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2022/2023  BA-BISHO3002U  Advanced Maritime Economics

English Title
Advanced Maritime Economics

Course information

Language English
Course ECTS 7.5 ECTS
Type Mandatory
Level Bachelor
Duration One Quarter
Start time of the course Second Quarter, Autumn
Timetable Course schedule will be posted at calendar.cbs.dk
Study board
Study Board for BSc in International Shipping and Trade
Course coordinator
  • hovedfagansvarlig
    René Taudal Poulsen - Department of Management, Society and Communication (MSC)
Main academic disciplines
  • Finance
  • Innovation
  • Strategy
Teaching methods
  • Blended learning
Last updated on 01-07-2022

Relevant links

Learning objectives
At the end of the course, the students must be able to:
  • Identify and discuss sources of shipping company competitiveness
  • Apply theories, concepts and models from strategic management, international business, innovation research and corporate finance to the study of shipping company strategy.
  • Analyze developments and emerging issues in international shipping as seen from shipping company and investor perspectives
  • Formulate and critically evaluate investment proposals in international shipping
  • Critically evaluate academic studies within maritime economics
Advanced Maritime Economics:
Exam ECTS 7,5
Examination form Oral exam based on written product

In order to participate in the oral exam, the written product must be handed in before the oral exam; by the set deadline. The grade is based on an overall assessment of the written product and the individual oral performance, see also the rules about examination forms in the programme regulations.
Individual or group exam Individual oral exam based on written group product
Number of people in the group 4-5
Size of written product Max. 50 pages
Assignment type Project
Written product to be submitted on specified date and time.
20 min. per student, including examiners' discussion of grade, and informing plus explaining the grade
Grading scale 7-point grading scale
Examiner(s) Internal examiner and external examiner
Exam period Autumn
Make-up exam/re-exam
Same examination form as the ordinary exam
Re-examination when the regular examination is failed is a 20 minutes individual oral exam based upon the same group project with a 2 pages supplement.

Make-up examination when ill at the oral exam is a 20 minutes individual oral exam based upon the same group project.

Make-up examination when ill during the writing of the project is a 20 minutes individual oral exam based on the new written project to be handed in at a specified time and date.( if you are alone, the max number of pages should be 20)
Course content, structure and pedagogical approach

Advanced Maritime Economics focuses on shipping company competitiveness and investment decisions in international shipping.


Applying the analytical lenses of strategic management, corporate finance, innovation and governance theories to international shipping, the course discusses the variety of ways in which shipping companies may gain competitive advantages and undertake successful investments.


Leveraging several courses in the International Shipping and Trade program, Advanced Maritime Economics qualifies students to engage in shipping companies’ investment decision processes. It combines analytical research approaches and practitioner perspectives, and provides students with critical perspectives on investment decision in shipping as well as hands-on business tools to make such decisions.


Students will learn how to formulate investment proposals for different types of shipping companies, and evaluate such proposals in the light of a variety market- and business specific risks. Guest lectures by shipping managers will illustrate the investment dilemmas that shipping companies face and the diversity of competitive strategies, companies currently employ to gain competitive advantages.


The course also prepares students for their subsequent BSc thesis work. They will learn how to evaluate and assess academic studies within maritime economics in terms of the quality of theory, methods, data, analysis, and results. Both the academic contribution of selected studies and their broader managerial implications will be evaluated.


The specific topics covered by the course include freight market forecasting, corporate finance, cost management, innovation and shipping policy, which relate to the question of what constitutes a competitive shipping company and an attractive investment. In addressing these topics, the course will cover the broad spectrum of shipping segments – from dry bulk and tanker shipping over container shipping to specialized shipping.

Description of the teaching methods
Several Panaopto videos regarding key course concepts
Lectures, guest lectures, student case work (with e-learning exercises prior to lectures), and student presentations in class.
Feedback during the teaching period
Voluntary: Groups of students (with 3-5 members) submit a 10 pages essay two weeks before the first class. The teacher provide written and oral feedback to each group. The teacher will also provide oral and written feedback to each group in class. The feedback element was implemented in 2018.

Student workload
lecture 36 hours
preparation 188 hours
exam and preparation 37 hours
Further Information



coprporate finance

Expected literature

Indicative literature :

Acciaro, M. (2014). Real option analysis for environmental compliance: LNG and emission control areas. Transportation Research Part D: Transport and Environment, 28, 41-50


Albertijn, S., Drobetz, W. and John, M. (2016). Maritime investment appraisal and budgeting, in Kavussanos, M.G. and Visvikis, I.D., The International Handbook of Shipping Finance, Palgrave Macmillan, London: 285-313.


Geels, F.W. (2002). Technological transitions as evolutionary reconfiguration processes: a multi-level perspective and a case-study, Research Policy, 31(8), 1257-1274.


Gkochari, C.C. (2015). Optimal investment timing in the dry bulk shipping sector, Transportation Research Part E: Logistics and Transportation Review, 79: 102-109,


Jiang, L., Kronbak, J., & Christensen, L. P. (2014). The costs and benefits of sulphur reduction measures: Sulphur scrubbers versus marine gas oil. Transportation Research Part D: Transport and Environment, 28, 19-27.


Jenssen, J. I., & Randøy, T. (2006). The performance effect of innovation in shipping companies. Maritime Policy & Management, 33(4), 327-343.


von Knorring, H. (2019). Energy audits in shipping companies, Transportation Research Part A, 125: 35-55


Poulsen, R.T., Ponte, S., van Leeuwen J. and Rehmatulla, N. (2021). The potential and limits of environmental disclosure regulation: A global value chain perspective applied to tanker shipping, Global Environmental Politics 21:2

Last updated on 01-07-2022