Why Shipping Companies Need 'Sleepy' Seafarers — And Why You Shouldn't Be One

Harvard Business School researchers Mark Egan and Adi Sunderam recently found something counterintuitive about banks: their profitability depends heavily on customers who never bother to look elsewhere. Egan estimates that roughly 60% of bank value comes from depositors who simply stay put, even when better rates exist a few clicks away. Only a small fraction of account holders ever compare offers each year. Banks call these "sleepy" customers, and they are, quietly, one of the most valuable assets on the balance sheet.

The maritime industry has its own version of sleepy customers, and they're not customers — they're seafarers and shore-based professionals who renew the same contract, with the same company, at the same rate, year after year, without ever checking what else is out there. Inertia isn't laziness. It's often the rational response to a career that leaves little time or energy to compare options between contracts.

But inertia that benefits an employer doesn't automatically benefit you. Unlike a bank depositor losing a fraction of a percent in interest, a seafarer or maritime professional who never benchmarks their contract, training opportunities, or career trajectory against the wider market can fall meaningfully behind over a decade, without ever noticing the gap forming.

Recommendations:

• Set a standing reminder — once a year, ideally between contracts — to actively review your compensation, benefits, and growth opportunities against comparable roles.
• Track your own certifications, sea time, and skills growth somewhere you control, not only in your current employer's records.
• Treat loyalty as something you choose deliberately, not something that happens because comparing options felt like too much effort.