The Blackwell Companion to Maritime Economics presents comprehensive and in-depth coverage of the entire scope of issues relating to shipping and port economics. * Unprecedented survey of maritime economics provides full coverage of shipping and port economics * In depth examinations offer an up-to-date study of the field including all facets of shipping, ports, logistics, and maintenance and topical discussion on security and environmental problems * Presents original theories relating to theories for maritime carriers and ports * Features contributions from the most respected international specialists in the field
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Table of Contents
Blackwell Companions to Contemporary Economics
List of Figures
List of Tables
Notes on Contributors
Part I: Introduction
1 General Introduction
2 The Evolution of Maritime Economics
2.2 The Foundations
2.3 Approaches to Maritime Issues to World War II
2.4 The Period of Transition, 1945–1973
2.5 Maritime Economics since 1973
3 The Business of Shipping: An Historical Perspective
3.2 The Business of Shipping: Up to the Medieval Period
3.3 The Business of Shipping: the Medieval Period
3.4 The Age of Exploration and the Early Modern Period
3.5 The Emergence of Steam-Powered Vessels
3.6 The Great War and the Interwar Period
3.7 World War II and Post-War Reconstruction
3.8 Towards Today’s Business of Shipping
3.9 Recent Trends
4 International Seaborne Trade
4.2 Crude Oil
4.3 Oil Products
4.4 Natural Gas
4.6 Iron Ore
4.9 Minor Bulk Cargoes
4.10 General Cargoes
Part II: Maritime Carriers and Markets
5 Maritime Carriers in Theory
5.2 Maritime Transportation Service
5.3 Maritime Transportation Service Costs
5.4 Transportation Demand
6 Maritime Freight Markets
6.2 Freight Rate Cycles for Ocean Shipping
6.3 Ocean Shipping Networks
6.4 Service Characteristics in Tramp and Liner Shipping
7 Intermodalism and New Trade Flows
7.2 The Evolution of Intermodalism
7.3 Intermodal Container Transportation: Advantages and Impacts
7.4 Empirical Application
Appendix: Economics Literature Review – New Entrants and Exits
8 Cruise Lines and Passengers
8.2 Historical Perspective: The Liner Years
8.3 Passenger Ships Through Time
8.4 Current Market and Economics
8.5 Future Perspectives and Trends
9 Ferry Passenger Markets
9.3 The Ferry Market: A Brief History
9.4 The Ferry Market: Demand Side
9.5 The Ferry Market: Supply Side
9.6 Market Structure and Competition
9.7 Industry Attractiveness
Part III: Shipping Economics
10 Dry Bulk Shipping
10.2 Twenty-First-Century Dry Bulk Shipping Markets
10.3 International Division of Labor in Dry Bulk Shipping: Developments and Prospects
10.4 Illustrating Twenty-First-Century Bulk Shipping Trends: Market Practices
11 Liquid Bulk Shipping
11.2 Liquid Bulk Shipping: The Freight Rate Generation Mechanism
11.3 Parameters of the Global Liquid Bulk Shipping Market System
11.4 The Freight Rate Generation Mechanism
12 Container Shipping
12.2 Growth in the Container Shipping Industry
12.3 Capacity Management in Container Shipping
12.4 Pricing and the Risks Associated with Revenue Streams
12.5 In Search of Scale and Scope
12.6 Dynamics in Container Shipping Networks
13 New Business Models and Strategies in Shipping
13.2 The Changing Shipping Landscape
13.3 Shipping Business Models
13.4 Shipping Business Model Archetypes
13.5 Competitive and Cooperative Strategies within the Shipping Value System
14 Shipping Regulatory Institutions and Regulations
14.2 Regulatory Authorities
14.3 UN Agencies
14.4 Safety Conventions
14.5 Environmental Regulation
14.6 Maritime Labor
14.7 Convention Enforcement: The UK
14.8 Convention Enforcement: The European Maritime Policy
Appendix: Principal IMO Conventions
15 Shipping Taxation
15.2 The Shipping Industry
15.3 The Traditional Approach to Shipping Taxation
15.4 Corporate Tax Systems
15.5 Tax Positions
15.6 The UK Shipping Industry
15.7 The Tonnage Tax System
15.8 The Impact of Shipping Taxation Policies
15.9 The Shipping Business in a Wider Context
16 Seafarers and Seafaring
16.2 The Seafaring Labor Market
16.3 Recruitment and Retention
16.4 Mobility and Migration
16.5 Market Segmentation
16.7 Seafarer Representation
17 Safety in Shipping
17.2 Vessel Safety Regulation
17.3 Vessel Accident Studies
17.4 The Model
17.6 Estimation Procedures
17.7 Estimation Results
17.8 Marginal Effects
18 Piracy in Shipping
18.2 Piracy in an Historical Perspective
18.3 Definitions of Piracy
18.4 Geography and Modi Operandi of Piracy in Recent Times
18.5 Economic and Socio-political Instability as Root Causes of Piracy
Part IV: Ship Economics
19 The Economics of Ships
19.2 Basic Criteria
19.3 Optimizing Ship Economic Performance
19.4 Risk Management
20 Ship Finance: US Public Equity Markets
20.2 US Shipping Equity Capital Markets: Reasons to Go Public, Advantages and Disadvantages, and Underwriters
20.3 US Shipping Equities 1987–2010
20.4 Pricing and Long-Run Performance of an IPO
20.5 Key Issues: Investors and Shipping Companies
21 Ship Finance: US High-Yield Bond Market
21.2 The Anatomy of the Shipping High-Yield Bond Market, 1992–2010
21.3 Advantages and Disadvantages of High-Yield Bonds
21.4 Credit Ratings, Yield Premiums and the Probability of Default
22 Ship Finance: Hedging Ship Price Risk Using Freight Derivatives
22.2 Formation of Ship Prices: The Link between Ship Prices and Forward Rates
22.3 Data and Methodology
22.4 Long-Term and Short-Term Correlation
22.5 Cointegration and Causality
22.6 Minimum Variance Hedge Ratio
22.7 Estimation Results
23 Marine Insurance
23.2 The Rise of Lloyd’s and the London Insurance Market
23.3 The Marine Insurance Market Today
23.4 Principles of Insurance Law
23.5 Hull Insurance
23.6 Cargo Insurance
Part V: Port Economics
24 Ports in Theory
24.2 Port Interchange Services
24.3 Port Interchange Service Costs
24.4 Port Demand
24.5 Port Effectiveness
25 Port Governance
25.2 The Evolution of Port Reform
25.3 Port Governance Structures: Update and a Survey
Appendix: Key Definitions
26 Port Labor
27 Port Competition and Competitiveness
27.2 Defining Port Competition
27.3 Defining Port Competitiveness
27.4 Research Methodology
27.5 Research Findings
28 Container Terminal Efficiency and Private Sector Participation
28.2 Literature Review
28.4 Data Collection
28.6 Assessing the Determinants of Terminal Efficiency
29 Determinants of Users’ Port Choice
29.2 Literature Review: Shippers
29.3 Literature Review: Shipping Lines
29.4 Port Choice from a Logistics and Supply Chain Management Perspective
29.6 Empirical Results
30 Port Investment and Finance
30.2 Efficiency Drive in the Maritime Industry
30.3 Port Investment and Finance Strategies
30.4 Options for Port Investment
30.5 Issues in Investment Finance
30.6 Evaluation Perspectives
31 Ports as Clusters of Economic Activity
31.2 Defining a Port Cluster
31.3 The Cluster Perspective and Port Governance
31.4 Ports in Proximity: One Port Cluster?
32 Port State Control Inspection Deficiencies
32.2 Substandard Vessels Using PSC Data: A Survey
32.3 Descriptive Statistics
32.4 Determinants of Deficiencies
32.5 Recurrent Deficiencies and State Dependence Effects
33 Port Security: The ISPS Code
33.2 The New “Securitized” Transport Environment
33.3 The ISPS Code and the Obligations of Ports
33.4 Implementing the ISPS Code in Hong Kong and Piraeus: Methodology
33.5 Implementing the ISPS Code in Hong Kong and Piraeus: Results
34 Port Security and the Quality of Port Interchange Service
34.2 US Port Security Legislations and Programs
34.3 Port Interchange Service
34.4 Port Security Service
34.5 An Empirical Analysis
Blackwell Companions to Contemporary Economics
The Blackwell Companions to Contemporary Economics are reference volumes accessible to serious students and yet also containing up-to-date material from recognized experts in their particular fields. These volumes focus on basic bread-and-butter issues in economics as well as popular contemporary topics often not covered in textbooks. Coverage avoids the overly technical, is concise, clear, and comprehensive. Each Companion features introductions by the editors, extensive bibliographical reference sections, and an index.
A Companion to Theoretical Econometrics edited by Badi H. Baltagi
A Companion to Economic Forecasting edited by Michael P. Clements and David F. Hendry
A Companion to the History of Economic Thought edited by Warren J. Samuels, Jeff E. Biddle, and John B. Davis
A Companion to Urban Economics edited by Richard J. Arnott and Daniel P. McMillen
The Blackwell Companion to the Economics of Housing: The Housing Wealth of Nations edited by Susan J. Smith and Beverley A. Searle
The Blackwell Companion to Maritime Economics edited by Wayne K. Talley
This edition first published 2012
© 2012 Blackwell Publishing Ltd.
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Library of Congress cataloguing-in-publication-data
The Blackwell companion to maritime economics / edited by Wayne K. Talley.
p. cm. – (Blackwell companions to contemporary economics)
Includes bibliographical references and index.
ISBN 978-1-4443-3024-3 (hardback : alk. paper)
ISBN 978-1-4443-4563-6 (epdf)
ISBN 978-1-4443-4564-3 (epub)
ISBN 978-1-4443-4565-0 (mobi)
1. Shipping–Economic aspects. 2. Merchant marine. I. Talley, Wayne Kenneth.
A catalogue record for this book is available from the British Library.
To my wife,
Dorothy (Dolly) Cordle Talley
List of Figures
List of Tables
Notes on Contributors
Amir H. Alizadeh is a Reader in Shipping Economics and Finance at Cass Business School, City University London, and a visiting professor at Copenhagen Business School and the University of Geneva. He has published in the areas of freight market models, markets for ships, and derivatives and risk management in financial and commodity markets. He has delivered Baltic Exchange courses in “Freight Derivatives and Shipping Risk Management” and “Advanced Freight Modeling and Trading” in maritime centers worldwide.
Mary R. Brooks is the William A. Black Chair of Commerce at Dalhousie University, Halifax, Canada. She has been actively engaged in the work of the US Transportation Research Board since 1993 and is a member of the Marine Board of the US National Academy of Sciences. She is the founder and chair of the Port Performance Research Network of more than 50 scholars interested in port governance and port performance issues.
Pierre Cariou is an Associate Professor at Euromed Management, Marseilles Business School, France. He held the French Chair in Maritime Affairs at the World Maritime University, Sweden from 2004 to 2009, where he was also in charge of the Shipping and Port Management MSc. From 2001 to 2004, he was Associate Professor in Economics at Nantes, France. He completed his PhD in 2000 on liner shipping strategies. His main research interests are in maritime economics, safety and security.
Kevin Cullinane is Director of the Transport Research Institute at Edinburgh Napier University. He is a Fellow of the Chartered Institute of Logistics and Transport, a Visiting Professor at the University of Gothenburg and an Honorary Professor at the University of Hong Kong. He has been a logistics advisor to the World Bank and a transport advisor to the governments of Scotland, Ireland, Hong Kong, Egypt, Chile, Korea and the UK.
Sander Dekker is presently a senior consultant of Ports and Waterways at Grontmij N.V. in the Netherlands. He is involved in port development projects in the Netherlands and elsewhere, and specializes in feasibility studies and asset management. He graduated from Delft University of Technology (MSc, PhD) in the field of Strategic Port Planning. Since graduation (2005), he has worked as a consultant.
Baris Demirel is a senior customs expert at the Turkish Customs Administration. He received his BS in Business Administration in 2001 from the Middle East Technical University (in Ankara, Turkey), and his MS in Maritime Economics and Logistics (MEL) in 2009 from Erasmus University Rotterdam as a government scholar. His dissertation on the impact of private involvement on port efficiency won the MAERSK Line Best Thesis Award at the MEL Center of Erasmus University in 2009.
Lixian Fan is currently a PhD student in the Department of Logistics and Maritime Studies at the Hong Kong Polytechnic University. She received her Bachelors and Masters degrees in Statistics from universities in mainland China. Her research interests include shipping economics and policy, ship investment and marine logistics.
Øystein D. Fjeldstad is the Telenor Professor of International Strategy and Management at BI-Norwegian School of Management. He holds a PhD in Business Administration and a Master of Science in Management Information Systems from the University of Arizona, and the Siviløkonom degree from the Norwegian School of Economics and Business Administration. His research interests include strategy, innovation and organizational design, with empirical contexts in telecommunications, financial services, shipping and technology.
Costas Th. Grammenos is Professor of Shipping, Trade and Finance at City University London. In 1977, he introduced a bank shipping finance credit analysis and policy that is utilized by most international banks. He has drawn the attention of the shipping world to equity and debt markets. He was awarded a DSc for creating the new academic discipline “Shipping Finance” and appointed OBE (Hon) and CBE (Hon) by HM Queen Elizabeth for “services to teaching and research.”
George A. Gratsos is the President of the Hellenic Chamber of Shipping, Vice President of HELMEPA and a board member of the Union of Greek Shipowners. He is a naval architect with a degree from the Massachusetts Institute of Technology and a PhD in Shipping Markets from the University of the Aegean. He holds and has held various national and international shipping industry positions and is the President of Standard Bulk Transport Corp., which manages bulk carriers.
Elvira Haezendonck is an Associate Professor at the University of Brussels (VUB) and Visiting Professor at the University of Antwerp, Erasmus University Rotterdam and Euromed Marseille. Her research covers (environmental) strategy, competition analysis, corporate social responsibility (CSR), and stakeholder management applied to ports. She has been involved in over 30 national and EU research projects, for example long-term strategy analyses, strategic projects, multinational strategies and impact assessments. Since 2010 she has held a research chair in Public–Private Partnerships at VUB.
Hercules Haralambides is Professor of Maritime Economics at the Erasmus School of Economics and Director of the Erasmus Center for Maritime Economics and Logistics (MEL). He is the founder and editor-in-chief of the quarterly Maritime Economics and Logistics, the founder of the Special Interest Group on Maritime Transport and Ports of the World Conference of Transport Research (WCTR), and one of the three founders (1990) of the International Association of Maritime Economists.
Trevor Heaver is Professor Emeritus, University of British Columbia. In recent years, he has been Visiting Professor at the Universities of Antwerp, Sydney and Stellenbosch. He is a founding member and a past president of the International Association of Maritime Economists and a past chairman of the World Conference on Transport Research. He has published widely on transportation, logistics and transportation policy and has consulted for corporations and governments internationally.
Ingo Heidbrink is a German maritime historian currently working as a Professor of History at Old Dominion University in Norfolk, Virginia. His research interests are methodology of maritime history, fisheries history and interdisciplinary projects in the context of maritime history. He is Secretary General of the International Commission of Maritime History and Co-President of the North Atlantic Fisheries History Association.
Di Jin is a Senior Scientist at the Marine Policy Center of the Woods Hole Oceanographic Institution. He holds a PhD in Economics–Marine Resources from the University of Rhode Island. He specializes in the economics of marine resources management and marine industries and has substantial research experience in the commercial fishing and aquaculture industries, the offshore oil and gas industry, the marine transportation industry and coastal management problems.
Hauke L. Kite-Powell is a Research Specialist at the Marine Policy Center of the Woods Hole Oceanographic Institution. He received his PhD in ocean systems management and a degree in naval architecture, technology and policy from the Massachusetts Institute of Technology. His research focuses on public and private sector management issues for marine resources and the economic activities that depend on them, and on the integration of economic and physical/biological models.
Mohan Koehler graduated magna cum laude from the University of Oregon with majors in Finance and Economics with departmental honors in economics. His research has focused on intermodal transportation and the dollar–euro spot exchange rate. He served on the Duck Store’s board of directors as Chairman and Treasurer from 2008 to 2010.
Christos A. Kontovas holds a diploma in Naval Architecture and Marine Engineering from the National Technical of Athens (NTUA) (2005). He is currently a doctoral researcher at the Laboratory for Maritime Transport of the NTUA. His PhD studies focus on quantitative methods for risk assessment and decision making that can be used in investigating threats to human life, property and the environment (oilspills and air emissions).
Peter W. de Langen works at the Port of Rotterdam Authority, Department of Corporate Strategy, as senior advisor and is involved in various strategic renewal projects. He also holds a part-time position as Professor of Cargo Transport and Logistics at Eindhoven University of Technology. He publishes articles on port selection, port policy, and international transport and logistics chains in academic journals and co-directs a dissemination platform for port studies at www.porteconomics.eu.
Peter Lorange holds a DBA degree from Harvard University. He is a former President of the Lorange Institute of Business Zurich and of the Norwegian School of Management. He has taught at the Wharton School, University of Pennsylvania, and the MIT Sloan School of Management. He holds numerous honorary doctorates, and has published 18 books and 120 articles. His areas of special interest are strategic management, strategic planning and entrepreneurship for growth.
Venus Y. H. Lun is a Lecturer in Shipping Logistics in the Department of Logistics and Maritime Studies, Hong Kong Polytechnic University. She is the founding editor of the International Journal of Shipping and Transport Logistics. Her research papers appear in such journals as Expert Systems with Applications, the International Journal of Production Economics, the International Journal of Production Research, Resources, Conservation and Recycling and Transport Reviews. She has also published five books.
Dimitrios V. Lyridis is an Assistant Professor of Maritime Transport in the School of Naval Architecture and Marine Engineering (NA&ME) at the National Technical University of Athens (NTUA). His scientific interests include shipping finance, maritime transport and logistics, safety, security, and environmental protection. He has a diploma in NA&ME, an MS in Marine Systems Management, an MSE in Industrial and Operations Engineering, and a PhD (from the University of Michigan) in NA&ME.
Peter Marlow is Professor of Maritime Economics and Logistics at Cardiff University. He has more than thirty years’ experience in academia and research work and is the author of more than one hundred published works. He is President Emeritus of the International Association of Maritime Economists and Visiting Professor at Dalian Maritime University. His research interests include the fiscal treatment of shipping and the choice of flag in international shipping.
Heather Leggate McLaughlin has published widely in both industrial and academic journals. She was a Specialist Advisor on Maritime Affairs to the House of Commons Select Committee for Transport, and more recently has been engaged in European Commission projects to promote water freight transport. She is editor of the international journal Maritime Policy and Management and is currently a member of the Faculty of Business and Management at Canterbury Christ Church University.
Maximo Q. Mejia, Jr. is Associate Professor of Maritime Law and Policy at the World Maritime University (WMU), Malmö, Sweden. Before joining WMU, he saw duty on board various navy and coastguard vessels and in shore-based facilities in the Philippines. He teaches and writes on maritime policy, law, human factors, safety, and security issues. He is Associate Editor of the WMU Journal of Maritime Affairs.
Kyriaki Mitroussi is a Senior Lecturer at the Cardiff Business School, Cardiff University. Before her current post she served as a Lecturer at the University of Piraeus, Department of Maritime Studies. She has worked with shipping companies and has also been involved in consultancy services. Her broad research interests include shipping management, third-party ship management, safety and quality in shipping, and shipping policy. She is a member of the International Association of Maritime Economists.
Stanley Mutenga is Director of Starz Risk Solutions, Senior Lecturer at Cass Business School, Visiting Lecturer at the Copenhagen Business School and the University of Oslo, a chief examiner for the Institute of Financial Services (IFS) School of Finance and the Chartered Insurance Institute (CII), and an exemptions advisory board member for the Institute of Risk Management (IRM). His research has won him awards. He has served on a number of UK boards and holds a PhD in risk and insurance from City University London.
Adolf K. Y. Ng is an Assistant Professor in the Department of Logistics and Maritime Studies, The Hong Kong Polytechnic University. His doctorate is from Oxford University, UK and his research interests include port management, transport geography, maritime security and education. He has published a book on port competition and over 60 articles in leading maritime, transport and geography books, journals and conference proceedings. He is currently serving as a Council Member of the International Association of Maritime Economists (IAME), and is a Chartered Member of the Chartered Institute of Logistics and Transport (CMILT).
Nikos Nomikos is Professor of Shipping Risk Management and Director of the MSc degree in Shipping, Trade and Finance at Cass Business School, City University London. Before joining Cass he was a Senior Analyst at the Baltic Exchange in charge of the freight indices and risk management divisions. He has published numerous papers, articles and book chapters, and a leading book on Shipping Derivatives and Risk Management.
Theo Notteboom is a Professor at the University of Antwerp, President of ITMMA (Institute of Transport and Maritime Management Antwerp) and part-time Professor at the Antwerp Maritime Academy. He has published widely on port and maritime economics. He is President of the International Association of Maritime Economists (IAME) and President of the Belgian Institute of Transport Organizers (BITO). He is a fellow of the Belgian Royal Academy of Overseas Sciences and on the editorial boards of several journals.
Athanasios A. Pallis is Assistant Professor (Jean Monnet in European Port Policy) in the Department of Shipping, Trade and Transport, University of the Aegean. He has held visiting positions at the Center for Energy, Marine Transportation and Public Policy, Columbia University, New York, the Centre for International Trade and Transportation, Dalhousie University, Canada, and the Institute of Transport and Maritime Management, University of Antwerp, Belgium. He is a regular contributor to UNCTAD, OECD and European Sea Ports Organisation (ESPO) discussions on port governance, economics and policy.
Photis Panayides is an Associate Professor in Shipping Economics at the Cyprus University of Technology. He holds a PhD in shipping economics/management. He has authored three books and over 30 scientific journal papers in the fields of shipping economics and transportation. He serves on the editorial boards of Maritime Policy and Management and the Journal of Business Logistics and is also a member of the Board of Directors of the Cyprus Ports Authority.
Nikos C. Papapostolou has worked at the Costas Grammenos International Centre for Shipping, Trade and Finance at Cass Business School since 2002. He holds a BSc in Money, Banking and Finance from the University of Birmingham, and an MSc in Shipping, Trade and Finance and a PhD in finance, both from Cass Business School. His research interests include the utilization of capital markets as a source of finance for shipping companies, shipping syndicated loans, and technical analysis.
Christopher Parsons is Professor of Insurance at Cass Business School, London, and recipient of the Chartered Insurance Institute Morgan Owen Medal and Prize for the best research paper by a CII member. He has published two books on insurance law, contributes regularly to insurance and legal journals and lectures widely in the UK and elsewhere. In 2010 he received (with Stanley Mutenga) the International Association for the Study of Insurance Economics/International Insurance Society Research Awards Prize.
Harilaos N. Psaraftis is Professor of Maritime Transport at the School of Naval Architecture and Marine Engineering at the National Technical University of Athens. He holds a PhD from the Massachusetts Institute of Technology (MIT), where he taught from 1979 to 1989. He has published two books and over 80 refereed articles. He is the former CEO of the Piraeus Port Authority and a current member of the Greek delegation to the International Maritime Organization.
Jacques Roy is a Professor of Logistics and Operations Management at HEC Montreal where he is also Director of the Carrefour Logistique, a university–industry forum on Supply Chain Management, and Director of the research group Chaine, which conducts research activities in the field of supply chain management. He has served for many years as a management consultant with several large Canadian corporations and governmental organizations.
Dong-Wook Song is a Reader in Maritime Logistics at the Logistics Research Centre, Heriot-Watt University, Edinburgh. His recent visiting positions include the Bordeaux Management School, France, and Nanyang Technological University, Singapore. He is a co-editor of the International Journal of Logistics and was recently invited to become an Associate Editor of Maritime Policy and Management. His more than one hundred refereed publications are a product of his interest in managerial and strategic aspects of global maritime logistics.
Siri Pettersen Strandenes is a professor in the Department of Economics, Norwegian School of Economics and Business Administration (NHH), and honorary visiting professor in the Costas Grammenos International Centre for Shipping, Trade and Finance at Cass Business School, London. She has published in international research journals and is a member of the editorial board of Maritime Economics and Logistics. Also, she is member of the IAME council, and has been a board member for several companies and institutions.
Wayne K. Talley is the Frederick W. Beazley Professor of Economics, Eminent Scholar and Executive Director of the Maritime Institute at Old Dominion University, Norfolk, Virginia, U.S.A. He is an internationally recognized transportation economist, holding honorary visiting professorships at City University (London, U.K.), National Chiao Tung University (Taiwan) and Shanghai Maritime University (China). He has published numerous academic books and papers and serves as Editor-in-Chief of Transportation Research Part E and Deputy Editor-in-Chief of the Asian Journal of Shipping and Logistics. His 2009 book, Port Economics, is the first textbook in the area.
Michael Tamvakis is a Professor of Commodity Economics and Finance at Cass Business School, City University London. He teaches economic and financial aspects of all main commodity groups (energy, metals and agriculture) as well as in shipping economics. His research interests are in the areas of commodity economics and finance in general and energy derivatives markets in particular.
Helen A. Thanopoulou is an Associate Professor in Operations Management of Shipping Companies. She has studied Economics (University of Athens) and Development Economics (Paris 1 Panthéon–Sorbonne). She holds a doctorate in maritime studies from the University of Piraeus where she taught briefly. In 1995 she joined Cardiff University. She returned to Greece in 2004 to join the University of the Aegean, in the Department of Shipping, Trade and Transport on Chios Island where she lives.
Peter Turnbull is Professor of Human Resource Management and Labour Relations at Cardiff Business School, Cardiff University. He has published widely in leading international journals on labor relations in the port transport industry. He is currently working with the European Commission and the ILO on social dialogue in ports and is the author of the ILO’s Guidelines on Training in the Ports Sector.
George K. Vaggelas is an advisor to the President and CEO of Thessaloniki Port Authority SA and a Research Fellow at the Jean Monnet program in European Port Policy at the University of the Aegean (UoA). He received a PhD in port economics and management from the Department of Shipping, Trade and Transport (UoA). He has authored or co-authored several journal and conference papers on port and maritime economics and management and has participated in several EU projects.
Albert W. Veenstra is a senior research scientist at the Dutch research organization TNO and an assistant professor at the Rotterdam School of Management. His research interests are shipping, port development and operations, and global logistics. He has published papers and book chapters about topics in maritime economics and has lectured around the world on logistics, shipping and ports.
Robert J. Verhaeghe is an Associate Professor in the Civil Engineering Department at Delft University of Technology (DUT). He is involved in teaching and research in the field of infrastructure development. He graduated from MIT (MSc, PhD) in the field of civil engineering systems (transport, water). After graduation (1977) he joined Delft Hydraulics and worked for 18 years as a consultant in the field of water resources development. He joined DUT in 1994.
Simon Véronneau is an Assistant Professor of Operations Management at Quinnipiac University and an Associate Researcher both in the Supply Chain Research Group at HEC Montreal and at the CIRRELT. He holds a PhD in operations management from HEC Montreal. His research focuses on global supply chains, transport management, and real-time critical operations management. He is a licensed senior navigation officer with work experience in the Canadian Coast Guard and on cruise ships and merchant ships.
Tor Wergeland is an independent consultant and senior advisor to MARINTEK, Trondheim. For more than 20 years, he was a Professor of Shipping Economics at the Norwegian School of Economics and Business Administration. He has been a professor at Copenhagen Business School, where in 2001 he started an MBA in Shipping and Logistics. He has also been involved in a Maritime MBA at Euromed Management, Marseille. He is co-author of two MBA-targeted textbooks – Shipping (1997) and Shipping Innovation (2008).
Wesley Wilson is a Professor of Economics at the University of Oregon (darkwing.uoregon.edu/∼wwilson). He is a former president of the Transportation and Public Utilities Group (TPUG) of the American Economic Association and holds a variety of positions in organizations, editorial boards, etc. Over the last decade, he has been actively involved in assessing waterway investment benefits for the Army Corps (www.corpsnets.us), and in estimating shipment-specific costs for the Surface Transportation Board.
François-Charles Wolff is Professor of Economics at the University of Nantes. He is also an associate researcher at the Institut National des Études Démographiques. He received a PhD in economics from the University of Nantes in 1998. He received the Jacques Tymen Prize in 1999 and the Novatlante Prize in 2000. He is author or co-author of more than 70 peer-reviewed papers.
Paul G. Wright has been involved in international shipping for many years, having experience at sea on a variety of ship types before embarking on an academic career at the Plymouth University, UK. Before taking up his present position as Associate Director of the Marine Institute, he was Head of the International Shipping and Logistics Group at the University of Plymouth. His key interests lie in ship and port operations, including their legislative environment.
Wei Yim Yap is a former head of research and strategic planning for the Maritime and Port Authority of Singapore. On the academic side, he has publications in international refereed journals and vast experience in lecturing on BSc and executive training courses in maritime and port economics. He has worked closely with industry and government agencies to complete numerous projects to the benefit of both industry and academia.
Panayotis Zacharioudakis is the co-founder and R&D Director of Ocean Finance and a Senior Researcher in the School of Naval Architecture and Marine Engineering at the National Technical University of Athens (NTUA). His scientific and professional areas of interest are risk assessment and management, market modeling and forecast, operational research, and logistics. He holds an Engineering Diploma (NTUA), an MSc in Marine Science and Technology (NTUA), an MSc in Shipping, Trade and Transportation (University of the Aegean), and a PhD (NTUA).
Maritime economics is the economics of maritime transportation, i.e., an economic analysis of its users (shippers and passengers), primary service providers (transportation carriers and ports), secondary service providers (e.g., ship pilots and towage, ship agents, stevedores and freight forwarders) and resources (e.g., labor, infrastructure and mobile capital such as ships). As a field of study, maritime economics consists of shipping economics, ship economics and port economics. Shipping economics is concerned with the economics of transporting freight by ships. Ship economics is concerned with the economics of ships that are used in maritime transportation. Port economics is concerned with the economics of ports, i.e., the provision of port services and the users of these services.
This book has benefited from my numerous maritime- and transportation-related activities over the years: presentations and discussions with colleagues at conferences, in particular the annual conferences of the International Association of Maritime Economists; visiting positions at the University of Oxford (England), University of Sydney (Australia), University of Antwerp (Belgium), City University London (England) and the University of Wollongong (Australia); Senior Research Fellow at the Marine Policy Center, Woods Hole Oceanographic Institution; Editor-in-Chief, Transportation Research Part E: Logistics and Transportation Review; and Executive Director, Maritime Institute, Old Dominion University. The outline of the chapters of this book greatly benefited from discussions with Amir Alizadeh, Faculty of Finance, Cass Business School, City University London, while he was a Visiting Professor of Maritime and Supply Chain Management during the 2008–9 academic year at Old Dominion University.
WAYNE K. TALLEY
Part I: Introduction
Wayne K. Talley
This chapter provides a general introduction to the contents of the book. Specifically, a two-paragraph synopsis of each of the chapters, 2 through 34, is provided.
In Chapter2 the evolution of maritime economics as a field of study is discussed. Maritime economics as an explicit field of study is less than fifty years old. Before 1960 there were publications on the subject, but they did not have a separate identity. The field has evolved from the study of the history of shipping, e.g., trade-offs among alternate ship designs, contractual arrangements for shipping and trade, and managing port infrastructure and services to efficiently serve the needs of trade.
Research in maritime economics has become more complex and its quantity and quality are higher than ever. Improved availability of data, methods to analyze these data and theories have contributed to this growth. University programs in maritime studies worldwide have been established and a greater number of journals are publishing research in maritime economics.
An historical perspective of shipping – evolving worldwide from primitive to developed societies – is presented in Chapter3. The ancient cultures of Egypt, Greece, Mesopotamia and Rome were involved in the early stages of the development of shipping. Shipping is the oldest mode of transportation for moving large quantities of cargo.
The business of shipping has been impacted over time by a number of factors: (1) geopolitical factors that affect the demand for transportation, (2) development of maritime technology, (3) development of ship types to transport certain types of cargoes, e.g., such bulk cargoes as oil, ore and grains, and (4) intra-modal (among shipping companies) competition and intermodal (e.g., from land routes to and from ports by railways and trucks) competition. Without shipping the development of the modern industrialized world would have been impossible.
Chapter4 considers commodity trade flows in shipping. The commodity-trade classification system of the United Nations includes one hundred major categories of commodities, each containing several subcategories. Given this granularity of information, the chapter restricts itself to providing an overview of the major worldwide commodity trade flows – the main export and import flows in recent years, in the context of the underlying factors driving each commodity. The chapter is divided into two main sections – major bulk commodities, and general cargo and containerized trade flows.
A slowdown in world trade followed the financial crisis in 2008. The majority of trade flows are still growing, but at a slower pace; other flows have contracted. What does the future hold? Will the rate of worldwide oil depletion result in prohibitive energy prices for shipping, thus leading to a further slowdown? Will natural gas suffice as a bridge fuel?
Chapter5 describes a maritime carrier from a microeconomic theory perspective. A maritime carrier is a firm that provides for-hire transportation service by transporting goods and/or individuals in vessels over a waterway from one location to another. Maritime carriers are described by the type of vessel utilized – for example, ferry and cruise lines use ferry and cruise vessels respectively – and by the type of cargo transported – for example, LNG and container carriers transport liquefied natural gas and containers respectively.
If the amount of transportation service provided by a maritime carrier is the maximum amount that can be provided given the resources at the carrier’s disposal and the amounts of cargo (numbers of passengers) provided by shippers (individuals) to be transported, then the relationship may be described as the maritime carrier’s production function in the provision of transportation service. If so, the maritime carrier is technically efficient. A maritime carrier’s operating options are the means by which it can vary the quality of its service. A maritime carrier is cost-efficient if it minimizes cost in provision of its technically efficient services. The demand by passengers and shippers for maritime transportation services is a derived demand.
Maritime freight markets in which cargo is transported by water are discussed in Chapter6. These markets tend to be cyclical in nature because of the volatility in both the demand for and the supply of world shipping services. Variations in service demand reflect world economic activity and global trade and tend to be short-term in nature, while variations in service supply tend to be long-term in nature. Beyond vessel speed adjustments and lay-ups, adjustments in service supply tend to take longer. When shipbuilding capacity is scarce, it may take three to four years after a contract is signed for a new vessel to be built. Thus, prices for shipping services may fluctuate greatly because of adjustments to differences in demand and supply for these services, which results in volatile maritime freight markets.
Maritime freight markets are dominated by east–west trade flows. This dominance has been strengthened by the importance of Asia and the increasing importance of interregional Asian trades. The fragmentation of geographical production processes has added intermediary products to these trade flows, especially since many of the production processes are outsourced to emerging markets in Asia and transition economies in Eastern Europe.
Chapter7 discusses intermodalism and new trade flows. Intermodalism is the transportation of freight in an intermodal container or vehicle, using two or more modes of transportation. Before the 1950s, freight was packed in boxes, barrels and bags for transport by two or more modes from origin to destination. In the 1950s the introduction of containers provided for a more efficient intermodal transportation system, which, in turn, stimulated a significant growth in world trade – because of the lower rates and reduction in delivery times that ocean container transportation brought. Intermodal container transportation has also impacted trade routes; for example, rather than seaborne trade from Asia arriving at the US East Coast via the Panama Canal, an alternative land route to this all-water route came into being in April 1984, when container ships began calling at ports along the US West Coast to unload their containers for placement on double-stack trains for transport to the East Coast (a landbridge service).
Data for new trade (cargo) flows into the US from foreign ports without a history of flows to the US are also analyzed. The analysis suggests that new trade flows are greater for exporting foreign countries which have relatively large amounts of hinterland transport infrastructure and whose foreign ports handle container cargoes. Further, the more developed a foreign port is from an intermodal perspective in providing new trade flows to the US, the greater the likelihood that it will grow and the smaller the likelihood that it will fail.
Chapter8 discusses the evolution of the cruise industry – water carriers that provide transportation, leisure and tourism services. In the early days of the industry it was often stated that passengers aboard cruise vessels were either just married or nearly dead. However, this is no longer true. Cruise passengers now are of all ages. Cruise lines seek to tailor their services to accommodate the wishes of their customers.
Some old markets of cruise lines have reached saturation, e.g., the Alaska market. New markets in the Far East, the Middle East and Australia are experiencing explosive growth in new cruise business. Expedition tourism, targeting the affluent passenger, will continue to gain popularity. Remote destinations unspoiled by mass tourism that feature secluded and out-of-the-way places, such as Antarctica and the many historic islands dotting the Pacific Ocean, are drawing cruise passengers. The inland-waterway cruise market in Europe is another growing market and is expected to experience double-digit growth in coming years. Small river-cruise vessels offer amenities far surpassing those of the average hotel and restaurant associated with typical bus tours.
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