Thirteen chapters divided into 3 parts, an in depth introduction, the economic theory of shipping and a detailed examination of the industry sectors. This together with a very pertinent bibliography, a glossary and subject index make this work a useful and accessible work for practitioners and students alike.

Author: Prof. J. McConville

10-ISBN 1 85609 162 7

13-ISBN 978 1 85609 162 6

Foreword
Acknowledgements
Preface
Contents

PART 1 INTRODUCTION

Chapter 1 Introduction
Wants and Resources
Opportunity or Alternative Costs
Production and Utility
Frieght Markets
Summary
Further Reading

Chapter 2 Tools of Analysis: Essential Techniques
Introduction
Graphs and Charts
Production Possibility Curves
Service Production Possibilities
Analysis of the Distribution: Mean and Standard Deviation
Correlation
Summary
Further Reading

PART II ECONOMIC THEORYOF SHIPPING

Chapter 3 Demand
Introduction
Statistics and Trends
Demand and Economic Growth
Demand Theory
Utility
Indifference Curves
Price Effects
Substitution and Income Effects
Summary
Further Reading

Chapter 4 Supply
Introduction
Supply Constituents
Shipbuilding
Investment
Scrapping
Laying-up
Speed
Sale and Purchase Markets
Supply Curves
Summary
Further Reading

Chapter 5 Market Price Determination
Introduction
Changes in Demand
Changes in Supply
Changes in Demand and Supply
Summary
Further Reading

Chapter 6 Elasticity
Elasticity of Demand
Freight Rate or Price Elasticity
Cross Elasticity
Income Elasticity
Elasticity of Supply
Factor Demand Elasticity
Summary
Further Reading

Chapter 7 Costs
Introduction
Cost Characteristics
Dimensions of the Vessel
Changes in Vessel Speed
Changes of Voyage Distance
Port Time
Cost Accounting Items
Economic Analysis of Cost
Marginal Costs
Break Even Analysis
Summary
Further Reading

Chapter 8 Market Srructures
Introduction
Perfect Competition
Assumptions
Profit Maximisation
Short-Run Profitability
Long-Run Equilibrum
Monopoly
Equilibrium of Monopoly
Price Discrimination
Imperfect Competition
Oligopoly
Summary
Further Reading

Chapter 9 International Trade and Transport Costs
Transport as Cost Production
International Trade Theory - Absolute Advantage
Comparative Advantage
Factor Endowments: The Hecksher Ohlin Model
Transport Cost Theory
Transport Costs: the Supplier Perspective - One Country Model
Two Country Model
The Effect of Elasticity
Exchange Rates
Floating Exchange Rates
Fixed Exhange Rates - Background
Operation
Exchange Rates and Shipping
Balance of Payments
Shipping and the Balanve of Payments
Summary
Further Reading

PART III INDUSTRY SECTORS

Chapter 10 The Dry Bulk Market
Introduction
Developments
Charters
Single or Consecutive Voyage Charters
Time Charter
Bareboat or Demise Charters
Contracts of Affreightment
The Spot Market
Perfectly Competitive Market
The Freight Market
Potential Supply
Comments in Conclusion
Summary
Further Reading

Chapter 11 Tanker Market
Introduction
Developments Since the Second World War
Expansion
Tanker Freights
The Economic Theory
Supply
Demand
Elasticity of Demand for Oil
Elasticity of Demand For Tankers
The Spot Market
Cobweb Theorem
Unstable Equilibrium
Concluding Comments
Summary
Further Reading

Chapter 12 Liner Shipping
Introduction
Development and Structures of Liners
Liners' Cost Structure
Cost Competition Between Conventional Liners and Tramps
Liner Revenue
Conferences
The Question of Maximisation
Summary
Further Reading

Chapter 13 Ports
Introduction
Capacity
Managing Philpsphies
Port Investment
Port Costs
Congestion
Summary
Further Reading


Bibliography
Glossary
Subject Index