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maritime economics.pdf | 0 | MARITIME ECONOMICS Winner of the Chojeong Book Prize 2005 for ‘making a significant contribution to the development of maritime transport academically and practically’ ‘In its breadth, this book is a tour de force and anyone who reads it cannot but be better informed about the shipping world’ Lloyds List, 17th December... | [
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maritime economics.pdf | 1 | Data A catalogue record for this book is available from the British Library Library of Congress Cataloging in Publication Data A catalog record for this book has been requested, ISBN10: 0415275571 (hbk) ISBN10: 041527558X (pbk) ISBN10: 0203891740 (ebk) ISBN13: 9780415275576 (hbk) ISBN13: 9780415275583 (pbk) ISBN13: 978... | [
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maritime economics.pdf | 2 | of running ships 225 vii CONTENTS 6.4 The capital cost of the ship 236 6.5 The revenue the ship earns 242 6.6 Shipping accounts – the framework for decisions 246 6.7 Four methods of computing the cashflow 252 6.8 Valuing merchant ships 262 6.9 Summary 266 Chapter 7 Financing Ships and Shipping Companies 269 7.1 Ship fi... | [
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maritime economics.pdf | 3 | liner service 506 13.3 Economic principles of liner operation 512 13.4 General cargo and liner transport demand 514 13.5 The liner shipping routes 524 13.6 The liner companies 532 13.7 The liner fleet 537 13.8 The principles of liner service economics 539 13.9 Pricing liner services 550 13.10 Liner conferences and coop... | [
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maritime economics.pdf | 4 | 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 wo... | [
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maritime economics.pdf | 5 | 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... | [
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maritime economics.pdf | 6 | overview of the market covering the transport system, the demand for sea transport, the merchant fleet, how transport is provided, the role of ports, shipping com pany organization and political influences. PART 2 SHIPPING MARKET ECONOMICS Part 2 sets out the macroeconomic structure of the shipping market to show the r... | [
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maritime economics.pdf | 7 | followed by a brief explanation of the world capital markets, showing where the money comes from. Finally the chapter discusses the four main ways of financing ships: equity, debt, new building finance, and leasing. Chapter 8: Risk, Return and Shipping Company Economics Shipping has a history of offering very mediocre ... | [
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maritime economics.pdf | 8 | covers chemicals, liquefied gas, refrigerated cargo, unit labour cargoes, and passenger shipping. Chapter 13: The Economics of Liner Shipping Containerization of liner services was one of the great commercial innovations of the twentieth century. Faster transport and lower costs have made it possible for businesses xvi... | [
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maritime economics.pdf | 9 | cor rect, yet they continue to use them. There are two different types of ‘forecasts’ used in the shipping industry: market forecasts and market research. Market forecasts cover the market in general, whilst market research applies to a specific decision. Different tech niques are discussed covering each type of study.... | [
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maritime economics.pdf | 10 | carries dry cargoes such as ore, coal, sugar or cereals. Smaller vessels may have their own cranes, whilst larger sizes rely on shore based equipment. 6. Bare boat charter. Similar to a lease. The vessel is chartered to a third party who to all intents and purposes owns it for the period of the charter, provides the cr... | [
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maritime economics.pdf | 11 | the range of sizes associated with this type of ship, typically up to 30,000–35,000 tonnes deadweight. Most have their own cargohandling gear. 22. ice class 1A. Ship certified to transit ice of 0.8 m thickness. 23. IMO. International Maritime Organization, the UN agency which is responsible for maritime regulations. 24... | [
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maritime economics.pdf | 12 | of Life at Sea Convention. Important convention setting out the safety regulations with which all merchant ships must comply (see Chapter 16). xxiv FIFTY ESSENTIAL SHIPPING TERMS 39. Special survey. Mandatory examination of the ship’s hull and machinery carried out every five years, or on a rolling basis, by the classi... | [
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maritime economics.pdf | 13 | spot rate and paid by the shipowner. On a time charter where the ports are not known in advance they are paid by the charterer. Part 1 I N T R O D U C T I O N T O S H I P P I N G Sea Transport and the Global Economy Wonders are many on earth, and the greatest of these Is man, who rides the ocean and takes his way Throu... | [
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maritime economics.pdf | 14 | the years.3 Because shipping is such an old industry, with a history of continuous change, sometimes gradual and occasionally calamitous, we have a unique opportunity to learn from the past. Time and again we find that shipping and trade greased the slipway4 from which the world economy was launched on new voyages in w... | [
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maritime economics.pdf | 15 | THE GLOBAL ECONOMY C H A P T E R 1 5 INTRODUCTION 1.1 C H A P T E R 1 That is a labour productivity benefit of 15 times. By exploiting economies of scale and integrated transport systems, shipping continues to demonstrate Adam Smith’s insight. Today a lorry carrying one 40foot container from Felixstowe to Edinburgh mig... | [
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maritime economics.pdf | 16 | and undamaged by any nautical mishap; and he shall take for the journey two days, from the 25th, and likewise he shall remain at Oxyrhynchus four days; and if he be delayed after that time he, the master, shall receive 16 drachmae per day for himself; and he the master shall provide a sufficient number of sailors and a... | [
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maritime economics.pdf | 17 | this chapter is divided into four sections. The first era, stretching from 3000 BC to AD 1450, is concerned with the early history of shipping, and the development of trade in the Mediterranean and northwestern Europe. This takes us up to the middle of the fifteenth century when Europe remained completely isolated from... | [
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maritime economics.pdf | 18 | rata to size and the builder provided a oneyear guarantee of seaworthiness. Freight was to be paid in advance and the travelling agent had to account for all sums spent. All of this sounds very familiar to modern shipowners, though there was obviously not much room for market ‘booms’ under this command regime of mariti... | [
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maritime economics.pdf | 19 | Carthage in North Africa, Syracuse in Sicily, Corinth and Athens in Greece, and Memphis in Egypt (Figure 1.4). As the Phoenician merchants declined, the more cen trally placed Greeks with their market economy took their place as the leading maritime traders. As Athens expanded, the city imported grain to feed its popu ... | [
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maritime economics.pdf | 20 | Nile by a Roman boat (Box 1.1). The Byzantine Empire Towards the end of the fourth century AD the ‘Westline’ took a step backwards. In about AD 390 the failing Roman Empire, under attack from all sides, was split for administrative purposes into the Western Roman Empire and the Eastern Roman Empire. In modernday jargon... | [
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maritime economics.pdf | 21 | Alps and barged down the Rhine to northern Europe. The commodities shipped west included silk, spices and highquality textiles from northern Italy which had become a prosperous processing centre. The trade in the other direction included wool, metals and timber products. In the Mediterranean, Venice emerged as the majo... | [
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maritime economics.pdf | 22 | wool, timber, corn and tallow, which was replacing vegetable oil in lamps. As this trade grew, Hamburg and Lübeck, which were at the crossroads between the NW Atlantic and the Baltic, grew prosperous and organized themselves into the Hanseatic League. 1.3 THE GLOBAL ECONOMY IN THE FIFTEENTH CENTURY By the fifteenth cen... | [
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maritime economics.pdf | 23 | today. What followed was a major shift in global trade as the nations of NW Europe, whose route to the East was now blocked by the Ottoman Empire, discovered the sea route round the Cape and used their naval superiority to create and control global trade routes. 1.4 OPENING UP GLOBAL TRADE AND COMMERCE, 1450–1833 Europ... | [
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maritime economics.pdf | 24 | slow. In the early 1400s Henry ‘the Navigator’, King of Portugal, a small barren land with a lengthy coastline on the southern tip of Atlantic Europe, Figure 1.6 The European voyages of discovery 1492–98 15 OPENING UP GLOBAL TRADE AND COMMERCE, 1450–1833 1.4 C H A P T E R 1 became obsessed with finding a way around Afr... | [
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maritime economics.pdf | 25 | of any treasure and spices he obtained. A royal decree was issued requiring Andalusian shipowners to provide three vessels ready for sea, and two shipping families, the Pinzons and the Ninos, finally invested in the modest expedition. Two caravels and a larger vessel set sail for the Canaries where they spent six weeks... | [
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maritime economics.pdf | 26 | cargo was sparse, da Gama brought an invaluable piece of commercial information. The hundred weight of pepper sold in Venice for 80 ducats could be purchased in Calicut for 3 ducats! All that was needed was to eliminate the Muslim grip on the trade and build a new commercial empire. The Portuguese set about doing this.... | [
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maritime economics.pdf | 27 | for European manufactures, and nearperfect conditions for economic develop ment. Over the next 200 years the trading triangle shown in Figure 1.7 developed in the North Atlantic. Manufactures were shipped from Europe to West Africa and slaves to the West Indies, the ships returning with sugar, rum, tobacco and cotton. ... | [
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maritime economics.pdf | 28 | essential aspect – shipping. In 1567 Luigi Guicciardini counted 500 vessels moored before the roadstead in Antwerp and was impressed by the mighty crane on the wharf.44 However, Antwerp’s dominant position as the leading maritime centre was shortlived. In 1585 the city was sacked by Spanish troops and the Scheldt was b... | [
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maritime economics.pdf | 29 | of Europe’. Next they opened trade with the Iberian peninsula, trading wheat, rye and naval stores for salt, oil, wine and silver. Amsterdam’s position as a financial centre developed with the opening of the Bourse (stock exchange), and with their lower costs they were able to squeeze out the northern Italian merchants... | [
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maritime economics.pdf | 30 | rapidly and British foreign trade (net imports and domestic exports) grew from £10 million in 1700 to £60 million in 1800.54 As the century progressed the character of imports changed. Semitropical foodstuffs and raw materials from the Americas appeared and after 1660 London, with its growing exports of manufactures an... | [
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maritime economics.pdf | 31 | coal, stone, slate, clay, beer and grain. These were the ships that Adam Smith used to illus trate the efficiency of sea transport in The Wealth of Nations. Coal was by far the most important cargo, by the late eighteenth century employing around 500 vessels, of around 200 tons, making eight or nine round voyages a yea... | [
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maritime economics.pdf | 32 | groceries in Ireland and sailed to Barbados where he sold them and purchased rum, sugar and molasses for the Newfoundland fishermen, from whom he intended to purchase a cargo of fish for Portugal. However, when he reached Newfoundland, the market was over stocked with colonial products and fish prices were so high that... | [
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maritime economics.pdf | 33 | 37 days. His worst experience was a winter passage from Liverpool to New York, which took 119 days.61 The ships were generally around 300–400 tons in size, though the East India 23 LINER AND TRAMP SHIPPING, 1833–1950 1.5 C H A P T E R 1 Company operated a fleet of 122 vessels averaging 870 tons. This unsatisfactory sta... | [
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maritime economics.pdf | 34 | speed of trade growth. Sea trade increased from 20 million tons in 1840 to 140 million tons in 1887, averaging 4.2% per year (Table 1.2). Ton miles also increased as the trades with the Baltic and the Mediterranean were 24 SEA TRANSPORT AND THE GLOBAL ECONOMY C H A P T E R 1 replaced by longhaul trades with North Ameri... | [
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maritime economics.pdf | 35 | 25 LINER AND TRAMP SHIPPING, 1833–1950 1.5 C H A P T E R 1 In addition to cargo, as global trade developed so did passenger traffic and mail and there was tremendous commercial pressure to speed up these services. With a 60day roundvoyage time on the North Atlantic, doing business was difficult and there was a market f... | [
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maritime economics.pdf | 36 | 5,300 8,500 7,500 11 Steam 3 2,800 ihp coal 35 214 39.6 1935 6,000 10,000 9,000 12.5 Steam 3 4,000 ihp oil 33 273 27.4 1955 7,500 11,000 10,000 14 Diesel 6,000 bhp oil 25 400 16.7 1975 13,436 17,999 17,099 16 Diesel 9,900 bhp oil 37 462 12.6 2006 12,936 17,300 16,435 15 Diesel 9,480 bhp oil 25 657 9.5 Key: Steam 1 = st... | [
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maritime economics.pdf | 37 | Figure 1.8 World fleet and design innovation, 1860–1930 Sources: Craig (1980, pp. 7, 12); Kummerman and Jacquinet (1979, p. 127); Hosking (1973, p. 14); Dunn L. (1973, p. 95); Britannic Steamship Insurance Association (2005, p. 24); Kahre (1977, p. 145); Lloyd’s Register 1900–30. 27 LINER AND TRAMP SHIPPING, 1833–1950 ... | [
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maritime economics.pdf | 38 | by the Great Eastern, Brunel’s 18,915 grt iron steamship. It could manoeuvre more effectively than the sailing ships used in 1855 and was big enough to carry a cable long enough to stretch from Ireland to Newfoundland, with a mechanism to control the cable as it was paid out. On the first expedition in 1865 the cable p... | [
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maritime economics.pdf | 39 | screw Britannic 455 5,004 5,000 15 100 Iron Single Compound 1874 8.2 screw City of Berlin 488.6 5,490 4,779 15 120 Iron Single Compound 1875 7.6 screw Servia 515 7,391 10,000 16.7 200 Steel Single Compound 1881 7.4 screw Umbria 500 7,718 14,500 18 Steel Single Compound 1884 6.8 screw City of Paris 527.5 10,699 18,000 1... | [
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maritime economics.pdf | 40 | week, but by the 1850s they were eclipsed by the screw steamers of Great Britain which reduced the transit time to less than 10 days in each direction (see Table 1.4).73 As the century progressed the ‘passenger liners’ evolved into big, fast, luxurious ships with limited cargo capacity, built for the fast transport of ... | [
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maritime economics.pdf | 41 | Riband, and it was probably this as much as commercial considerations which led to the construction of the most extreme ships such as Hamburg America’s Deutschland (which suffered extreme vibration), North German Lloyd’s recordbreaking Kaiser Wilhelm II, and Cunard’s turbine driven sister ships Mauritania and Lusitania... | [
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maritime economics.pdf | 42 | Far East. By 1890 the Orestes was 4653 grt, with a 2600 horsepower engine, and by 1902 the Keemun was 9074 grt with a 5,500 hp twin triple expansion engine. Finally, the Nestor built in 1914 was 14,000 grt. This more or less defined the liner vessel, and sizes did not increase significantly for the next 40 years. The l... | [
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maritime economics.pdf | 43 | 4s. 3d. (about $1.25) per word.77 To put that in perspective, in 1870 a seaman earned about $12.50 (£2 2s.) a month.78 Although rates soon fell, in 1894 communicating with outlying areas such as South and East Africa still cost over $1.25 per word. This favoured a central market place where cargoes could be ‘fixed’ by ... | [
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maritime economics.pdf | 44 | there was some overlap. Large tramp companies would sometimes establish liner services if they spotted a gap in the market and the liner companies sometimes engaged in ‘tramping’. However, most of the tramp business was car ried on by small companies. In 1912 over a third of the British tramp companies had only one or ... | [
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maritime economics.pdf | 45 | cables, the ship ballasted to the River Plate where the maize harvest would soon be coming forward and demand was expected to be brisk. However, by the time the ship reached Buenos Aires many ships had recently arrived with coal from Britain and were looking for a backhaul, so supply exceeded demand. After waiting a co... | [
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maritime economics.pdf | 46 | appointed and they made a complete resurvey of the 15,000 ships in the Register. Any new vessel for which an A1 classification was sought must undergo ‘a survey under construction’, which meant in practice that its progress was closely inspected at least three times while its hull was on the stocks. In 1855 Rules for I... | [
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maritime economics.pdf | 47 | H A P T E R 1 the new transport systems illustrated in Figure 1.10, using technology already well established in land based industries such as car manufacture. The new system reduced costs by replacing expensive labour with cheaper and more efficient capital equipment and by treating sea trans port as part of an inte g... | [
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maritime economics.pdf | 48 | and underdeveloped regions’.89 At the Bretton Woods Conference in 1944 the US Secretary of the Treasury, Henry Morgenthau, outlined the objective of creating ‘a dynamic world economy in which the peoples of every nation will be able to realise their potentialities in peace and enjoy increasingly the fruits of material ... | [
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maritime economics.pdf | 49 | 1968 the jumbo jets came into service and it mainly served as a cruise liner. The passenger liners of the 1950s, built for speed, either went to the scrapyard or were converted into cruise liners offering a 38 SEA TRANSPORT AND THE GLOBAL ECONOMY C H A P T E R 1 mobile leisure environment in which speed is irrelevant, ... | [
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maritime economics.pdf | 50 | heavy industries such as steel shipbuilding and motor vehicles. Then, in the 1980s, after two decades of total isolation and many centuries of restricted contact with the West, the Chinese economy opened its doors to capitalism and trade. There followed a period of remarkable economic growth, coupled with a move toward... | [
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maritime economics.pdf | 51 | in ship size (Figure 1.12). The 12,500 dwt Narraganset was built in 1903, and this remained a very acceptable size of vessel until 1944 when the largest tanker was the Phoenix of 23,900 dwt. During the Second World War the T2 40 SEA TRANSPORT AND THE GLOBAL ECONOMY C H A P T E R 1 tanker, a 16,500 dwt vessel, had been ... | [
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maritime economics.pdf | 52 | by Martin Stopford from various sources 41 CONTAINER, BULK AND AIR TRANSPORT, 1950–2006 1.6 C H A P T E R 1 brokers and cargo agents used telex messages to distribute cargo/position lists and negotiations were handled by phone. In the 1970s computerized work stations allowed telex or fax messages to be sent by the user... | [
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maritime economics.pdf | 53 | started on 23 April 1966 by SeaLand, a new US company which had been developing the concept since 1956 (see Chapter 13). Transporting general cargo in standard boxes had a more fundamental impact than even its most ardent advocates anticipated. Just a few days after leaving the factory in the Midlands of England, a con... | [
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maritime economics.pdf | 54 | in 1954, and this was soon followed by the first containership, a conversion, in 1956. In the same year Wallenius lines built the first car carrier, the Rigoletto, designed for the carriage of 260 cars, and the first open hatch bulk carrier, designed with wide hatches to carry prepackaged timber was built in 1962, for ... | [
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maritime economics.pdf | 55 | the established national shipping companies struggled to adapt, weighed down by wealth, tradition and the wrong ships, the ‘tramp’ operators of Norway, Greece and Hong Kong were quick to spot that their new clients were the Table 1.9 World merchant fleet by country (millions of tons) Start of year 1902 1950 2005 W Euro... | [
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maritime economics.pdf | 56 | India, the Middle East, Central Asia, Russia and eastern Europe. The shipping industry has a unique opportunity to study its commercial history, and there are many lessons which we could draw, but three stand out. The first is the central part which shipping has played in the global economy. At every stage in its devel... | [
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maritime economics.pdf | 57 | started in the 1950s but it was 25 years before its full potential as a global transport system was felt in world trade. So although change is sudden, the implementation of change is often a long and tedious business. Pulling all this together, our task as maritime economists is to understand where we are at any point ... | [
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maritime economics.pdf | 58 | which would reduce the cost of transporting these goods. During this period we saw the growth of the bulk carrier markets, the containerization of general cargo and specialist shipping operations transporting chemicals, forest products, motor vehi cles, gas, etc. An important part of this revolution was the move of shi... | [
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maritime economics.pdf | 59 | and regulators – who work together on the constantly changing task of trans porting cargo by sea. To many of them shipping is not just a business. It is a fascinating way of life. 2.2 OVERVIEW OF THE MARITIME INDUSTRY In 2005 the shipping industry transported 7.0 billion tons of cargo between 160 countries. It is a tru... | [
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maritime economics.pdf | 60 | naval vessels, including patrol craft, operate worldwide with annual orders for about 160 new vessels. Cruise and ports complete the vessel operations section. There are over 3,000 major ports and terminals around the world, with many thousands of smaller ones engaged in local trades. So this is a major industry. Suppo... | [
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maritime economics.pdf | 61 | MARKET C H A P T E R 2 of equipment needed to construct and maintain the complex mechanical structures which we refer to as merchant ships. Their turnover in 2004 was about $90 billion. A third group of businesses are concerned with marine resources, mainly oil and gas which turns over about $113 billion per annum. Mar... | [
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maritime economics.pdf | 62 | the option of very fast but highcost transport. Shortsea shipping Shortsea shipping provides transport within regions. It distributes the cargo delivered to regional centres such as Hong Kong or Rotterdam by deepsea vessels, and provides a porttoport service, often in direct competition with landbased transport such as... | [
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maritime economics.pdf | 63 | bulk carriers with holds that exactly comply with the standards for packaged lumber. As a result, transport companies operate in a market governed by a mix of competition and cooperation. In many trades the competitive element is obvious: rail competes with road; shortsea shipping with road and rail; and deepsea shippi... | [
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maritime economics.pdf | 64 | H A P T E R 2 2.4 CHARACTERISTICS OF SEA TRANSPORT DEMAND The sea transport product The merchant shipping industry’s product is transport. But that is like saying that restau rants serve food. It misses out the qualitative part of the service. People want different food for different occasions, so there are sandwich ba... | [
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maritime economics.pdf | 65 | companies that generate and use cargo. As we saw in Chapter 1, today’s multinational companies source raw materials where 54 THE ORGANIZATION OF THE SHIPPING MARKET C H A P T E R 2 they are cheapest and locate manufacturing facilities in any lowcost corner of the world, however remote, drawing many towns and cities int... | [
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maritime economics.pdf | 66 | A recent development in trade theory argues that comparative advantage is driven by clusters of expertise scat tered around the globe.11 Clusters of companies specializing in a particular business, say manufacturing ski boot clamps (or maritime equipment for that matter) develop a ‘com parative advantage’ in that produ... | [
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maritime economics.pdf | 67 | many cars are shipped by sea because consumers like a greater choice than domestic car manufacturers can offer. Third, there is cyclical trade which occurs in times of temporary shortages, for example due to poor harvests, or business cycles, leading to temporary trade flows. Steel products, cement and grain are commod... | [
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maritime economics.pdf | 68 | Million tonnes of cargo % growth p.a. 1995 2000 2005 2006 1995–2006 1. Energy trades Crude oil 1,400 1,656 1,885 1,896 2.8% Oil products 460 518 671 706 4.0% Steam coal 238 346 507 544 7.8% LPG 34 39 37 39 1.3% LNG 69 104 142 168 8.5% Total 2,201 2,663 3,242 3,354 3.9% Share of total in 2006 44% 2. Metal industry trade... | [
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maritime economics.pdf | 69 | foodstuffs, which depends on income and population. It is also concerned with the important derived demand for animal feeds. On the supply side, we are led into the discussion of land use and agricultural productivity. Forest products are prima rily industrial materials used for the manufacture of paper, paper board an... | [
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maritime economics.pdf | 70 | 2.2(c) shows two even more extreme trades – iron ore is almost all shipped in vessels over 100,000 dwt, with the largest cluster of cargoes around 150,000 dwt, whilst bulk sugar, a much smaller trade, clusters around 25,000 tons. There are hundreds of commodities shipped by sea (see Table 11.1 in Chapter 11 for more ex... | [
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maritime economics.pdf | 71 | travel in bulk. As the trade grows, the proportion of cargo parcels large enough to travel in bulk may increase and the trade will gradually switch from being a liner trade to being predominantly a minor bulk trade. This happened in many trades during the 1960s and 1970s, and as a result the bulk trade grew faster than... | [
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maritime economics.pdf | 72 | be happy to pay ten times the freight for delivery in three days by air if the alternative is to have machinery out of service for five or six weeks while the spares are delivered by sea. ● Reliability. With the growing importance of ‘just in time’ stock control systems, transport reliability has taken on a new signifi... | [
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maritime economics.pdf | 73 | transport are negotiated. This is a highly flexible structure. For example, an oil company might decide to buy its own fleet of tankers to cover half of its oil transport needs and meet the other half by chartering tankers from shipowners. The same applies to the specialized and liner markets. The bulk shipping industr... | [
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maritime economics.pdf | 74 | ships and offer higher service levels than bulk shipping companies. Some of the operators become involved in terminals to improve the integration of the cargohandling operations. They also work with shippers to rationalize and streamline the distribution chain. For exam ple, motor manufacturers and chemical companies p... | [
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maritime economics.pdf | 75 | coal, phosphates and bauxite – are homoge neous bulk cargoes which can be transported satisfactorily in a conventional dry bulk carrier or multipurpose (MPP) stowing at 45–55 cubic feet per ton. ● Minor bulks covers the many other commodities that travel in shiploads. The most important are steel products, steel scrap,... | [
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maritime economics.pdf | 76 | standardized, allowing investment to increase pro ductivity. Since cargo handling was the main bottleneck, the key was to pack the cargo into internationally accepted standard units which could be handled quickly and cheaply with specially designed equipment. At the outset many systems of unitization were examined, but... | [
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maritime economics.pdf | 77 | of class Name Commodity Size 1852 Bulk Carrier SS John Bowes Coal 650 dwt 1865 Cargo liner SS Agamemnon General cargo 3,500 dwt 1880 Reefer SS Strathleven Frozen meat 400 carcasses 1886 Oil Tanker SS Glückauf Oil 3,030 dwt 1921 OreOil Carrier G.Harrison Smith Iron ore/oil 14,305 grt 1926 Heavy Lift Ship Belray Heavy ca... | [
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maritime economics.pdf | 78 | companies are easier to recognize than they are to define. Some limitations of the transport statistics An obvious question is: ‘What is the tonnage of bulk, specialized and general cargo shipped by sea?’ Unfortunately there is a statistical problem in determining how the commodities are transported. Because we only ha... | [
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maritime economics.pdf | 79 | and the smaller vessels carrying oil prod ucts such as gasoline and fuel oil. Note that there is also a fleet of chemical tankers which generally have more tanks and segre gated cargohandling sys tems, and these are included in the specialized Figure 2.4 Merchant fleet classified by main cargo type. July 2007 Source: C... | [
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maritime economics.pdf | 80 | 21.2 16.1 0.8 12.0 −161 degrees Celsius 34 Total specialized cargo fleet 6,978 84 77 memo: Total cargo ships 47,433 689 1,033 1.5 5. Noncargo fleet 35 Tugs 11,097 2.9 1.0 0.4 23.8 Port or deep sea transport 36 Dredgers 1,812 3.0 3.6 1.2 26.8 Dredging ports and aggregates 37 Offshore tugs and supply 4,394 4.6 5.0 1.1 22... | [
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maritime economics.pdf | 81 | types – see Table 12.1). All of these ships are related to vessels found in other categories, but their design has been modi fied to improve efficiency in carrying a specific cargo. For example, chemical tankers have many parcel tanks and special coatings for carrying small parcels of specialized liquid cargoes, but th... | [
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maritime economics.pdf | 82 | course the shipowner is also subject to the interna tional conventions to which the flag of registration is a signatory, and when it sails into the territorial waters of another country it becomes subject to their laws. As we saw in Chapter 1, lowcost flags have been used for many years, one of the earliest examples be... | [
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maritime economics.pdf | 83 | Malaysia 5.5 4.2 9.6 43% Indonesia 3.8 2.4 6.2 39% Philippines 4.1 1.0 5.0 19% Thailand 2.4 0.5 2.9 16% Total 120.0 235.6 355.6 66% Europe Greece 47.5 115.9 163.4 71% Germany 13.1 58.4 71.5 82% Norway 13.7 31.7 45.4 70% United Kingdom 9.0 12.3 21.3 58% Denmark 9.2 10.3 19.6 53% Italy 10.2 4.3 14.5 30% Switzerland 0.8 1... | [
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maritime economics.pdf | 84 | or market goods. In 2004 the value of world import trade was $9.2 trillion and the cost of freight was $270 billion, representing only 3.6% of the total value of world trade.17 Since these statistics cover both bulk and liner cargoes, and would normally include inland distribution, they probably overstate the proportio... | [
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maritime economics.pdf | 85 | commodities freight is now a much smaller proportion of costs than it was 30 years ago. For example, in 1960 the oil freight was 30% of the cost of a barrel of Arabian light crude oil delivered to Europe.18 By 1990 it had fallen to less than 5% and in 2004 it was about the same, making the tanker business less importan... | [
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maritime economics.pdf | 86 | rate $ per £ 2.8 1.8 1.9 −1% Source: ‘Prices down the years’, The Economist, 22 December 1990, updated. Notes aLondon to New York return dSoup, main course, pudding, coffee bLondon to Glasgow, 2nd class, return eLondon to America cCheapest model fAverage % increase 1960–2004 In calculating capital and operating costs, ... | [
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maritime economics.pdf | 87 | 330,000 tonne parcel. If the cargo parcel is too small to occupy a whole ship the cost escalates further because of the high cost of handling and stowing small parcels. For example, crude oil can be transported 12,000 miles from the Arabian Gulf to the USA for less than $1 per barrel using a 280,000 dwt tanker, whereas... | [
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maritime economics.pdf | 88 | an overview of these two principal sectors of the shipping market. These differences in the nature of demand provide the basis for explaining the division of the shipping industry into two quite different sectors, the bulk shipping industry and the liner shipping industry. The bulk shipping industry is built around min... | [
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maritime economics.pdf | 89 | running a stable and predictable throughtransport operation. One of the first examples of modern dry bulk transportation was the construction for Bethlehem Steel of two ore carriers to carry iron ore from Chile to the newly con structed coastal steel plant in Baltimore, USA (see Chapter 11). The whole transport operati... | [
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maritime economics.pdf | 90 | the world each year. The service offered in specialist bulk trades involves adherence to precise timetables, using ships with a high cargo capacity and fast cargo handling. Such an operation 80 THE ORGANIZATION OF THE SHIPPING MARKET C H A P T E R 2 requires close cooperation between the shipper and the shipowner, the ... | [
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maritime economics.pdf | 91 | brought about by containerization, and regulatory intervention weakened the system to such an extent that liner operators started to look for other ways of stabilizing their competitive position. Liner operations are discussed extensively in Chapter 13. 81 THE ROLE OF PORTS IN THE TRANSPORT SYSTEM 2.8 C H A P T E R 2 2... | [
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maritime economics.pdf | 92 | operations. Railways, roads and inland waterways converge on ports, and these transport links must be managed efficiently. Port improvement plays a major part in reducing sea transport costs. Some of this technical development is carried out by the shipping companies which construct special terminals for their trade, o... | [
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maritime economics.pdf | 93 | on to the quayside and stored in the warehouses, or on the quayside until collected. Ports like this are found in developing countries and in the rural areas of developed countries. ● Level 2: Large local port. When the volume of cargo is higher, special investment becomes economic. For example, if the volume of grain ... | [
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maritime economics.pdf | 94 | of the companies in different parts of the industry. For example, liner companies and bulk 84 THE ORGANIZATION OF THE SHIPPING MARKET C H A P T E R 2 shipping companies belong to the same industry, but they seem to have little else in common, a fact we shall discuss more extensively in later parts of the book. In fact ... | [
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maritime economics.pdf | 95 | 669 4389 12% 7 Under 5 4021 6417 17% 2 Grand total 5518 36,903 100% 7 aIncludes deepsea vessels, including bulk, specialized and liner. Source: CRSL Who makes the decisions? Because the business is internationally mobile, shipowners can choose to register their companies in the Bahamas, Liberia, the Marshall Islands or... | [
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maritime economics.pdf | 96 | are distributed to pool members under a prearranged ‘weighting’ system (‘distribution key’) which reflects each ship’s revenuegenerating characteristics. The revenuesharing arrangements are of central importance, and for this reason pools are almost always restricted to ships of a specific type so that the revenue cont... | [
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maritime economics.pdf | 97 | main board approval. Currently the division is running a fleet of ten VLCCs and 36 small tankers from an organization that occupies several floors in one of the company’s office blocks. Diversified shipping group A company which started in shipping but has now acquired other interests. It runs a fleet of more than 60 s... | [
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maritime economics.pdf | 98 | improve managerial control the tanker business was floated as a separate company. The company runs a large fleet of modern merchant ships designed to give high cargohandling performance, and is based in an Oslo office with a sizeable staff. Figure 2.10 Structure of typical shipping pool Source: Martin Stopford 2007 88 ... | [
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maritime economics.pdf | 99 | may be able to significantly reduce its ballast time by arranging COAs to cover backhauls by providing return cargo, chartering additional vessels when members’ ships are not available, and provide performance guarantees which an individual owner would not be able to undertake. By offering ships in the relevant areas, ... | [
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