future business needs, market demand, and supply prospects. Therefore, global logistics companies, such as air cargo, integrated logistics, and pipeline companies, should establish global SCM strategies that include nearshoring, supply chain platforms, and diversification of imports, as illustrated in the following diagram (Figure 4).