Maritime Economics (3rd edition)

Author: Stopford, Martin
Publication date: Jan 2009

For 5000 years shipping has served the world economy and today it provides a sophisticated transport service to every part of the globe. Yet despite its economic complexity, shipping retains much of the competitive cut and thrust of the “perfect” market of classical economics. This blend of sophisticated logistics and larger than life entrepreneurs makes it a unique case study of classical economics in a modern setting.

The enlarged and substantially rewritten Maritime Economics uses historical and theoretical analysis as the framework for a practical explanation of how shipping works today. Whilst retaining the structure of the second edition, its scope is widened to include:

• lessons from 5000 years of commercial shipping history
• shipping cycles back to 1741, with a year by year commentary
• updated chapters on markets; shipping costs; accounts; ship finance and a new chapter on the return on capital
• new chapters on the geography of sea trade; trade theory and specialised cargoes
• updated chapters on the merchant fleet shipbuilding, recycling and the regulatory regime
• a much revised chapter on the challenges and pitfalls of forecasting.

With over 800 pages, 200 illustrations, maps, technical drawings and tables Maritime Economics is the shipping industry’s most comprehensive text and reference source, whilst remaining as one reviewer put it "a very readable book".

Martin Stopford has enjoyed a distinguished career in the shipping industry as Director of Business Development with British Shipbuilders, Global Shipping Economist with the Chase Manhattan Bank N.A., Chief Executive of Lloyds Maritime Information Services; Managing Director of Clarkson Research Services and an executive Director of Clarksons PLC. He lectures regularly at Cambridge Academy of Transport and is a Visiting Professor at Cass Business School, Dalian Maritime University and Copenhagen Business School.

Table of Contents

Part 1: Introduction to Shipping  1. Sea Transport in the Global Economy  2. The Economic Organization of the Shipping Market

Part 2: Shipping Market Economics  3. Shipping Market Cycles  4. Supply, Demand and Freight Rates  5. The Four Shipping Markets

Part 3: Shipping Company Economics  6. Costs, Revenue and Cashflow  7. Financing Ships and Shipping Companies  8. Risk, Return and Shipping Company Economics

Part 4: Seaborne Trade and Transport Systems  9. The Geography of Maritime Trade  10. The Principles of Maritime Trade  11. Transport of Bulk Cargo  12. Transport of Specialised Cargoes  13. Transport of General Cargo

Part 5: The Merchant Fleet and Transport Supply  14. The Ships that Supply the Transport  15. The Economics of Merchant Shipbuilding and Scrapping  16. The Regulation of the Maritime Industry

Part 6: Forecasting and Planning  17. Maritime Forecasting and Market Research