Microeconomics of Maritime Shipping

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Introduction
Much of our modern day information about the Maritime economy has been primarily based on the historical happenings in the global economy. As world become ever more globalized and interlinked, maritime shipping is experiencing challenges as well as enjoying greater business opportunities. Maritime shipping is mainly the primary means of transporting parts and the finished goods around the world. Because shipping is such an old industry, with a history of continuous change, sometimes gradual and occasionally catastrophe, Time and again we find that shipping and trade will slipway from the economy and then magical reappear in some new voyages no other industry has played such a central part in the economic voyages over thousands of years. The airline industry is shipping’s closest counterpart and it has barely 60 years of economic history. It plays a fundamental role in the economic development and trade of countries. In essence, economic development, trade and transport are mutually supportive. Ocean liner shipping is a regularly scheduled service on established ocean routes between countries or areas. Liners carry primarily manufactured goods that are relatively high in value. Although liners account for less than 53% of all freight, they amount for more than 93% of U.S. freight. (http://www.wto.org) A striking feature of the shipping business to outsiders is the different character of the companies in different parts of the industry. Liner companies and bulk shipping companies belong to the same industry, but they seem to have little else in common. There are several different groups of companies involved in the transport chain, some directly and others indirectly. The direct players are the cargo owners, often the p...

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2. Plank, Geoffrey. "Sailing with John Woolman: the millennium and maritime trade." Early American Studies 7.1 (2009): 46+. Academic OneFile. Web. 22 Mar. 2014
3. Economic Development Council Seattle and King, C. (11). Study Reveals $30 Billion Economic Impact of the Maritime Industry in Washington State. Business Wire (English
4. Rupert L. Marronage, Manumission and Maritime Trade in the Early Modern Caribbean. Slavery & Abolition [serial online]. September 2009;30(3):361-382. Available from: Academic Search Elite, Ipswich, MA. Accessed March 22, 2014
5. http://marinepedia.blogspot.com/2009/10/shipping-market-model.html
6. http://ramiwaheed.wordpress.com/2012/09/15/the-economic-role-of-the-shipping-industry/
7. Shipping and Logistics Management by Yuen Ha (Venus) Lun, Kee Hung Lai and Tai Chiu Edwin Cheng (Apr 7, 2010)
8.

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