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Maritime Economics 3rd ed

The third edition of Maritime Economics, like the previous editions, aims to explain how the shipping market is organized and answer some practical questions about how it works. Why do countries trade by sea? How is sea transport organized? How are prices and freight rates determined? How are ships financed? Are there market cycles? What returns do shipping companies make? How can a shipping company survive depressions? What influences ship design? And, of course, is it possible to make reliable forecasts? Much has changed in the twenty years since the first edition was published in 1988. Then the industry was struggling out of a deep recession and the second edition, which appeared in 1997, was written in a more prosperous but still disappointing market. However the third edition, on which work started in 2002, coincided with one of the great booms in the industry?s history. These contrasting decades provided a unique opportunity to study shipping in feast and famine and I hope the substantially revised third edition has benefited from the insights it provided. This edition retains the structure of its predecessors, but there are many changes and additions. A major innovation is the chapter on the economic history of the maritime business. Introducing an economics book with history is risky, but shipping has five thousand years of documented commercial history. If you?ve got it, why not flaunt it? There is a certain comfort in knowing that others have navigated the same seas many times before and there a lesson to learn. Maritime history surges forward with all the momentum of a VLCC, flattening anything in its path, so shipping investors in their commercial sailboats must keep a sharp lookout for the ?secular trend?, as well as more immediate, but less threatening, shipping market cycles. The analysis of shipping cycles now extends back to 1741 and the markets chapter includes an expanded section on derivatives which are more widely used than a decade ago. The theoretical supply demand analysis has been updated to introduce vertical mobility of the supply curve. A new chapter tackles the tricky issue of the return on capital in shipping, focussing on the microeconomics of the industry and introducing Preface to the Third Edition xii PREFACE TO THE THIRD EDITION the ?risky asset pricing? (RAP) model. There is also a new chapter on the geography of maritime trade which deals with the physical world in which shipping operates and another on specialised shipping. The other chapters have all been updated, extended and revised where appropriate. Maritime Economics: third edition now has seventeen chapters, the contents of which are summarized in the next section. In producing the three editions I am grateful for the help from many people. For the first and second editions I would like to repeat my thanks to Efthimios Mitropoulos, now Secretary-General of the International Maritime Organization, Professor Costas Grammenos, Pro-Vice Chancellor of City University, London, the late Peter Douglas of Chase Manhattan Bank, Professor Harry Benford of Michigan University, Professor Rigas Doganis, Professor Michael Tamvakis of CASS Business School, the Rt Hon. Gerald Cooper, Dr John Doviak of Cambridge Academy of Transport, Professor Henk Molenaar, Mona Kristiansen of Leif Hoegh & Company, Captain Philip J. Wood, Sir Graham Day, Alan Adams of Shell International Marine, Richard Hext, CEO of Pacific Basin Shipping Ltd, Rogan McLellan, Mark Page Director of Drewry Shipping Consultants, Professor Mary Brooks of Dalhousie University, Bob Crawley, Betsy Nelson, Merrick Raynor, Jonathan Tully, Robert Bennett, John Ferguson and Paul Stott. All provided comments, suggestions and insights from which the present volume benefits. For help with the third edition my thanks are due to Professor Peter B. Marlow, Rawi Nair, and Kiki Mitroussi of Cardiff University, Bill Ebersold, now retired from MARAD, Alan Jamieson, Peter Stokes of Lazards, Jeremy Penn, Chief Executive of the Baltic Exchange, Tony Mason, Secretary General of the International Chamber of Shipping, Richard Greiner, Partner of Moore Stephens, Rogan McLellan, Captain Robert W. Sinclair, Sabine Knapp of IMO, Niels G. Stolt-Nielsen, Sean Day, Chairman of Teekay Shipping Corporation, Susan Cooke, Finance Director of Global Ship Lease, Jean Richards, Director of Quantum Shipping Services, Trevor Crowe and Cliff Tyler, Directors of Clarkson Research Services Ltd, Nick Wood and Tom White of Clarksons newbuilding desk, Bob Knight and Alex Williams of Clarksons Tanker Division, Nick Collins of Clarksons Dry Cargo Division, Alan Ginsberg, CFO of Eagle Bulk Shipping, John Westwood of Douglas-Westwood Ltd, Dorthe Bork and her colleagues at Odense Steel Shipyard, Jarle Hammer of Fearnleys, Professor Roar Adland of Clarksons Fund Management, Dr Peter Swift, MD of Intertanko, Professor Knick Harley of Oxford University, Professor Alan Winter of the University of Sussex,, Hamid Seddighi of the University of Sunderland and Erik Bastiensen. Also I would like to thank Randy Young of the US Office of Naval Intelligence (ONI) for his help and enthusiasm in extending the freight cycle statistics back to 1741, my brother John Stopford for many thoughtful discussions and my editor at Routledge, Rob Langham. Finally, finishing this much enlarged book was a daunting task and I owe special thanks to Tony Gray of Lloyds List, Professor Ian Buxton of Newcastle University and Charlie Norse of Massachusetts Maritime Academy for their encouragement, time, knowledge and advice.

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Tan 387. 544 Sto mPSB lt.dasar - Pascasarjana1
Penerbit London Routledge.,
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Subjek Maritime Economics
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