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2022/2023  KAN-CCMVV1707U  Developments in International Shipping

English Title
Developments in International Shipping

Course information

Language English
Course ECTS 7.5 ECTS
Type Elective
Level Full Degree Master
Duration One Semester
Start time of the course Autumn
Timetable Course schedule will be posted at calendar.cbs.dk
Study board
Study Board for MSc in Economics and Business Administration
Course coordinator
  • Michele Acciaro - Department of Strategy and Innovation (SI)
Main academic disciplines
  • CSR and sustainability
  • Strategy
  • Economics
Teaching methods
  • Blended learning
Last updated on 11-02-2022

Relevant links

Learning objectives
  • 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.
  • Assess how sustainability impacts she shipping business and can contribute to shape a succesful business strategy
  • Investigate the role of corporate social responsibility in shipping
  • investigate the role of new technologies in shipping
Developments in International Shipping:
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 Oral group exam based on written group product
Number of people in the group 2-4
Size of written product Max. 20 pages
Definition of number of pages:

Groups of

2 students 10 pages max.
3 students 15 pages max
4 students 20 pages max
Assignment type Essay
Written product to be submitted on specified date and time.
15 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 second internal examiner
Exam period Winter
Make-up exam/re-exam
Same examination form as the ordinary exam
Re-take exam is to be based on the same report as the ordinary exam:

If a student is absent from the oral exam due to documented illness but has handed in the written group product she/he does not have to submit a new product for the re-take.

If a whole group fails the oral exam they must hand in a revised product for the re-take.

If one student in the group fails the oral exam the course coordinator chooses whether the student will have the oral exam on the basis of the same product or if he/she has to hand in a revised product for the re- take.
Description of the exam procedure

Essay: Essay consists of a in depth research paper on a topic related to the course material chosen by the student and agreed upon with the lecturer. The essay need to show an in depth understanding of the topic being analysed, should include a sufficiently broad review of the existig academic literature and highlight relevance for society and industry. Exploration of new technologies, market dynamcs and business practices are also acceptable, as long as the essay provides sufficient novlety on the topic.


Oral exam: the oral exam consists of three questions, one on the essay, that aims at clarifying and challenging some of the conclusions in the essay and two questions on the content of the course. The final grade is based equaly on the written product and the performance during the oral exam.  

Course content, structure and pedagogical approach

This course advances the understanding of students to the economics and management of international shipping. The overall aim of the course is to give students knowledge about shipping markets, business stratefy and regulation of shipping and a basis for critically evaluating business opportunities in a highly volatile and international industry. The course has a strong focus on sustainable practicies in shipping, including investement choices related to new technologues, business opportunities associated with improved environmental performance and corporare sustainability. 


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 two 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, passenger shipping (cruise and ferry), container shipping and specialized shipping. In this part we will also focus on freight market forecasting, ship management, ship finance, and risk management. Startegic and operational considerations will be discussed,with a speicific focus on the application of existing managerial and economics concepts to shipping. We will also 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.


In the second part, we will focus on sustainability in the various segments of shipping. We will discuss shipping environmental and social impacts, current regulatory developments, as well as the technological advancements that will change shipping in the coming decade. This will include for example the energy transition, digitalisation, improvements on engine and hull technologies but also changes in organisational, operations and managerial practices. Students will be confronted with realistic business challenges and will discuss how sustinability can be the foundation for building a solid business. 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.


The course includes guest lectures from shipping companies where we will hear how the strategies of companies in different segments are affected by current and future business challenges.


Description of the teaching methods
The teaching of this course will be based on a variety of learning methods, such as lectures, group and class discussions as well as case studies. Guest lectures by representatives from shipping companies will also be included in the course.
Readings: Approximately 1,000 pages.
Feedback during the teaching period
Feedback is provided continuously by the teacher as part of case discussions in class. Students can furthermore get oral feedback on proposed topics for the exam assignment in the Office hours or written feedback per email. It is your own responsibility to approach the teacher for this type of feedback.
Student workload
Preparation 150 hours
Teaching 32 hours
Exam 24 hours
Further Information

This course is part of the minor in Maritime Business


Expected literature


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, 112-131 (on canvas)


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


Mikelos, N. (2019) “Ship Recycling”, in H.N. Psaraftis (ed.): Sustainable Shipping. A Cross-Disciplinary View, Springer, p. 223-239


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.


Dirzka, C. and Acciaro, M., 2021. Principal-agent problems in decarbonizing container shipping: A panel data analysis. Transportation Research Part D: Transport and Environment, 98, p.102948.


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


Kosmas, V. and Acciaro, M., 2017. Bunker levy schemes for greenhouse gas (GHG) emission reduction in international shipping. Transportation Research Part D: Transport and Environment57, pp.195-206.


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


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


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


Sampson, H., Bloor, M., Baker, S. & Dahlgren, K.,2016. “Greener shipping? A consideration of the issues associated with the introduction of emission control areas”. Maritime Policy and Management, vol. 43 (3), p. 295-308


Karakitsos, E. and Varnavides, L., 2014. Maritime economics: A macroeconomic approach. Springer.


Lun, Y.V., Lai, K.H., Wong, C.W. and Cheng, T.E., 2016. Green shipping management. Switzerland: Springer International Publishing.


Tenold, S. 2000. A Most Convenient Flag – The Development of the Singapore Ship Registry, 1969-82, Centre for International Economics and Shipping, SNF project no 1065, Foundation for Research in Economics and Business Administration, Bergen, p. 1-33


Thanopoulou, H. and Strandenes, S.P., 2015. ‘Turning down the volume? Prospects of structural changes in international energy seaborne trade’, Research in Transportation Business & Management, 17 (December):  8-13.


Walters, D., James, P., Sampson, H., Bhattacharya, S., Xue, C. & Wadsworth, E., 2016. “Supply Chain Leverage and Regulating Health and Safety Management in Shipping”. Relations Industrielles/Industrial Relations, 71 (1), p. 33-56


Wuisan, L.; van Leeuwen, J. & van Koppen, C.S.A., 2012. “Greening international shipping through private governance: A case study of the Clean Shipping Project”. In: Marine Policy, vol. 36, p. 165-173


Yliskylä-Peuralathi, Johanna, and Gritsenko, Daria (2014): Binding rules or voluntary actions? A conceptual framework for CSR in shipping. WMU Journal of Maritime Affairs 13, p. 251-268


Yuen, Kum Fai, and Thai, Vinh V. (2017) Corporate Social Responsibility and service quality provision in shipping firms: Financial synergies or trade-offs? Maritime Policy and Management 44(1): p. 131-146.


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

Last updated on 11-02-2022