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2023/2024  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 cand.merc. and GMA (CM)
Course coordinator
  • Michele Acciaro - Department of Strategy and Innovation (SI)
Main academic disciplines
  • CSR and sustainability
  • Globalisation and international business
  • Economics
Teaching methods
  • Blended learning
Last updated on 15-02-2023

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 Individual oral 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
Release of assignment Subject chosen by students themselves, see guidelines if any
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 125 hours
Teaching 33 hours
Exam 48 hours
Further Information

This course is part of the minor in Maritime Business


Expected literature
  • Adland, R., & Jia, H. (2018). Dynamic speed choice in bulk shipping. Maritime Economics & Logistics20(2), 253-266.
  • Adland, R., Jia, H., Harvei, H. C. O., & Jørgensen, J. (2021). Second-hand vessel valuation: an extreme gradient boosting approach. Maritime Policy & Management, 1-18.
  • Alger, J., Lister, J., & Dauvergne, P. (2021). Corporate governance and the environmental politics of shipping. Global Governance: A Review of Multilateralism and International Organizations27(1), 144-166.
  • Beenstock, M., & Vergottis, A. (1989). An econometric model of the world market for dry cargo freight and shipping. Applied Economics21(3), 339-356.
  • Corbett, J. J., Wang, H., & Winebrake, J. J. (2009). The effectiveness and costs of speed reductions on emissions from international shipping. Transportation Research Part D: Transport and Environment14(8), 593-598.
  • Daniel, L., & Yildiran, C. (2019). Ship finance practices in major shipbuilding economies. OECD Science, Technology and Industry Policy Papers, available at: https:/​/​doi.org/​10.1787/​23074957
  • Dirzka, C. & Acciaro, M. (2023). Ocean Container Network Dynamics during the COVID-19 Pandemic. In Notteboom, T & Ducruet, C. Port systems: Spatial-economic perspectives on the co-development of seaports, Routlege in press (draft available through Canvas).
  • Dirzka, C., & Acciaro, M. (2021). Principal-agent problems in decarbonizing container shipping: A panel data analysis. Transportation Research Part D: Transport and Environment98, 102948.
  • Doumbia-Henry, C. (2020). Shipping and COVID-19: protecting seafarers as frontline workers. WMU Journal of Maritime Affairs19(3), 279-293.
  • Ducruet, C., & Itoh, H. (2022). The spatial determinants of innovation diffusion: Evidence from global shipping networks. Journal of Transport Geography101, 103358.
  • Goulielmos, A. M. (2010). What can we learn from 259 years of shipping cycles?. International Journal of Shipping and Transport Logistics2(2), 125-150.
  • Goulielmos, A. M. (2019). A brief history of maritime econometrics, 1934-2012. Modern Economy10(3), 730-756.
  • Goulielmos, A. M. (2020). An Anatomy of Cycles in Shipping Industry, 1946-2020. Modern Economy11(10), 1671-1695.
  • Hendriksen, C. (2022). Navigating norms and invisible rules: Explaining the case of business influence in international shipping regulation. Business and Politics24(1), 79-95.
  • Hsuan, J., & Parisi, C. (2020). Mapping the supply chain of ship recycling. Marine Policy118, 103979.
  • Kalouptsidi, M. (2014). Time to build and fluctuations in bulk shipping. American Economic Review104(2), 564-608.
  • Karakitsos, E., & Varnavides, L. (2014). Maritime economics: A macroeconomic approach. Springer.
  • Kavussanos, M. G., & Tsouknidis, D. A. (2021). Green shipping finance: Existing initiatives and the road ahead. In New Maritime Business (pp. 95-110). Springer, Cham.
  • Knapp, S., Franses, P. H., & Whitby, B. (2021). Measuring the effect of perceived corruption on detention and incident risk in the maritime industry–An empirical analysis. Maritime Transport Research2, 100031.
  • Kokosalakis, G., Merika, A., & Merika, X. A. (2021). Environmental regulation on the energy-intensive container ship sector: A restraint or opportunity?. Marine Policy125, 104278.
  • Kosmas, V., Acciaro, M., & Besiou, M. (2022). Saving migrants’ lives at sea: Improving search and rescue operations. Production and Operations Management31(4), 1872-1889.
  • Koukaki, T., & Tei, A. (2020). Innovation and maritime transport: A systematic review. Case Studies on Transport Policy8(3), 700-710.
  • Melas, K. D., Panayides, P. M., & Tsouknidis, D. A. (2022). Dynamic volatility spillovers and investor sentiment components across freight-shipping markets. Maritime Economics & Logistics, 1-27.
  • Merk, O., Hoffmann, J., & Haralambides, H. (2022). Post-COVID-19 scenarios for the governance of maritime transport and ports. Maritime Economics & Logistics, 1-13.
  • Parviainen, T., Lehikoinen, A., Kuikka, S., & Haapasaari, P. (2018). How can stakeholders promote environmental and social responsibility in the shipping industry?. WMU Journal of Maritime Affairs17(1), 49-70.
  • Pomaska, L., & Acciaro, M. (2022). Bridging the Maritime-Hydrogen Cost-Gap: Real options analysis of policy alternatives. Transportation Research Part D: Transport and Environment107, 103283.
  • Stopford, M. (2008). Maritime economics 3e. Routledge.
  • Stopford, M. (2022). Maritime governance: piloting maritime transport through the stormy seas of climate change. Maritime Economics & Logistics, 1-13.
  • Strandenes, S. P. (2000). The shipbroking function and market efficiency. International journal of maritime economics2(1), 17-26.
  • Sullivan, B. P., Arias Nava, E., Desai, S., Sole, J., Rossi, M., Ramundo, L., & Terzi, S. (2021). Defining Maritime 4.0: Reconciling principles, elements and characteristics to support maritime vessel digitalisation. IET Collaborative Intelligent Manufacturing3(1), 23-36.
  • UNCTAD (2021). Review of Maritime Transport, UNCTAD, available at: https:/​/​unctad.org/​system/​files/​official-document/​rmt2021_en_0.pdf
  • Yang, C. S. (2019). Maritime shipping digitalization: Blockchain-based technology applications, future improvements, and intention to use. Transportation Research Part E: Logistics and Transportation Review131, 108-117.
Last updated on 15-02-2023