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Challenges And Opportunities For The Maritime Economy

1161 words - 5 pages

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 and port industries are 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, has recently attracted increasing attention from maritime economists. 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, shipping’s closest counterpart, has barely 60 years of economic history The shipping industry plays a fundamental role in the economic development and trade of countries. In essence, economic development, trade and transport are mutually supportive. Approximately 53% of all the finished goods in America use maritime shipping to disperse international are dependent on the shipping industry (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. For example, 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 primary producers such as oil companies or iron ore mines and the shipping companies. However, in the last 20 years they have been joined by two other increasingly important groups: the traders who buy and sell physical commodities such as oil, for which they need transport, making them major players; and the operators who charter ships against cargo contracts for an arbitrage. Ship managers and brokers are also involved in the day-to-day commercial operation of the business. Each has a slightly different perspective on the business. In 2004, 5518 shipping companies owned the 36,903 ships carrying the world’s deep-sea trade, an average of seven ships per company. There are some very big companies, at least when measured by the number of ships owned, and one-third of the fleet was owned by 112 companies with over 50 ships. Amongst the biggest companies are the national shipping companies such as APM-Maersk Company with 566 ships owned and chartered, Mediterranean Shg Co with 189 owned ships and also chartering 290, many of which are privately owned companies, and the remainder was owned by 4690 companies with an average of 2.3 ships each. (http://www.alphaliner.com/top100/)
People play a central part in this shipping market model. At the heart of the demand there are the...

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