• Identify drivers of demand and supply in the main shipping markets.
• Apply theories and models from micro- and macroeconomics to the study of shipping markets.
• Apply theories from international regulation/governance literature to the study of shipping policies.
• Analyze developments and emerging issues in global shipping as seen from ship-owning and policy-making perspectives.
• Critically evaluate new business opportunities in international shipping.

This course introduces students to the economics and management of international shipping. The overall aim of the course is to give students knowledge about shipping markets and regulation of shipping and a basis for critically evaluating business opportunities in a highly volatile and international industry.

The course focuses on recent developments and future challenges in shipping markets and presents both ship-owning and policy making perspectives on the subject. Models and theories from micro- and macroeconomics are applied to the study of shipping markets, and theories from international economics and governance literature are applied to the study of maritime policy and regulation. The course enables students to identify emerging trends in shipping markets and shipping regulation and critically assess new business opportunities accordingly.
 

The course is divided into three main parts:

In the first part of the course we will look into the global role of shipping and the characteristics of different shipping segments. The students will be introduced to the economics of dry bulk shipping, tanker shipping, container shipping and specialized shipping. In this part we will also focus on freight market forecasting, ship management, ship finance, and risk management.

In the second part of the course we will examine how regulation affects the different shipping segments. The students will be introduced to the maritime regulatory bodies at the international, supranational and national level. We will use different governance and compliance theories to examine how regulations are carried out, how they are enforced, and how they affect different shipping segments. We will also discuss the problems that arise when trying to regulate a global industry and discuss how regulatory inconsistencies may affect shipping companies.

Finally, in the third part of the course, we will discuss how different types of regulation affect the corporate strategies of ship operators and to what extent the regulatory framework may become a competitive advantage for shipping companies. This part includes guest lectures from Danish shipping companies where we will hear how the strategies of companies in different segments are affected by current and future regulation.

This course is part of the minor in Maritime Business

 

Book

Stopford, M., 2009. Maritime Economics, Third edition, London: Routledge.

Articles

Celik, Metin & Topcu, Ilker 2014. “A decision-making solution to ship flagging out via administrative maritime strategies. Maritime Policy and Management, 41:1, p. 112-127

Danish Ship Finance, 2019. Shipping Market Review, 2019

Gritsenko, D., 2017. Regulating GHG Emissions from shipping: Local, global, or polycentric approach? Marine Policy, 84: 130-133

Iversen, M.J. & Tenold, S., 2014. “The two regimes of postwar shipping: Denmark and Norway as case studies, 1960-2010. International Journal of Maritime History, vol. 26 (4), p. 720-733

Johansen, H., Sunesen, E.R., Arias, M.N., Winiarczyk, M. & Westergaard-Kabelmann, T.,2013. On Course for a Better World, Report from Copenhagen Economics, Funded by Danish Business Authority, The Danish Maritime Fund, Lauritzen Foundation, D/S Norden, D/S Orients Fond and Torm Foundation, May 6th 2013, 189 p.

Lal, Rajiv & Johnson, S., 2018: Maersk: Betting on Blockchain. Harvard Business School, N9-518-089, 2018, 24 p.

Lorenzon, F. & Nazzini, R., 2009. “Setting sail on a sea of doubt: Tramp shipping pools, competition law and the noble quest for certainty”. In: Competition and Regulation in Shipping and Shipping Related Industries, Edited by Antonis Antapassis, Lia Athanassiou & Erik Rosaeg, Leiden, NDL: Martinus Nijhoff, p. 94-116

Olesen, T.R., 2015. Value creation in the maritime chain of transportation. The role of carriers, ports and third parties in liner and bulk shipping, CBS Maritime Report, Copenhagen, 39 p.

Panayides, P.M. and Cullinane, K.P.B., 2002. ‘The vertical disintegration of ship management: Choice criteria for third-party selection and evaluation’, Maritime Policy & Management, 29 (1), 45-64.

Panayides, P.M. & Wiedmer, R., 2011,. “Strategic alliances in container liner shipping”, Research in Transportation Economics, vol. 32, p. 25-38

Poulsen, R.T., Ponte, S. and Lister, J., 2016. Buyer-driven greening? Cargo-owners and environmental upgrading in maritime shipping, Geoforum, 68 (January), 57-68

Premti, A., 2016. Liner Shipping: Is there a way for more competition?, United Nations Conference on Trade and Development, Discussion Paper, No. 224, March 2016, p. 1-33

Randers, J. and Goluke, U., 2007. Forecasting turning points in shipping freight rates: lessons from 30 years of practical effort, System Dynamics Review, 23(2), 253-284.

Sampson, H. & Bloor, M., 2007. “When Jack Gets out of the Box: The Problems of Regulating a Global Industry. Sociology, vol. 41 (3), June 2007, p. 551-569