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This book analyses shipping markets and their interdependence. This
ground-breaking text develops a new macroeconomic approach to
maritime economics and provides the reader with a more
comprehensive understanding of the way modern shipping markets
function.
The 21st century has seen shipping evolve from a fundamental
transport industry into an asset which is at the mercy of
speculative flows and business cycles. This structural shift has a
number of important ramifications for the business of shipping as
well as for investment strategy. This ground breaking text develops
a new macroeconomic approach to maritime economics, with an
emphasis on the individual shipping markets and their
interdependence, in order to arm the reader with a more
comprehensive understanding of the way modern shipping markets
function and enable the making of critical decisions such as when
to buy and sell ships and when to be in the spot or the period
market.Karakitsos and Varnavides bring together their wealth of
experience in shipping, finance and academia to make a number of
key contributions to the study of maritime economics including:
-Viewing Freight rates as asset prices determined as a bargaining
game between charterers and owners who form expectations of future
demand and supply to create a dynamic analysis of freight
rates.-Theorising ships as assets, where prices are determined by
demand and supply. -Explaining how the demand for vessels is
derived as a dynamic problem of fleet capacity
expansion.-Integrating the supply and the expectations approaches
to shipping cycles.-Explaining how shipping cycles are caused by
business cycles and expectations in demand by integrating maritime
economics with macroeconomics.Maritime Economics: A Macroeconomic
Approach is divided into three distinct parts; Part I analyses the
micro-foundations of maritime economics, by deriving the demand and
supply functions in the freight (spot and period), shipyard,
second-hand and scrap markets. Part II reviews the efficiency of
shipping markets and the theory of business and shipping cycles.
Part III analyses the financialisation of shipping markets, the
constraints of ship finance, the interaction between business and
shipping cycles, and offers a case study of how decisions should be
taken.This key text is indispensable reading for advanced
undergraduate students studying maritime economics or shipping
degrees as well as for professionals working in the shipping
industry or in the financial sector.
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