• Identify and explain various determinants related to the development in business cycle and market structure
• Explain the term competition and identify tools available when trying to simulate market behavior
• Explain how exchange rates are influenced by politics
• Apply analytical tools in analysing a particular market or market segment
• Explore and resolve an issue and reflect on the assumptions and consequences of the chosen theory or tool

This course has two main parts. The first part introduces formal economic models simulating the behaviour of shipping markets, based on basic microeconomic theory. It focuses on the tanker and dry bulk markets, with special emphasis on the practical use of partial equilibrium models, but also more short-term forecasting models will be discussed, including the pros and cons of various types of market modelling methods and techniques, including system dynamics. For shipping segments with imperfect competition and economies of scale, the course also looks at the potential use of game theory in understanding market and competitor behaviour, including discussing co-opetition.

The second part aims at introducing theories of international trade and macro-economic issues like business cycles and currency markets. A main focus will be on understanding the globalisation process.