Type words (or parts of words) here. If you type two or more words, all have to be present to give a match.
starts contains
| ABS see American Bureau of Shipping |
| added value 347 |
| administration costs of liner services 547-9 |
| advance calls 231 |
| affect of regulations on maritime economics 655-6 |
| Aframax tankers 70, 75, 168, 205-6, 211-12, 305, 311, 418, 429, 444, 570, 580, 596-7, 735 |
| Africa's seaborne trade 378-9 |
| Agamemnon 27, 31 |
| ageing of ships 71-3 |
| agribulk trades 459 |
| agricultural 58 |
| air freight 50-51 |
| air transport, 1950-2006 35-44; see also container transport, 1950-2006 |
| Al Malik Saud Al-Awa 319 |
| Alexander the Great 9, 700 |
| American Bureau of Shipping 35, 659 |
| American Ship Masters Association 659 |
| American War of Independence 109 |
| Amerikaland 447, 603 |
| ammonia 481 |
| Amsterdam 6, 18-20, 45, 48, 377; and Dutch trade 18-20 |
| Amsterdam and Dutch trade 18-20 |
| analysing risk in ship finance 310-314; risk management options 310-314 |
| analysts' views of short shipping cycles 99-101 |
| analytical techniques 724-38; opinion surveys 726; probability analysis 737-8; regression analysis 730-37; time series analysis 726-30 |
| Anglo-American Oil Co Ltd 435 |
| Anglo-Saxon Petroleum Co. Ltd 435 |
| annual cashflow analysis 257-60 |
| anti-trust laws 690 |
| Antwerp 6, 18-19, 45, 82, 367, 377, 527, 530-32, 560 |
| approach to maritime forecasting 697-702; challenge of dealing with the unknown 698-700; forecasting paradox 700; importance of information 701-2; poor track record of shipping forecasts 697-8; rational forecasting to reduce uncertainty 700-701 |
| approaches to the forecast 710-712 |
| Aquitania 26, 111 |
| Arabian Gulf 7-9, 11-13, 127, 162-4, 362-4, 483, 560, 604; oil transportation 77, 124, 146, 352-5, 380-81, 439 |
| arguments for free trade 388 |
| aromatics 434 |
| around the world in 80 days 350-52 |
| arranging employment for a ship 181-3 |
| asbestos 386, 651-2 |
| Asia's seaborne trade 373-7; China 376-7; Japan 374-6; southern and eastern Asia 377 |
| asset play 274-5 |
| asset sales 292-4; participation agreement 293-4 |
| asset-backed finance in the 1970s 273-4 |
| assumptions 740 |
| Athens 6, 9 |
| Atlantic Container Line 549 |
| Atlantic maritime area 356-9 |
| Aurelius Heracles 5 |
| Australia 383 |
| autocorrelation 717, 734, 736 |
| autoregressive moving average 729-30 |
| availability of credit 631 |
| average haul forecast 720-21 |
| average haul and ton miles 146-7 |
| avoiding collisions at sea 681 |
| Babylon 6-8, 699 |
| balance of imports and exports 389-91 |
| balance sheet 248-50 |
| balance of supply and demand 722 |
| balancing trades 442-3 |
| Baltic Coffee House 32, 180 |
| Baltic Exchange 32-4, 41, 46, 180, 195-7 |
| Baltic Exchange Capesize Index (BCI) 196 |
| Baltic Exchange Dry Index (BDI) 196 |
| Baltic Exchange Handymax Index (BHMI) 196 |
| Baltic Exchange Panamax Index (BPI) 196 |
| Baltic Freight Index (BFI) 195 |
| Baltic International Freight Futures Exchange (BIFFEX) 196 |
| Baltic Sea 6, 11-12, 19-22, 24, 358-9, 365-6, 382, 501, 601 |
| Bangladesh 212, 364, 650-53 |
| bank credit analysis 708 |
| bank lending policy 240-41 |
| bank loans 286-96 |
| bare boat charter 185, 242 |
| barge-carrying vessels 538, 589-90 |
| barges 574 |
| base ports 560 |
| Basel Convention 652 |
| basic gas tanker technology 604 |
| bear trap 727 |
| beginnings of sea trade 7-8 |
| behavioural variables 704, 739 |
| beneficial owner 673 |
| Bergesen, Sigval 123, 320, 483 |
| Bessegen 496 |
| Bethlehem Steel 447 |
| bill of lading |
| AD 236 5, 44 |
| BIMCO 'Gencon' 187 |
| Black Ball Line 506 |
| Black Sea 10-12, 24, 33, 254, 352, 356-9, 366-7, 381-2, 435, 439 |
| Blue Funnel Line 32 |
| Board of Trade Departmental Committee on Shipping and Shipbuilding 616-17 |
| Boer War 132 |
| Bombay 27, 435, see also Mumbai |
| bond ratings 280 |
| 'Book of Change' 699 |
| 'Book of History' 699 |
| Bosphorus 501 |
| bourses 18-19 |
| break-bulk cargo 65, 82, 509, 530, 532, 537-8, 562 |
| break-bulk liner services 532-3 |
| breakdowns 33, 230 |
| Bremen 82, 367 |
| Bretton Woods 37, 44-6, 385, 648 |
| Britannia 30 |
| British Empire 617 |
| Brostrom group 447 |
| budgets 708 |
| building ships 156-60 |
| building-blocks of liner service economics 539-49; administration costs 547-9; capacity utilization 544; container costs 547; deployment of containers 546-7; port charges 546; service schedule 540-44; ship characteristics 540; ship costs and economies of scale 544-5 |
| building-blocks of sea trade 385-8; arguments for free trade 388; theory of maritime trade 387-8 |
| bulk cargo transport 417-68 |
| bulk carriers 590-94 |
| bulk fleet 418-19 |
| 'bulk shipping': definition 64 |
| bulk shipping economics 78-90 |
| bulk shipping investment 428-30 |
| bulk shipping market cycles, 1945-2007 118-30; cycle 15: 1945-51 121; cycle 16: 1952-5 121-2; cycle 17: 1957-69 122-3; cycle 18: 1970-2 123-4; cycle 19: 1973-8 124-6; cycle 20 (bulk carriers): 1979-87 126-7; cycle 20 (tankers): 1979-87 127-8; cycle 21: 1988-2002 128-30; cycle 22: 2003-2007 130; short-term cycles, 1945-2007 121; technological trend, 1945-2007 119-21 |
| bulk trades 419-22; bulk cargoes shipped by sea 420-22 |
| bulk transport, 1950-2006 35-44; see also container transport, 1950-2006 |
| bunker adjustment factors 552 |
| bunker costs 545 |
| butadiene 481 |
| butane 480 |
| buyers and sellers in the newbuilding market 207-8 |
| Byzantine Empire 10-12, 71 |
| Cadiz 8, 18, 22 |
| Caesar Gaius Julius Verus Maximus the Pious 5, 44 |
| calculating the regression equation 732-5 |
| Calcutta 34, 80, 557-8 |
| canal dues 236 |
| capacity utilization 544 |
| Cape of Good Hope 13-19, 122, 146, 148, 162, 319, 352, 362, 364, 436-8, 442 |
| Cape Town 356, 532 |
| Capesize tankers 41, 60, 70, 76-8, 88, 120, 129, 183, 188, 197, 222-32, 321-2, 412-14, 429, 590 |
| capital asset pricing model 321-2, 340 |
| capital cost of ships 236-41, 545; cashflow costs and gearing 240; distinction between profit and cash 237-9; estimating a ship's depreciation 239-40; security and bank lending policy 240-1; taxation 241 |
| capital gain 328 |
| capital markets and financing ships 296-303; public offering of equity 297-300; raising finance by issuing bonds 300-303 |
| cargo access ramps 577 |
| cargo additionals 552 |
| cargo imbalances 518 |
| cargo liner era 506-7 |
| cargo liner services 31-2 |
| cargo liner types 589 |
| cargo stowage 575-6 |
| cargo tracking 521 |
| cargo value 420 |
| cargo-handling costs 236 |
| cargo-handling gear 577 |
| Carnival Corporation 271, 297, 502-3 |
| Carriage of Dangerous Goods 600 |
| carrier cost per move 521 |
| case oil 434-5 |
| cash crops 409 |
| cashflow 217-68; and art of survival 217-19 |
| cashflow costs and gearing 240 |
| cashflow statement 251-2 |
| Caspian Sea 359, 381 |
| categories of shipyard 638-9 |
| causes of the shipbuilding cycle 628-9 |
| caustic soda 473, 599 |
| cell guides 577 |
| cellular 'lift on, lift off' ships 537 |
| cement carriers 595-6 |
| central Asia 379-82 |
| century of shipbuilding development 624-5 |
| CGM see Compagnie Générale Maritime |
| challenge of dealing with the unknown 698-700 |
| challenge of successful risk management 133 |
| changing shipping company organization 43-4 |
| characteristics of containerized cargo 516-18 |
| characteristics of sea transport demand 53-61; commodities shipped by sea 56-8; global sea transport demand model 53-6; parcel size distribution 58-60; product differentiation in shipping 60-1; sea transport product 53 |
| characteristics of shipping business 3-4 |
| characteristics of shipping market cycles 94-101; analysts' views of short cycles in shipping 99-101; components of economic cycles 94-5; long shipping cycles 95-6; seasonal shipping cycles 97-8; short shipping cycles 96-7 |
| charter-backed finance in the 1950s and 1960s 272-3 |
| charter-party 185-8 |
| chartering terms 176-7 |
| checklist for shipping risk 313-14 |
| chemical fleet and supply 477-8 |
| chemical tankers 599-601 |
| chemical transport system 476-7 |
| chemicals transport 473-8 |
| chilled cargo 491 |
| China 376-7 |
| China Ocean Shipping Company see COSCO |
| China Shipping 84, 297, 309 |
| Chinese New Year 144 |
| Chinese shipbuilding industry 623-4 |
| Churchill, Winston 5, 319 |
| CIRR see commercial interest reference rate |
| Civil War 620 |
| Clarkson Bulk Carrier Register 189 |
| Clarkson Tanker Register 190 |
| classic maritime supply-demand model 715-16 |
| classification certificates 662 |
| classification of costs 221-2 |
| classification of revenue 242 |
| classification societies 657-63; classification societies today 660-61; International Association of Classification Societies 662-3; origin of classification societies 658-9; regulatory activities of classification societies 661-2 |
| closed conferences 558 |
| closing 202 |
| coastal state 658, 663-6, 685-8; regulatory role of 685-8; rights over foreign ships 685-6; versus flag state 663-6 |
| cobweb theorem 335-7 |
| Code on the Carriage of Hazardous Cargoes 475 |
| Code of Conduct for Liner Conferences 689 |
| coefficient of correlation 734 |
| coffee 523-4 |
| 'coffin ships' 655, 675 |
| coking coal 445-8 |
| collapse 98 |
| collision avoidance at sea 681 |
| COLREG see Convention on the International Regulations for Preventing Collisions at Sea |
| Columbus, Christopher 3, 15-16 |
| combined tankers 601-3 |
| commercial bank lending 288-91 |
| commercial interest reference rate 296 |
| commercial origins of bulk shipping 417-18 |
| commercial philosophy 568 |
| commodities shipped by sea 56-8 |
| commodity trade cycles 404-411; long-term influences on trade 405-7; seasonal and short-term cyclical trade 404-5; stages of economic development 407-9; trade development cycle 409-411 |
| commodity trade supply-demand model 401-2 |
| Common Structural Rules, 2006 663 |
| Compagnie Générale Maritime 507 |
| company law 666, 671 |
| company structures associated with ship registration 673-5 |
| comparison of shipping with financial investments 322-4 |
| compensated gross tonnage 752-3 |
| competition regulation 688-92 |
| competition theory 329-38; cobweb theorem and the difficulty of defining returns 335-7; freight revenue and the short-term cyclical adjustment process 332-4; link between the macroeconomic and microeconomic models 334-5; long-term adjustment process 334; returns earned in imperfect shipping markets 337-8; shipping company microeconomic model 330-32 |
| competitiveness 130, 644-8, see also currency movements; labour costs; material costs |
| compliance with maritime safety conventions 667 |
| components of economic cycles 94-5 |
| computing cashflow 252-62; annual cashflow analysis 257-60; discounted cashflow analysis 260-2; internal rate of return 262; voyage cashflow analysis 253-7 |
| conbulkers 594 |
| Concorde 741-2 |
| conference systems 557-8 |
| conflict of volume versus speed 520-22 |
| consequences of containerization 511-12 |
| Constantinople 10-12 |
| consumables 229 |
| container costs 547 |
| container ports and terminals 560-62; port calls and liner pricing 560; port infrastructure 560-62 |
| container system, 1966-2005 508-9 |
| container transport, 1950-2006 35-44; changing shipping company organization 43-4; containerization of general cargo 41-2; development of bulk transport systems 39-41; growth of air transport between regions 37-8; growth of seaborne trade, 1950-2005 38-9; new trade environment created at Bretton Woods 37; rationale for sea transport integration 35-7; shipping's 'industrial revolution' 39; transport of specialized cargoes 42-3 |
| container-ship size trends 539 |
| container-ships 581-5 |
| containerization of general cargo 41-2 |
| containerized cargo's characteristics 516-18 |
| containerizing minor bulk cargoes 522-4 |
| contiguous zone 665 |
| contract of affreightment 183-4 |
| control inspections by port states 687 |
| control movements by port states 686-7 |
| controlled temperature cargo 492 |
| Convention on the International Regulations for Preventing Collisions at Sea 681 |
| Convention on the Law of the Sea 656, 663-6 |
| Convention on Load Lines 681, 687 |
| Convention for the Safety of Life at Sea 678 |
| Convention on Standards of Training, Certification and Watchkeeping for Seafarers, 1978 682 |
| Convention on Tonnage Measurement of Ships, 1969 681 |
| conversion factors 751-4 |
| cooperative agreements 556-60 |
| corn bin of Europe 19 |
| Corn Laws 388, 398 |
| corporate bank loans 291-2 |
| corporate finance 275-6 |
| correlation of price in tankers and bulk carriers 203 |
| COSCO 84, 297, 309, 535 |
| cost of freight 73-5 |
| cost of running ships 225-36; cargo-handling costs 236; operating costs 226-31; periodic maintenance 231-2; voyage costs 232-6 |
| cost of sea transport 73-80; bulk shipping economics 78-80; liner shipping economics 80; sea transport unit cost function 76-8; ship size and economies of scale 75-6; world trade and cost of freight 73-5 |
| costs 172, 217-68; capital cost of the ship 236-41; cashflow and the art of survival 217-19; cost of running ships 225-36; financial performance and investment strategy 219-25; methods for computing cashflow 252-62; revenue and cashflow 217-68; revenue the ship earns 242; shipping accounts 246-52; valuing merchant ships 262-6 |
| cotton 519 |
| countries producing world's merchant ships 614-16 |
| countries that scrap ships 649-51 |
| countries that trade by sea 389-93; balance of imports and exports 389-91; differences in maritime trade by country 389; land area and sea trade 392-3; population and sea trade 393; wealth and seaborne trade 391-2 |
| coverage of maritime laws 675-6 |
| creation of maritime convention 677 |
| crew costs 226-9 |
| crewing 667, 671; and terms of employment 667 |
| criteria and approach of bulk shipping investment 428-30 |
| crude oil tankers 596-9 |
| crude oil trade 434-42; crude oil transport system 440-42; geographical distribution of the crude oil trade 438-40; growth of the tanker 'spot market', 1975-2006 437; origins of the seaborne oil trade 434-5; sea transport of oil, 1890-1970 435-7 |
| crude oil transport system 440-42 |
| cruise liners 502-3 |
| Cruz Grande 447 |
| Cunard 30-31, 37, 271, 499-500 |
| currency adjustment factors 552 |
| currency movements 648 |
| current classification societies 660-61 |
| cycle 8: 1873-9 112-13 |
| cycle 10: 1889-97 113-14 |
| cycle 11: 1898-1910 114-15 |
| cycle 12: 1911-14 115 |
| cycle 13: 1921-5 116-17 |
| cycle 14: 1926-37 117-18 |
| cycle 15: 1945-51 121 |
| cycle 16: 1952-5 121-2 |
| cycle 17: 1957-69 122-3 |
| cycle 18: 1970-2 123-4 |
| cycle 19: 1973-8 124-6 |
| cycle 20 (bulk carriers): 1979-87 126-7 |
| cycle 20 (tankers): 1979-87 127-8 |
| cycle 21: 1988-2002 128-30 |
| cycle 22: 2003-2007 130 |
| da Gama, Vasco 16, 347 |
| Daewoo 623 |
| Danish International Shipping Register 241 |
| Dardanelles 254, 359 |
| Darwinian economics 333 |
| Darwinian purpose 99 |
| days off hire 245 |
| days spent in ballast 245 |
| 'dead cat bounce' 97 |
| dead freight 444, 470 |
| deadweight 752 |
| deadweight utilization 156, 245-6 |
| dealing with default 314-16 |
| dealing with the unknown 698-700 |
| debt 296 |
| decision makers 85, 150-1; supply controllers 150-1 |
| decisions facing shipowners 175-7 |
| decline of British shipbuilding 616-19 |
| decomposition analysis 727-9 |
| deep-sea cables revolutionize shipping communications 27-8 |
| deep-sea ro-ros 493-4 |
| deep-sea shipping 50-51 |
| default 314-16 |
| deferred rebate 558 |
| deficit trade 443 |
| defining forecasting decision 705-6 |
| delivery peaks and troughs 646 |
| Delphi technique 724 |
| demand and the car and truck carrier transport system 494-5 |
| demand for chemical transport 473-5 |
| demand for general cargo and liner transport 514-24; characteristics of containerized cargo 516-18; containerizing minor bulk cargoes 522-4; general cargo and container movements 514-16; price, service and the demand for liner transport 519-20; product differentiation — conflict of volume versus speed 520-22 |
| demand for LPG gas transport 479-81 |
| demand for refrigerated transport 488 |
| demand for sea transport 139-50; average haul and ton miles 146-7; impact of random shocks on ship demand 147-9; seaborne commodity trades 143-6; transport costs and long-un demand function 149-50; world economy 140-3 |
| demolition 648-52, see also recycling industry |
| demolition market 212-13 |
| demurrage 176-7 |
| deployment of containers 546-7 |
| depreciation 328 |
| depreciation of ships 239-40 |
| depression 131 |
| derived demand for a commodity 403-4 |
| derived demand for ships 567-8 |
| Det Norske Veritas 35 |
| determining ship prices 202-4 |
| developing container service infrastructure 509-510 |
| developing a forecasting model 716-17 |
| developing rules 661-2 |
| developing scenario analysis 723-4 |
| development of bulk transport systems 39-41 |
| development of chemical transport 475-6 |
| development of freight derivatives market 196 |
| development of LNG trade 484-6 |
| development of passenger shipping 499-500 |
| development of refrigerated transport 488-9 |
| developments of corporate finance in the 1990s 275-6 |
| DHL 309 |
| Diaz, Bartholomew 3, 15 |
| differences in maritime trade by country 389 |
| differences in natural resources 399-404; commodity trade supply-demand model 401-2; derived demand for a commodity 403-4; resource-based trade and the Heckscher-Ohlin theory 400-401 |
| differences in production costs 395-9; modern theories of manufacturing advantage 398-9; theory of absolute advantage 396-7; theory of comparative advantage 397-8 |
| differences in 'risk preference' 338-9 |
| differences in subcontracting 646 |
| different character of the four shipping markets 180 |
| different ways of approaching forecast 710-712 |
| difficulty of defining returns 335-7 |
| DIS see Danish International Shipping Register |
| discharging facilities 584 |
| discounted cashflow analysis 260-62 |
| Discourse on the Balance of Trade 388 |
| distances and transit times 348-56 |
| distinction between profit and cash 237-9 |
| 'distress' sales 203 |
| distribution key 85, 87-8 |
| diversified shipping group 86 |
| division of labour 4 |
| Dr Jekyll and Mr Hyde 342 |
| Drake, Colonel Edwin 434 |
| Drucker, Peter 698-701 |
| dry cargo market report 188-90 |
| dry docking 33, 162, 201, 221, 226, 230-32, 251, 522, 623, 649-52, 662 |
| dual registration 673 |
| Duff & Phelps 281 |
| Duffield 435 |
| Durbin-Watson statistic 717, 734, 736 |
| Dutch East India Company 19-20 |
| Dutch trade 18-20 |
| dynamic adjustment process 171-2 |
| dynamic links in the shipping model 138-9 |
| earnings before interest and depreciation 326-8 |
| East India Company 20, 23 |
| eastern Asia 377 |
| East-West trades 524-30; North Atlantic trade 527-8; round-the-world services 529-30; transpacific trade 526-7; Western Europe to the Far East trade 528-9 |
| easyJet 285 |
| EBID see earnings before interest and depreciation |
| economic assumptions 717-18 |
| economic criteria for evaluating ship designs 609-610; financial analysis 609-610; market research 609 |
| economic cycle components 94-5 |
| economic framework of shipping market 47 |
| economic implications of flag state regulation 666-7 |
| economic Jurassic Park 3 |
| economic model for sea transport 61-4 |
| economic principles 628-38; causes of the shipbuilding cycle 628-9; long-term shipbuilding demand 636-8; shipbuilding demand, supply and the price model 630-32; shipbuilding market short-term equilibrium 634-6; shipbuilding prices 629-30; shipbuilding supply function 632-3; short-term shipbuilding demand function 633-4 |
| economic principles of liner operation 512-14 |
| economic role of open registers 671-3 |
| economics of discovery 15-16 |
| economics of shipbuilding and scrapping 613-53; economic principles 628-38; regional structure of world shipbuilding 614-25; role of merchant shipbuilding and scrapping industries 613-14; ship recycling industry 648-52; shipbuilding costs and competitiveness 644-8; shipbuilding market cycles 625-8; shipbuilding production process 638-44 |
| economies of scale 436, 545; and liner ship costs 544-5; and ship size 75-6; and unit costs 223-5 |
| EEZ see exclusive economic zones |
| effect of sentiment on supply curve 168-9 |
| efficient cargo handling 425-6 |
| Elbe (river) 357, 359, 367 |
| elements involved in ship production 640-44 |
| Elizabeth Watts 434 |
| Emma Maersk 544 |
| Encounter Bay class ships 509 |
| energy trades 58 |
| English Channel 500-501 |
| equilibrium 163-8, 634-6; long-run equilibrium 166-8; momentary equilibrium 163-5; shipbuilding market short term 634-6; short-run equilibrium 165-6 |
| equity 278, 296-300 |
| equity 'kickers' 296 |
| Erika 656, 683 |
| escaping from the present 741-2 |
| estimating market value of a ship 262-4 |
| estimating residual value of a ship 265-6 |
| estimating scrap value of a ship 265 |
| estimating a ship's depreciation 239-40 |
| ethylene 481, 606 |
| EU see European Union |
| Euphrates (river) 7-8 |
| eurobond market 279 |
| Europe discovers sea route to Asia 13-14 |
| European shipbuilding, 1902-2006 619-20 |
| European Union 88-9, 690-91; regulation of shipping competition 690-91; regulation of tramp shipping pools 691 |
| Europe's seaborne trade 365-7 |
| Evergreen 526, 529-30 |
| evolution of the shipping corporation 271-2 |
| example of time series analysis 727-9 |
| Exchange Handymax Index (BHMI) and the Baltic |
| exchange rates 631 |
| exclusive economic zones 665-6, 687 |
| expansion demand (X) 636-7 |
| expectation curve 164 |
| exponential smoothing 729 |
| Export Credit Bank of Japan 295 |
| Export Credit Guarantee Department 241, 295 |
| Exxon Valdez 656, 683, 687-8 |
| F statistic 733 |
| Facilitation Committee (of the IMO) 678 |
| Falklands War 149 |
| false consensus 739 |
| Far East Freight Conference 558-9 |
| fast food 490 |
| Fearnleys Review 125 |
| Federal Maritime Commission 690 |
| FedEx 309, 521 |
| feeder ports 560 |
| Feeders 538-9, 582, 584 |
| Feedmaxes 539, 582, 584 |
| FEFC see Far East Freight Conference |
| Felixstowe 5, 367, 527, 532 |
| fertilizer trades 460-63; phosphate rock 461; phosphates 461; potash 461-2; sulphur 462; urea 462-3 |
| fifteenth-century global economy 12-13 |
| financial analysis 609-610 |
| financial investments and shipping investments compared 322-4 |
| financial law 666 |
| financial markets and packaged investment funds 279-81 |
| financial performance 219-25; classification of costs 221-2; ship age and supply price of freight 222-3; unit costs and economies of scale 223-5 |
| financial performance of 'Perfect Shipping' 328-9 |
| financial pressures and shipowners' decisions 217-19 |
| financing asset play in the 1980s 274-5 |
| financing new ships 294-6 |
| financing ships with bank loans 286-96; asset sales (participation agreement) 293-4; corporate bank loans 291-2; financing new ships 294-6; loan syndications and asset sales 292-3; mezzanine finance structures 296; mortgage-backed loan 286-8; private placement of debt and equity 296; structure of commercial bank lending 288-91 |
| financing ships with private funds 285 |
| financing ships and shipping companies 269-318; analysing risk in ship finance 310-14; dealing with default 314-16; financing ships with bank loans 286-96; financing ships with private funds 285-6; financing ships with special purpose companies 303-10; how ships have been financed in the past 270-6; ship finance and shipping economics 269-70; world financial system and types of finance 276-85 |
| financing ships with special purpose companies 303-310; German KG funds 306-7; leasing ships 307-9; Norwegian K/S partnership structures 306; private placement vehicles 305-6; securitization of shipping assets 309-310; ship funds and SPACs 304-5 |
| First World War 27, 105, 114-17, 148, 620 |
| fishing fleet 608 |
| Fitch 281 |
| fitting a regression equation 731-2 |
| fixed prices 554-5 |
| flag state 658, 663-75; economic implications of regulation 666-7; regulatory role of 666-75; versus coastal state 663-6 |
| flagging out 619, 674-5 |
| flags of convenience 36, 43-6, 71, 92, 241, 273, 289, 620-22, 669, 686 |
| flats 574 |
| fleet by ship type 568-71 |
| fleet productivity 154-6 |
| fleet replacement 71-3 |
| flexibility of ship 580-81 |
| flotation 300 |
| FMC see Federal Maritime Commission |
| forecast preparation 705-8; defining the decision 705-6; what decision makers use forecasts for 707-8; who makes the forecast? 706-7 |
| forecasting model 717-22; average haul forecast 720-21; balance of supply and demand 722; economic assumptions 717-18; freight rates 722; merchant fleet forecast 721; seaborne trade forecast 718-20; ship demand forecast 721; ship productivity forecast 721-2; shipping supply forecast 722 |
| forecasting paradox 700 |
| forecasting and planning 695-744; maritime forecasting and market research 697-744 |
| forecasting problems 738-42; objectivity: the problem of escaping from the present 741-2; problem of monitoring results 740-41; problems with behavioural variables 739; problems with model specifications and assumptions 740 |
| forecasting time-scale 709-710 |
| forest products trade 67, 465-6 |
| forestry trades 58 |
| forward futures agreements 196-8 |
| four shipping markets 175-214; decisions facing shipowners 175-7; demolition (recycling) market 212-13; four shipping markets 177-80; freight derivatives market 193-8; freight market 180-93; newbuilding market 207-12; sales and purchase market 198-207 |
| framework for decisions 246-52 |
| Fredriksen, John 320 |
| free passage 162 |
| 'freight of all kinds' tariff 551 |
| freight charges 552 |
| freight derivative contract 193-5 |
| freight derivatives market 178, 193-8; development of freight derivatives market 196; forward futures agreements 196-8; freight derivative contract 193-5; freight futures trading 196; freight indices 195-6; requirements for a freight derivatives market 195 |
| freight futures trading 196 |
| freight indices 195-6 |
| 'freight market': definition 180-1 |
| freight market 180-93; arranging employment for a ship 181-3; bare boat charter 185; charter-party 185-8; contract of affreightment 183-4; freight market reporting 188-91; freight rate statistics 192; liner and specialist ship chartering 191; time charter 184-5; voyage charter 183; what is the freight market? 180-1; Worldscale index 192-3 |
| freight market reporting 188-91; dry cargo market report 188-90; tanker market report 190-1 |
| freight rate forecasting 715-23; classic maritime supply-demand model 715-16; example of a forecasting model 717-22; five stages in developing a forecasting model 716-17; sensitivity analysis 723 |
| freight rate mechanism 160-72; dynamic adjustment process 171-2; effect of sentiment on supply curve 168-9; equilibrium and importance of time 163-8; long run prices and costs 172; shipping cycle model 169-71; supply and demand functions 161-3 |
| freight rate statistics 192 |
| freight rates 111-12, 135-74, 631, 722; 1869-1913 111-12 |
| freight revenue 160, 178, 242-6; deadweight utilization 245-6; maximizing loaded days at sea 244-5; optimizing operating speed 243-4; and ship productivity 242-6; and the short-term cyclical adjustment process 332-4 |
| freight swaps 196 |
| Frontline 275, 297, 305-6 |
| frozen cargo 491 |
| fuel costs 233-5 |
| fully pressurized vessels 604 |
| fully refrigerated vessels 605 |
| functions of supply and demand 161-3 |
| fundamentals 130-1 |
| Gadani Beach 651 |
| game theory 555 |
| gas tankers 604-8; basic gas tanker technology 604; liquefied natural gas tankers 606-8; liquid petroleum gas tankers 604-5 |
| GATT see General Agreement on Tariffs and Trade |
| Gaz Transport 606 |
| gearing 240 |
| General Agreement on Tariffs and Trade 37, 388 |
| general cargo and container movements 514-16 |
| general cargo trades ship types 581-90 |
| general cargo transport 505-564 |
| general costs of running a ship 231 |
| General Council of British Shipping 115 |
| General Maritime 275, 292 |
| General Motors 520 |
| General Shipowner's Society 22 |
| geographical distribution of the crude oil trade 438-40 |
| geography of maritime trade 347-84; Africa's seaborne trade 378-9; Asia's seaborne trade 373-7; Europe's seaborne trade 365-7; maritime trading network 356-65; North America's seaborne trade 368-71; oceans, distances and transit times 348-56; seaborne trade of Middle East, Central Asia and Russia 379-82; South America's seaborne trade 371-3; trade of Australia and Oceania 383; value added by seaborne transport 347-8 |
| German KG funds 306-7 |
| German-American Petroleum Company 435 |
| getting a mandate 292-3 |
| Global Alliance 529, 535 |
| global alliances 535, 558-9 |
| global economy 3-46; in the fifteenth century 12-13 |
| global market place 32-5 |
| global sales 549 |
| global sea transport demand model 53-6 |
| Glückauf 27, 435 |
| good and bad decades 130-31 |
| good conduct 685, 692 |
| goodwill 249 |
| government guarantee 295 |
| government policy-making 708 |
| governments' role in shipping 89 |
| grain trade model 454-5 |
| Grand Alliance 526, 529, 535 |
| Great Depression 115, 117-18, 627 |
| Great Eastern 27-8 |
| Great Lakes 205, 240, 359, 368-70, 447, 457, 493 |
| Greek shipping 9-10 |
| gross registered tonnage 751 |
| gross tonnage 751-2 |
| growth of air transport between regions 37-8 |
| growth of sea trade in the nineteenth century 24-5 |
| growth of seaborne trade, 1950-2005 38-9 |
| growth of the tanker 'spot market', 1975-2006 437 |
| Guidelines on Ship Recycling 652 |
| Gulf of Finland 359, 367, 382, 439 |
| Gulf War 120, 149 |
| Haji-Ioannou, Stelios 285, 320 |
| Hamburg 12, 31, 48, 82, 182, 307, 367, 527, 529, 532 |
| Hamburg Süd 32, 533 |
| handling homogeneous dry bulk cargoes 431-2 |
| handling liquid bulk cargoes 430-31 |
| Handy bulk carriers 41, 76, 78, 264, 424, 590-91 |
| Handymax bulk carriers 70, 78, 88, 246, 300, 322, 414, 419, 429, 590-92 |
| Hanjin 535 |
| Hanseatic League 6, 11-12; AD 1000-1400 11-12 |
| Hapag-Lloyd 271, 309, 529, 532-5, 549 |
| hatch design 577 |
| heavy lift 497-9 |
| heavy lift vessels 588 |
| Heckscher-Ohlin theory 400-401, 415 |
| Her Majesty's dominions 667 |
| Herald of Free Enterprise 656 |
| herding instinct 739 |
| high seas 666 |
| historical financing of ships 270-76; asset-backed finance in the 1970s 273-4; charter-backed finance in the 1950s and 1960s 272-3; developments of corporate finance in the 1990s 275-6; evolution of the shipping corporation 271-2; financing asset play in the 1980s 274-5; one-ship company 273; ship finance in the pre-steam era 270-1; shipbuilding credit 276 |
| history of classification societies 658-9 |
| history of maritime development 5-7 |
| history and organization of IMO 678-80 |
| history of shipping 1-90; organization of the shipping market 47-90; sea transport and the global economy 3-46 |
| holding company 674 |
| homogeneous dry bulk cargoes 431-2 |
| Hong Kong 6, 44, 48, 51, 82-3, 182, 273, 285, 297, 359, 376-7, 436, 501, 524, 528, 532, 560-63, 622, 674 |
| 'Hovering Acts' 665 |
| how cargo should be handled 576-7 |
| how cargo should be stowed 575-6 |
| how company accounts are used 247 |
| how maritime laws are made 675-7; procedures for making maritime conventions 676-7; role of maritime laws 675; topics covered by maritime law 675-6 |
| how newbuilding differs from sale and purchase 207 |
| how ship prices are determined 202-4 |
| how ships are traded 571-2 |
| Hume, David 385, 388, 703, see also mercantilism |
| Hunter Valley 453 |
| I Ching 699-701 |
| IASB see International Accounting Standards Board |
| identifying economic model 703-4 |
| IFRSs see International Financial Reporting Standards |
| ILO see International Labour Organization |
| Imago Mundi 15 |
| IMCO see Intergovernmental Maritime Consultative Organization |
| IMO see International Maritime Organization |
| impact of financial pressures on shipowners' decisions 217-19 |
| impact of random shocks on ship demand 147-9 |
| implementing rules 661-2; classification certificate 662; periodic surveys 662; surveys during construction 661; technical plan review 661 |
| importance of information 701-2 |
| importance of law of the sea 663 |
| importance of market intelligence 132-3 |
| importance of time 163-8 |
| income effect 402-4 |
| income statement 247-8 |
| Indian Ocean maritime area 362-4 |
| indivisibility 518 |
| industrial relations 708 |
| 'industrial revolution' of shipping 39 |
| inferior goods 401 |
| inflation 205 |
| information 701-2 |
| inland waterway systems 575 |
| inorganic chemicals 473 |
| inspections 201 |
| institutions providing ship finance 284-5 |
| insurance 230-31 |
| integration of shipping markets 178-80 |
| integration of transport modes 51-2 |
| integration of transport modes of cargo handling 426-7 |
| interest rates subsidy 295 |
| Intergovernmental Maritime Consultative Organization 672 |
| intermediate bulk containers 574 |
| internal rate of return 262 |
| International Accounting Standards Board 247 |
| International Association of Classification Societies 662-3 |
| International Bulk Chemical Code 600 |
| International Convention for the Prevention of Pollution from Ships 682-4 |
| International Court of Justice 672 |
| International Financial Reporting Standards 247 |
| International Labour Organization 658, 684-5 |
| International Lease Finance Corporation 309 |
| International Maritime Organization 150-51, 658, 678-84; collision avoidance at sea 681; Convention on Standards of Training, Certification and Watchkeeping for Seafarers (STCW), 1978 682; Convention on Tonnage Measurement of Ships, 1969 681; history and organization of IMO 678-80; International Convention for the Prevention of Pollution from Ships 682-4; Regulation 13G 150-51; Safety of Life at Sea Convention (SOLAS) 680-81; ships' load lines 681 |
| International Monetary Fund 37 |
| international negotiations 708 |
| international registers 669 |
| International Safety Management 680 |
| International Standard Industrial Classification 406; sectors 406 |
| international transport industry 50-52; deep-sea shipping and air freight 50-51; land transport and integration of transport modes 51-2; short-sea shipping 51 |
| intraregional trades and feeder services 532 |
| introduction to general cargo 505 |
| introduction to specialized shipping 469-73; specialized shipping model 471-3; what is specialized shipping? 469-71 |
| invasion of Iraq 120 |
| investment funds from savings 278 |
| investment strategy 219-25, see also financial performance |
| investors and lenders 278 |
| Iran Revolution 149 |
| iron ore 445-8 |
| ISIC see International Standard Industrial Classification |
| ISM see International Safety Management |
| ISO container 574 |
| isolationalism 388 |
| issuing bonds 300-303 |
| Japan 374-6 |
| Japan Development Bank 622 |
| Japanese shipbuilding industry 621-2 |
| John Bowes 26, 66, 271, 417 |
| joint product manufacture 646 |
| joint ventures 85-9 |
| junk bonds 281 |
| K-Line 84, 496, 535 |
| Kawasaki Shipyard 622 |
| key elements of maritime forecast 702-5; identifying the economic model 703-4; three principles of forecasting 702-3; types of relationships and variables 704-5 |
| key influences on supply and demand 136-9; dynamic links in the model 138-9 |
| Keynes, John Maynard 338 |
| Kobe earthquake 405 |
| Kockums Shipyard 620 |
| Kommandit-gesellschaft 138 |
| Kondratieff, Nikolai 95-6 |
| labour costs 647-8 |
| land area and sea trade 392-3 |
| land transport 51-2 |
| large local port 83 |
| large regional port 83 |
| last-resort buyers 158-60, 613-54 |
| law of the sea 663-6; flag state versus coastal state 663-6; why the law of the sea matters 663 |
| Le Havre 367, 527, 530, 532 |
| leasing ships 307-9 |
| Legal Committee (of the IMO) 678 |
| lessons from 5000 years of commercial shipping 44-5 |
| lessons from two centuries of cycles 130-1; fundamentals set the tone for good and bad decades 130-1 |
| Liberty ships 110, 121-3, 154, 621, 671 |
| LIBOR see London interbank offered rate |
| lightweight 753-4 |
| limitations of transport statistics 67-8 |
| liner cartel regulation, 1869-1983 688-9 |
| liner chartering 191 |
| liner companies 533-7; liner company size 533-5; liner market model 535-7; strategic and global alliances 535 |
| liner company size 533-7 |
| liner conferences 556-9; conference systems 557-8; global alliances 558-9; principles for regulating liner competition 559 |
| liner fleet 537-9; container-ship size trends 539; types of ship used in the liner trades 537-9 |
| liner market model 535-7 |
| liner pricing 560 |
| liner ship characteristics 540 |
| 'liner shipping': definition 64-5 |
| liner shipping, 1833-1950 23-35; cargo liner services 31-2; deep-sea cables revolutionize shipping communications 27-8; four innovations transform merchant shipping 23; growth of sea trade in the nineteenth century 24-5; liner and shipping system emerges 28-9; passenger liner services 29-31; regulation of shipping 35; steam replaces sail in the merchant fleet 25-7; tramp shipping and global market place 32-5 |
| liner shipping economics 80 |
| liner shipping routes 524-33; break-bulk liner services 532-3; East-West trades 524-30; intraregional trades and feeder services 532; North-South liner routes 530-32 |
| liner and shipping system emerges 28-9 |
| liner voyage cashflow model 549-50 |
| link between the macroeconomic and microeconomic models 334-5 |
| liquefied natural gas tankers 606-8 |
| liquefied natural gas trade 483-8; development of LNG trade 484-6; LNG transport supply 488; LNG transportation system 486-7; natural gas supply and demand 484 |
| liquefied petroleum gas trade 478-83; demand for LPG gas transport 479-81; LPG fleet and ownership 481-3; transport of LPG by sea 478-80 |
| liquid bulk cargoes 430-31 |
| liquid bulk transport 64, 432-4 |
| liquid paraffin 474 |
| liquid petroleum gas tankers 604-5 |
| Liverpool 20, 23, 29, 82, 271 |
| Liverpool Bay 511 |
| Lloyd's Coffee House 658 |
| Lloyd's Demolition Register 159 |
| Lloyd's List 22, 188, 217 |
| Lloyd's Register of British & Foreign Shipping 659-62 |
| Lloyd's Register of Shipping 22, 25, 658 |
| LNG transport supply 488 |
| LNG transportation system 486-7 |
| load centres 560 |
| load lines 681 |
| loaded days at sea 156, 244-5 |
| loading facilities 584 |
| loading plan 432 |
| loan syndications 292-3 |
| location of the major trading economies 348-50 |
| logistics 548; and operations 548; and transport demand 352-6; unit costs and transport logistics 412-14 |
| logistikos 352 |
| London interbank offered rate 279, 288-9, 323 |
| long run prices and costs 172 |
| long shipping cycles 95-6 |
| long-run demand function 149-50 |
| long-run equilibrium 166-8 |
| long-term adjustment process 334 |
| long-term charter 571 |
| long-term influences on trade 405-7 |
| long-term price elasticity of sea transport demand 411 |
| long-term shipbuilding demand 636-8 |
| LOOP terminal 354, 370, 687 |
| losses 158-60 |
| Louisiana Offshore Oil Port terminal see LOOP terminal |
| LPG fleet and ownership 481-3 |
| luxuries 401-2 |
| McLean, Malcolm 356, 508-510 |
| Madame Butterfly 595 |
| Maersk 84, 297, 309, 503, 509, 514, 526, 529, 533-5 |
| Magellan, Ferdinand 3 |
| maintenance 229-30 |
| major dry bulk trades 445-57; grain trade model 454-5; seaborne coal trade 450-53; seaborne grain trade 453-4; seaborne iron ore trade 446-50; transport of grain 455-7; transport system for iron ore 450 |
| major trading economies' location 348-50 |
| making maritime forecasts 706-7 |
| malting barley 426 |
| management company 674 |
| Marco Polo 13, 15 |
| marginal cost prices 554 |
| Marine Dow Chem 42, 67, 475 |
| Marine Environment Protection Committee 678 |
| maritime conventions 676-7 |
| maritime economics freight index, 1741-2007 755-8 |
| maritime forecasting and market research 697-744; analytical techniques 724-38; approach to maritime forecasting 697-702; developing a scenario analysis 723-4; forecasting problems 738-42; freight rate forecasting 715-23; key elements of the forecast 702-5; market forecast methodologies 709-712; market research methodology 712-15; preparing for the forecast 705-8 |
| Maritime Labour Convention 684 |
| Maritime Safety Committee 678 |
| maritime supply-demand model 715-16 |
| maritime trading network 356-65; Atlantic maritime area 356-9; Indian Ocean maritime area 362-4; Pacific maritime area 359-61; Suez and Panama canals 364-5 |
| Maritime Transport Study 524 |
| maritime zones recognized by the UN Convention on the Law of the Sea, 1982 665-6 |
| 'market': definition 177 |
| market expectations 631 |
| market forecasting methodologies 709-712; forecasting time-scale 709-710; three different ways of approaching the forecast 710-712 |
| market intelligence 132-3 |
| market price 172 |
| market reports 710, 713; stages in preparation 713 |
| market research 609, 695-744; methodology 712-15, see also maritime forecasting and market research |
| market research methodology 712-15 |
| market for scrap products 649 |
| market structure 102-4 |
| market value of a ship 262-4 |
| mass consumption 408 |
| mass psychology 141-2 |
| material costs 644-5 |
| materials reception 642 |
| maturity 408 |
| Mauritania 30-31 |
| maximizing loaded days at sea 244-5 |
| Mediterranean Shipping Company 526, 532 |
| Mediterranean trade 8-10; during the Roman Empire 10; opening of 8-9 |
| membrane system 604 |
| memorandum of agreement 199-201 |
| mercantilism 388, 395, 397, see also Hume, David |
| merchant fleet 23, 25-7, 68-73, 151-4, 565-694; by ship type 568-71; price dynamics of merchant ships 204-6; and transport supply 565-694; valuing merchant ships 206-7, 262-6 |
| merchant fleet forecast 721 |
| merchant scrapping industry 613-14 |
| merchant shipbuilding in the United States 620-21 |
| Merchant Shipping Act, 1894 667 |
| Mesopotamia 5, 7, 44, 699; Maritime Code 44 |
| metal industry trades 58 |
| metals and minerals trade 463-4 |
| mezzanine finance structures 296 |
| Middle East 379-82 |
| minimal cargo handling 426 |
| minor dry bulk trades 457-66; agribulk trades 459; fertilizer trades 460-63; forest products trade 465-6; metals and minerals trade 463-4; steel products trade 464-5; sugar trades 459-60 |
| Mitsubishi Shipyard 622 |
| Mitsui 79, 84, 292, 297, 496, 535 |
| Mitsui Shipyard 622 |
| MOA see memorandum of agreement |
| model specifications and assumptions 740 |
| modern theories of manufacturing advantage 398-9 |
| Mogul Line 688-9 |
| molasses 474 |
| momentary equilibrium 163-5 |
| monitoring results 740-41 |
| Monte Carlo analysis 738 |
| Montreal 368, 528 |
| Moody's 279, 281 |
| moratorium 295 |
| Morgan, J. P. 341 |
| mortgage-backed loans 286-7 |
| Moss system 606 |
| motor vehicles 66-7 |
| MSC see Mediterranean Shipping Company |
| multi-purpose vessels 586-8 |
| multiple regression analysis 735-7 |
| Mumbai 352, 355, 364 |
| Murex 435 |
| naphtha 246, 420, 441, 444, 480, 574, 597, 599-600, 609 |
| Napoleonic Wars 105, 108-9 |
| NASDAQ 305 |
| National Institute of Economics and Social Research 740 |
| national registers 669 |
| natural gas supply and demand 484 |
| natural price 172 |
| naval protection 667 |
| necessities 401 |
| Nedlloyd 509, 533, 535 |
| negotiation in the newbuilding market 208-9 |
| negotiation of price and conditions 199 |
| net registered tonnage 752 |
| net tonnage (1969) 752 |
| new directions in European trade 17-18 |
| New Register Book of Shipping 659 |
| new trade environment created at Bretton Woods 37 |
| New World Alliance 526, 535 |
| New Worldscale 192 |
| New York 6, 21-3, 29, 37, 48, 86, 182, 192, 297-9, 305, 351-2, 370, 484, 501, 528, 659 |
| New York Stock Exchange see NYSE |
| newbuilding market 207-212; buyers and sellers in the newbuilding market 207-8; how newbuilding differs from sale and purchase 207; newbuilding negotiation 208-9; shipbuilding contract 209-11; shipbuilding prices 211-12 |
| newbuilding negotiation 208-9 |
| Newcastle, NSW 34, 181, 245, 256, 383, 453 |
| Newcastle on Tyne 18, 21, 108, 271, 417 |
| Niarchos, Stavros 3, 44, 320 |
| non-cargo ships 608-9; fishing fleet 608; supply ships and service craft 608; tugs and dredgers 608-9 |
| normal profit 329-38, see also competition theory |
| North America's seaborne trade 368-71 |
| North Atlantic trade 527-8 |
| North-South liner routes 530-32 |
| Norwegian International Ship Register 674 |
| Norwegian K/S partnership structures 306 |
| Norwegian sales form 1993 199-201 |
| nuclear power 742 |
| NYSE 86, 305 |
| objectivity 741-2 |
| obsolescence of ships 71-3 |
| Ocean Shipping Reform Act, 690, 1999 |
| Ocean Transport and Trading 509 |
| ocean-going tugs 498 |
| Oceania 350, 383, 537 |
| oceans, distances and transit times 348-56; around the world in 80 days 350-52; location of the major trading economies 348-50; transport demand and logistics 352-6 |
| Ofer Group 84, 320 |
| 'oil for the lamps of China' 393 |
| oil products trade 442-5; transport of oil products 444-5 |
| Old Black Ball Line 29 |
| olefins 479 |
| Onassis, Aristotle 3, 44, 319-20, 339, 702, 707, 740 |
| one-ship company 273, 674 |
| OPEC 125, 148 |
| open conferences 558 |
| open hatch bulk carriers 496-7, 594; open hatch bulk shipping 496-7; package bulk cargo transport system 497-8 |
| open hatch bulk shipping fleet 496-7 |
| open registers 669, 671-3, see also flags of convenience |
| opening up global trade, 1450-1833 13-23; Amsterdam and Dutch trade 18-20; economics of discovery 15-16; Europe discovers sea route to Asia 13-14; new directions in European trade 17-18; Portuguese expeditions 15; Portuguese trade network 16-17; rise of Antwerp 18; rise of independent shipowner 22-3; sea trade in the eighteenth century 20-1 |
| operating costs 226-31, 544-5; crew costs 226-9; general costs 231; insurance 230-1; repairs and maintenance 229-30; stores and consumables 229 |
| operating speed 243-4 |
| OPEX see operating costs |
| opinion surveys 724, 726 |
| optimal stocks for producer and consumer 427 |
| optimizing operating speed 243-4 |
| options for risk management 310-314 |
| Oracle of Trophonios 699 |
| ore carriers 594 |
| organic chemicals 473 |
| Organization of Petroleum Exporting Countries see OPEC |
| organization of the shipping market 47-90; characteristics of sea transport demand 53-61; cost of sea transport 73-80; economic framework of 47; international transport industry 50-2; overview of maritime industry 48-50; role of governments in shipping 89; role of ports in the transport system 81-3; sea transport system 61-8; shipping companies that run the business 83-9; world merchant fleet 68-73 |
| origin of classification societies 658-9 |
| origins of the liner service 506-512; cargo liner era 506-7; consequences of containerization 511-12; container system, 1966-2005 508-9; developing the container service infrastructure 509-510 |
| origins of sea trade, 3000 BC to AD 1450 7-12; Arabian Gulf 7-8; the beginning 7-8; Byzantine Empire 10-11; Mediterranean trade during the Roman Empire 10; opening Mediterranean trade 8-9; rise of Greek shipping 9-10; Venice and the Hanseatic League 11-12 |
| origins of the seaborne oil trade 434-5 |
| Oslo 48, 182, 297, 305, 320 |
| Oslo Stock Exchange 297, 305 |
| other countries' shipbuilding activity 624 |
| other general cargo ships 585-90; barge-carrying vessels 589-90; cargo liner types 589; heavy lift vessels 588; multi-purpose vessels 586-8; refrigerated vessels 590; ro-ro ships 585-6; 'tweendecker tramps 589 |
| Ottoman Empire 12-13 |
| outports 560 |
| output measurements 646 |
| over-trading 98 |
| overview of maritime industry 48-50 |
| overview of regulatory system 656-8 |
| overview of shipping cycles, 1741-2007 104-7; shipping cycles in practice 107 |
| ownership of the world fleet 71 |
| Oxyrhynchus 5 |
| P&I clubs see protection and indemnity clubs |
| P&O 27, 32, 499, 509, 533-5, 557 |
| Pacific maritime area 359-61 |
| package bulk cargo transport system 497-8 |
| packaged investment funds 279-81 |
| pallets 574 |
| Palmer's Shipyard 417, 435 |
| Pan Atlantic Tanker Company 508 |
| Panama Canal 34, 246, 254, 355-9, 364-5, 526-7; canal dues 236; size restrictions on 539, 591-3; tonnages 754 |
| Panamax bulk carriers 41, 70, 75-8, 88, 93, 126-7, 154, 181, 202-3, 233-5, 239-40, 245-6, 254-6, 263-5, 321-2, 339-40, 365, 418-19, 429, 463-4, 539, 582-4, 590-96 |
| Pao, Y. K. 44, 320 |
| parcel size distribution 58-60 |
| Paris Memorandum of Understanding 686-7 |
| participants in the transport system 427-8 |
| participation agreement 293-4 |
| passenger ferries 501 |
| passenger liner services 29-31 |
| passenger shipping 499-503; cruise business 502-3; development history 499-500; passenger ferries 501 |
| Pax Romana 10 |
| peaks 98 |
| performance of shipping investments 319-24; comparison of shipping with financial investments 322-4; profile of shipping returns in the twentieth century 320-21; shipping return paradox 319-20; shipping risk and the capital asset pricing model 321-2 |
| periodic maintenance 231-2 |
| periodic surveys 662 |
| Persian Gulf 8, 16, 206 |
| Peter Wright & Sons of Philadelphia 434 |
| petrochemicals 473 |
| Phoenician trade 8-9 |
| physical units in which commodities are shipped by sea 573 |
| Piraeus 48, 182 |
| plateaux 98 |
| Plimsoll Act, 89, 1870 |
| Plimsoll mark 35, 89, 655, 675-6 |
| Pointe Sans Souci class of liners 491, 507, 538 |
| political acceptability 667 |
| pollution 89, 657, 682, 687-8 |
| 'pool' agreements 558 |
| pools 85-9 |
| poor track record of shipping forecasts 697-8 |
| population and sea trade 393 |
| port calls 560 |
| port charges 235, 546 |
| port congestion surcharges 552 |
| port days 245 |
| port infrastructure 560-62 |
| port states 685-8; control inspections 687; control movement 686-7 |
| port time 156 |
| Porter, Michael 337-8, 399, 469, 536 |
| ports' role in the transport system 81-3 |
| Portuguese expeditions 15 |
| Portuguese trade network 16-17 |
| practical aspects of bulk transport 427-32; bulk shipping investment — criteria and approach 428-30; handling homogeneous dry bulk cargoes 431-2; handling liquid bulk cargoes 430-31; participants in the transport system 427-8 |
| practical aspects of liner pricing 551-2 |
| pre-conditions of take-off 408 |
| pre-outfitting 643-4 |
| pre-packing 573 |
| pre-steam era ship finance 270-71 |
| prediction of shipping cycles 131-3; challenge of successful risk management 133; importance of market intelligence 132-3 |
| preparation for syndication 293 |
| preparing for forecast 705-8 |
| preparing shipping market report 713 |
| press gangs 434 |
| Prestige 656, 683 |
| price and demand for liner transport 519-20 |
| price discrimination 551, 555-6 |
| price dynamics of merchant ships 204-6 |
| price elasticity 633; of sea transport demand 411 |
| price model 630-32 |
| price of shipbuilding 211-12, 629-30 |
| price stability 551 |
| pricing liner services 551-6; practical aspects of liner pricing 551-2; principles of liner pricing 552-6 |
| pricing shipping risk 338-41; capital asset pricing model 340; differences in 'risk preference' 338-9; risky asset pricing model 340-41 |
| Primorsk 367, 381-2, 439 |
| principles of bulk transport 422-7; principles of bulk transport 424-7 |
| principles of liner pricing 552-6; fixed prices 554-5; marginal cost prices 554; price discrimination 555-6; service contracts 556 |
| principles of liner service economics 539-50; building-blocks of liner service economics 539-49; conclusions 550; liner voyage cashflow model 549-50 |
| principles of maritime trade 385-416; building-blocks of sea trade 385-7; commodity trade cycles 404-411; countries that trade by sea 389-93; differences in production costs 395-9; role of sea transport in trade 411-14; trade due to differences in natural resources 399-404; why countries trade 393-5 |
| Principles of Political Economy and Taxation 397 |
| principles for regulating liner competition 559 |
| prismatic system 604 |
| Prisoner's Dilemma 555 |
| private bulk company 86 |
| private funding 282, 285 |
| private placement of debt 278, 296 |
| private placement vehicles 305-6 |
| probability analysis 737-8 |
| procedures for making maritime conventions 676-7 |
| product development 708 |
| product differentiation 60-61, 520-22; conflict of volume versus speed 520-22 |
| production of ships 638-44 |
| production subsidies 632 |
| productivity 242-6, 645-6, see also freight revenue and ship productivity |
| products tankers 599 |
| profile of shipping returns in the twentieth century 320-21 |
| prohibited zones 682 |
| project cargo 524 |
| propane 480 |
| propylene 481 |
| prosperity 13 |
| protection and indemnity clubs 33, 230-31 |
| protectionism 388 |
| PSD see parcel size distribution |
| Ptolemy 16 |
| public offering of equity 297-300 |
| pure car carriers 595 |
| pure car and truck carriers 494-6; demand and the transport system 494-5; supply and ownership 495-6 |
| Pusan 377 |
| putting the ship on the market 199 |
| Queen Elizabeth 2 38 |
| questions that define a design 571-81; how big should the ship be? 577-8; how fast should the ship go? 579-80; how flexible should the ship be? 580-81; how should the cargo be handled? 576-7; how should the cargo be stowed? 575-6; how will the ship be traded? 571-2; what cargo will the ship carry? 572-5 |
| R 5 |
| raising finance by issuing bonds 300-303 |
| Rand Corporation 723 |
| random shocks 136, 142, 147-9 |
| RAP model see risky asset pricing model |
| rational forecasting to reduce uncertainty 700-701 |
| rationale 703 |
| rationale for sea transport integration 35-7 |
| reasons for trading by sea 393-5; three fundamental reasons for trade 394-5; trade theory and drivers of trade 393-4 |
| recession 44, 80, 93-4, 96-7, 100-101, 109-114, 626 |
| reclaiming 432 |
| recovery 98 |
| recycling industry 648-52; market for scrap products 649; regulation of shipbreaking 651-2; who scraps ships? 649-51 |
| recycling market 212-13, see also demolition market |
| Red Ensign 668 |
| red herrings 299 |
| reducing uncertainty 700-701 |
| reefer commodity trades 489-91 |
| reefer transport technology 491-2 |
| refinery location 442 |
| refrigerated cargo transport 67, 488-92 |
| refrigerated vessels 584, 590 |
| regional distribution centre 83 |
| regional structure of world shipbuilding 614-25; Chinese shipbuilding industry 623-4; conclusions from a century of shipbuilding development 624-5; decline of British shipbuilding 616-19; European shipbuilding, 1902-2006 619-20; Japanese shipbuilding industry 621-2; merchant shipbuilding in the United States 620-21; other countries 624; rise of South Korean shipbuilding 623; who builds the world's merchant ships? 614-16 |
| registration procedures 667-9 |
| regression analysis 730-37; calculating the regression equation 732-5; fitting a regression equation 731-2; multiple regression analysis 735-7 |
| regularity of trade flow 421 |
| regulation of competition 688-91; EU regulation of tramp shipping pools 691; European Union regulation of shipping competition 690-91; regulatory control of liner cartels, 1869-1983 688-9; US regulation of liner shipping, 1983-2006 689-90 |
| regulation of the maritime industry 655-94; classification societies 658-63; how maritime laws are made 675-7; how regulations affect maritime economics 655-6; International Labour Organization 684-5; International Maritime Organization 678-84; law of the sea 663-6; overview of regulatory system 656-8; regulation of competition in shipping 688-91; regulatory role of coastal and port states 685-8; regulatory role of the state flag 666-75 |
| regulation of shipbreaking 651-2 |
| regulation of shipping 35 |
| Regulations for the Control of Pollution by Noxious Liquid Substances in Bulk 600 |
| regulatory activities of classification societies 661-2 |
| regulatory control of liner cartels, 1869-1983 688-9 |
| regulatory role of coastal and port states 685-8; port state control inspections 687; port state control movement 686-7; rights of coastal states over foreign ships 685-6; US Oil Pollution Act, 1990 687-8 |
| regulatory role of flag state 666-75; company structures associated with ship registration 673-5; dual registration 673; economic implications of flag state regulation 666-7; economic role of open registers 671-3; registration procedures 667-9; types of registry 669-71 |
| release calls 231 |
| relevance 703 |
| reliability 61, 521 |
| relocation 145 |
| repairs 229-30 |
| replacement demand (R) 636-7 |
| required freight rate analysis 253 |
| requirements for a freight derivatives market 195 |
| research 703 |
| residual value of a ship 265-6 |
| resonant frequency 148 |
| resource-based trade and the Heckscher-Ohlin theory 400-401 |
| return 319-44 |
| return on shipping investment model 325-6 |
| returns earned in imperfect shipping markets 337-8 |
| revenue 217-68 |
| Rhine (river) 11-12, 357, 359, 367, 481 |
| Ricardo, David 397, 399 |
| rights of coastal states over foreign ships 685-6 |
| Rigoletto 42, 66 |
| Rinform 436 |
| rise of Antwerp 18-19 |
| rise of Greek shipping 9-10 |
| rise of independent shipowner 22-3 |
| rise of South Korean shipbuilding 623 |
| risk 101-4, 310-314, 319-43; analysis in ship finance 310-314; competition theory and 'normal' profit 329-38; performance of shipping investments 319-24; pricing shipping risk 338-41; risk distribution and shipping strategy 104; shipping company investment model 324-9; shipping risk and market structure 102-4 |
| risk distribution and shipping strategy 104 |
| risk management 133; options 310-314 |
| risky asset pricing model 340-41 |
| ro-ro ships 538, 585-6 |
| roadshows 299 |
| Rochdale Committee of Inquiry into Shipping 272 |
| role of credit rating agencies 281 |
| role of governments in shipping 89 |
| role of maritime laws 675 |
| role of merchant shipbuilding industry 613-14 |
| role of ports in the transport system 81-3 |
| role of sea trade in economic development 4-5 |
| role of sea transport in trade 411-14; long-term price elasticity of sea transport demand 411; unit costs and transport logistics 412-14 |
| ROSI see return on shipping investment model |
| Rostow's five stages of economic development 408 |
| Rotterdam 34, 51-2, 82-3, 93, 181, 185, 188, 192-3, 197, 254, 351-2, 356, 364, 367, 381, 426, 509, 527-32, 560, 582, 595 |
| round-the-world services 529-30 |
| routine maintenance 230 |
| Royal Caribbean 503 |
| Royal Commission on Shipping Rings 689 |
| Royal Dutch 435 |
| rubber 519 |
| Rubena N 188-9 |
| Rules for Iron Ships, 1855 35 |
| Russia 379-82 |
| S&P see Standard & Poor's |
| Safety of Life at Sea Convention 678, 680-81 |
| sailing ship cycles, 1741-1869 108-110 |
| St Lawrence Seaway 357, 359, 368, 370, 447, 457, 528 |
| Sakhalin 381-2, 439 |
| sale and purchase market 198-207, 708; how ship prices are determined 202-4; price dynamics of merchant ships 204-6; sales procedure 199-202; valuing merchant ships 206-7; what it does 198-9 |
| sale and purchase memorandum of agreement 199-201 |
| sales procedure 199-202 |
| Saudi Arabian Maritime Company 319 |
| SAX see South Africa Express service |
| Schumpeter, J.-A. 95 |
| scrap products market 649 |
| scrap value of a ship 265 |
| scrapping 158-60, 613-54; and losses 158-60; role of merchant scrapping industries 613-14 |
| SDRs see special drawing rights |
| sea freight additionals 552 |
| sea route to Asia 13-14 |
| sea trade in the eighteenth century 20-1 |
| sea trade's role in economic development 4-5 |
| sea trading countries 389-93 |
| sea transport 3-46, 150-60; container, bulk and air transport 35-44; and global economy 3-46; global economy in the fifteenth century 12-13; lessons from 5000 years commercial shipping 44-5; liner and tramp shipping 23-35; opening up global trade and commerce 13-23; origins of sea trade 7-12; supply of 150-60 |
| sea transport of chemicals 473-8; chemical fleet and supply 477-8; chemical transport system 476-7; demand for chemical transport 473-5; development of chemical transport 475-6 |
| sea transport demand price elasticity 411 |
| sea transport integration 35-7 |
| sea transport of oil, 1890-1970 435-7 |
| sea transport product 53 |
| sea transport system 61-8; definition of 'bulk shipping' 64; definition of 'liner' shipping' 64-5; definition of 'specialized' shipping' 65-7; economic model for sea transport 61-4; limitations of transport statistics 67-8 |
| sea transport unit cost function 76-8 |
| Sea-Land 42, 491, 509-510, 526, 533-5 |
| seaborne coal trade 450-53 |
| seaborne commodity trades 143-6 |
| seaborne grain trade 453-4 |
| seaborne iron ore trade 446-50 |
| seaborne trade forecast 718-20 |
| seaborne trade of the Middle East, central Asia and Russia 379-82 |
| seaborne trade and transport systems 345-564; geography of maritime trade 347-84; principles of maritime trade 385-416; transport of bulk cargoes 417-68; transport of general cargo 505-64; transport of specialized cargoes 469-504 |
| search for signposts to shipping market 135-6 |
| seasonal shipping cycles 97-8 |
| seasonal trade 404-5 |
| seasonality 143, 518 |
| Seaspan 309 |
| Second World War 37, 40, 45, 64, 105-7, 118-19, 192, 276, 619-21 |
| second-hand prices 631; correlation in tankers and bulk carriers 203 |
| securitization of shipping assets 309-310 |
| security 61 |
| security and bank lending policy 240-41 |
| self-supporting tank system 604 |
| semi-public shipping group 87 |
| semi-refrigerated vessels 605 |
| semi-submersible heavy lift ships 498 |
| sensitivity analysis 723 |
| sentiment 168-9 |
| service additionals 552 |
| service contracts 556 |
| service and demand for liner transport 519-20 |
| service schedule 540-44 |
| setting the tone 130-31 |
| Shanghai 6, 48, 82, 351-2, 355, 376, 381, 540, 562, 624, 688 |
| Shell 123, 435, 697, 724, 739 |
| shikumisen 103, 273, 436, 622 |
| ship age and the supply price of freight 222-3 |
| ship costs and economies of scale 544-5 |
| ship demand forecast 721 |
| ship finance 269-70; in the pre-steam era 270-1 |
| ship flexibility 580-81 |
| ship funds 304-5 |
| ship information 254 |
| ship market modelling 745-50 |
| ship prices 202-4 |
| ship productivity forecast 721-2 |
| ship and shipyard 639-40 |
| ship size and economies of scale 75-6, 577-8 |
| ship speed 579-80 |
| ship types used in the liner trades 537-9 |
| ship types in the world fleet 68-71 |
| shipbreaking 648-52; see also recycling industry |
| shipbuilding contract 209-211 |
| shipbuilding costs and competitiveness 644-8; currency movements and competitiveness 648; labour costs and competitiveness 647-8; material costs 644-5; shipbuilding productivity 645-6 |
| shipbuilding credit 276 |
| shipbuilding cycle: causes 628-9 |
| shipbuilding demand 636-8; long term 636-8 |
| shipbuilding demand and supply 630-32 |
| shipbuilding market cycles 625-8 |
| shipbuilding market short-term equilibrium 634-6 |
| shipbuilding prices 211-12, 629-30 |
| shipbuilding production 156-60 |
| shipbuilding production process 638-44; actual production process 640-44; categories of shipyard 638-9; ship and the shipyard 639-40 |
| shipbuilding productivity 645-6 |
| shipbuilding supply function 632-3 |
| 'shipowner': definition 281-5 |
| shipping accounts 246-52; balance sheet 248-50; cashflow statement 251-2; income statement 247-8; what company accounts are used for 247 |
| shipping as business 3-7; characteristics of the business 3-4; history of maritime development 5-7; role of sea trade in economic development 4-5; the Westline 5-7 |
| shipping communications 27-8 |
| shipping companies 83-9, 269-318; financing 269-318; joint ventures and pools 85-9; types of shipping company 83-4; who makes the decisions? 85 |
| 'shipping company': definition 281-5 |
| shipping company economics 215-344; costs, revenue and cashflow 217-68; financing ships and shipping companies 269-318; risk, return and shipping company economics 319-44 |
| shipping company investment model 324-9; capital gain 328; depreciation 328; earnings before interest and depreciation (EBID) 326-8; financial performance of 'Perfect Shipping' 328-9; return on shipping investment model (ROSI) 325-6; shipping company's split persona 324-5 |
| shipping company microeconomic model 330-32 |
| shipping company's split persona 324-5 |
| shipping corporate 86 |
| shipping corporations 271-2 |
| shipping cycle model 169-71 |
| shipping cycles between wars (1920-40) 115-16 |
| shipping cycles in practice 107 |
| shipping division 86 |
| shipping economics 269-70 |
| shipping investment performance 319-24 |
| shipping market cycles 93-134; bulk shipping market cycles, 1945-2007 118-30; characteristics of shipping market cycles 94-101; lessons from two centuries of cycles 130-1; overview of shipping cycles, 1741-2007 104-7; pervasion of market cycles 93-4; prediction of shipping cycles 131-3; sailing ship cycles, 1741-1869 108-10; and shipping risk 101-4; tramp market cycles, 1869-1936 |
| 110-118 |
| shipping market economics 91-214; four shipping markets 175-214; shipping market cycles 93-134; supply, demand and freight rates 135-74 |
| shipping market model 135-6; search for signposts 135-6 |
| shipping market, organization of 47-90 |
| shipping market report 713 |
| shipping return paradox 319-20 |
| shipping returns in the twentieth century 320-21 |
| shipping risk and the capital asset pricing model 321-2 |
| shipping risk and market structure 102-4 |
| shipping strategy 104 |
| shipping supply forecast 722 |
| shipping's four market places 177-8 |
| shipping's 'industrial revolution' 39 |
| ships for dry bulk trades 590-96; bulk carrier 590-94; cement carriers 595-6; open hatch bulk carrier 594; ore carriers 594; pure car carriers 595; woodchip carriers 594 |
| ships for general cargo trades 581-90; container-ships 581-5; other general cargo ships 585-90 |
| ships for liquid bulk cargoes 596-603; chemical tankers 599-601; combined tankers 601-3; crude oil tankers 596-9; products tankers 599 |
| ships' load lines 681 |
| ship's revenue 242-6; classification of revenue 242; freight revenue and ship productivity 242-6 |
| ships that provide transport 567-612; economic criteria for evaluating ship designs 609-610; gas tankers 608-9; seven questions that define a design 571-81; ships for general cargo trades 581-90; ships for liquid bulk cargoes 596-603; what type of ship? 567-71 |
| shipyard capacity 631 |
| shipyards and ships 639-40 |
| short shipping cycles 96-7; analysts' views of 99-101 |
| short-run equilibrium 165-6 |
| short-sea shipping 51 |
| short-term cycles, 1945-2007 121 |
| short-term cyclical adjustment process 332-4 |
| short-term cyclical trade 404-5 |
| short-term shipbuilding demand function 633-4 |
| Shu Ching 699 |
| Siamese twins 325-6 |
| significant speculative characteristics 281 |
| Silk route 7, 11-13 |
| Six Day War 123, 148, 441 |
| size of ship 75-6, 577-8 |
| Sloan, Alfred 520 |
| Slutsky equation 402, 415 |
| small local port 82-3 |
| Smith, Adam 4-5, 21, 45-6, 172, 341, 377, 395-6, 563 |
| smuggling 665 |
| SOLAS see Safety of Life at Sea Convention |
| Sophocles 3 |
| sources of finance for ships 276-7 |
| South Africa Express service 532 |
| South African War 99, 114, 124, 132 |
| South America's seaborne trade 371-3 |
| Southampton 37, 367, 529 |
| southern Asia 377 |
| space availability 521 |
| SPACs 304-5 |
| spares 230 |
| special drawing rights 236 |
| special purpose acquisition corporations see SPACs |
| special purpose companies 282, 303-310 |
| specialist ship chartering 191 |
| specialized cargoes shipping 469-504 |
| 'specialized shipping': definition 65-6, 469-71 |
| specialized shipping model 471-3 |
| speed of ship 61, 155-6, 579-80 |
| Spice Islands 13, 15, 17 |
| Spice route 7, 11-13 |
| 'spot' cargoes 23 |
| spot-chartering ships 707-8 |
| spreading 432 |
| SS Fairland 509 |
| stages in developing a forecasting model 716-17 |
| stages of economic development 407-9 |
| stages in preparing shipping market report 713 |
| stages in shipbuilding production process 642-4 |
| stages in a typical shipping cycle 98 |
| standalone structures 282 |
| Standard & Poor's 279, 281, 323-4 |
| standard displacement 754 |
| standard error 733 |
| Standard Oil 435 |
| Standards of Training, Certification and Watchkeeping for Seafarers, 1978 682 |
| Star Shipping 67, 79, 496, 503 |
| status quo bias 739 |
| STCW see Standards of Training, Certification and Watchkeeping for Seafarers, 1978 |
| steam coal 445-8 |
| steam replaces sail in the merchant fleet 25-7 |
| steel products trade 464-5 |
| stockbuilding 141 |
| stores 229 |
| stowage 420, 575-6 |
| straddle carriers 562 |
| straight-line depreciation 239 |
| Straits of Dover 441 |
| Straits of Magellan 19 |
| Straits of Malacca 351-2, 359, 362, 373, 441 |
| strategic and corporate planning 708 |
| strategic and global alliances 535 |
| Strathleven 67, 489 |
| structure of commercial bank lending 288-91 |
| subcontracting 436, 646 |
| substitution effect 402-4 |
| Suez Canal 8, 46, 112, 120-23, 162, 339, 364-5; canal dues 236; closures of 120-23, 134, 145, 152-4, 439; crisis 122-3, 148; draught restrictions on 441-2; nationalization of 120, 148, 319; opening of 25-7, 112, 364; strategic importance of 148; tonnages 754 |
| Suezmax tankers 70, 75, 175, 190, 300, 418-19, 429, 441, 596-8 |
| sugar trades 459-60 |
| summary of test statistics 733-4 |
| super-waves 716 |
| supply controllers 150-51 |
| supply curve 168-9 |
| supply and demand 135-74; balance of 722; classic maritime supply-demand model 715-16; demand for sea transport 150-60; freight rate mechanism 160-72; functions 161-3; key influences 136-9; shipbuilding and the price model 630-32; shipping market model 135-6 |
| supply and demand functions 161-3 |
| supply and demand of natural gas 484 |
| supply and ownership of car and truck carriers 495-6 |
| supply price of freight 222-3 |
| supply of refrigerated transport capacity 492 |
| supply of sea transport 150-60; decision-makers who control supply 150-1; fleet productivity 154-6; freight revenue 160; merchant fleet 151-4; scrapping and losses 158-60; shipbuilding production 156-8 |
| supply ships and service craft 608 |
| surveys during construction 661 |
| survival 217-19; impact of financial pressures on shipowners' decisions 217-19 |
| Sveland 447, 603 |
| Sydney 27, 34, 383 |
| syndicating the loan 293 |
| t-test 732-3 |
| TAA see Trans Atlantic Agreement |
| TACA see Trans Atlantic Conference Agreement |
| take-off 408 |
| tangible variables 704 |
| tank segregations 577 |
| tanker market report 190-91 |
| Tap Line 124, 148 |
| Tasman Orient Line 532 |
| tax 666, 671; company law and financial law 666 |
| taxation 241 |
| Technical Co-operation Committee 678 |
| technical plan review 661 |
| Technigaz 606 |
| technological trend, 1945-2007 119-21 |
| technological trend in freight rates, 1869-1913 111-12 |
| technological variables 704 |
| Teekay 84, 275, 292, 297 |
| tenor of the loan 287 |
| terminal handling charges 552 |
| terms of employment 667 |
| territorial sea 665 |
| test statistics 733-4 |
| Thames (river) 659 |
| theories of manufacturing advantage 398-9 |
| theory of absolute advantage 396-7 |
| theory of comparative advantage 397-8 |
| theory of maritime trade 387-8 |
| Thomas's Stowage 465 |
| three principles of forecasting 702-3; rationale 703; relevance 703; research 703 |
| three Rs of profit 325 |
| ThyssenKrupp Steel 189 |
| Tidal Marine 3 |
| Tigris (river) 7 |
| Tilbury 183, 367, 426 |
| time 163-8 |
| time charter 184-5, 242 |
| time series analysis 726-30; autoregressive moving average 729-30; example of time series analysis 727-9; exponential smoothing 729; trend extrapolation 726-7 |
| time-charter market 178 |
| time-chartering ships 708 |
| Titanic 656 |
| Tokyo 6, 48, 182, 375, 540, 686-7 |
| ton miles and average haul 146-7 |
| tonnage measurement 751-4; compensated gross tonnage 752-3; deadweight 752; gross registered tonnage 751; gross tonnage 751-2; lightweight 753-4; net registered tonnage 752; net tonnage (1969) 752; standard displacement 754; Suez and Panama tonnages 754 |
| topics covered by maritime law 675-6 |
| Torrey Canyon 656 |
| TPDA see Trans Pacific Discussion Agreement |
| trade of Australia and Oceania 383 |
| trade development cycle 409-411 |
| trade due to differences in natural resources 399-404 |
| traditional society 408 |
| tramp ship cycles, 1869-1936 110-118; cycle 8: 1873-9 112-13; cycle 10: 1889-97 113-14; cycle 11: 1898-1910 114-15; cycle 12: 1911-14 115; cycle 13: 1921-5 116-17; cycle 14: 1926-37 117-18; shipping cycles between wars (1920-40) 115-16; technological trend in freight rates, 1869-1913 111-12 |
| tramp shipping, 1833-1950 23-35; and global market place 32-5, see also liner shipping |
| Tramp Shipping Administrative Committee 320 |
| tramp shipping pool regulation 691 |
| Trans Atlantic Agreement 558 |
| Trans Atlantic Conference Agreement 528, 558 |
| Trans Pacific Discussion Agreement 558 |
| transformation of merchant shipping 23 |
| transit time door-to-door 521 |
| transit times 348-56 |
| Transpacific Stabilisation Agreement 558 |
| transpacific trade 526-7 |
| transport of bulk cargoes 417-68; the bulk fleet 418-19; bulk trades 419-22; commercial origins of bulk shipping 417-18; crude oil trade 434-42; liquid bulk transport 432-4; major dry bulk trades 445-57; minor dry bulk trades 457-66; oil products trade 442-5; practical aspects of bulk transport 427-32; principles of bulk transport 427-32 |
| transport costs and long-un demand function 149-50 |
| transport demand and logistics 352-6 |
| transport of general cargo 505-564; container ports and terminals 560-62; economic principles of liner operation 512-14; general cargo and liner transport demand 514-24; introduction to general cargo 505; liner companies 533-7; liner conferences and cooperative agreements 556-9; liner fleet 537-9; liner shipping routes 524-33; origins of the liner service 506-512; pricing liner services 551-6; principles of liner service economies 539-50 |
| transport of grain 455-7 |
| transport logistics 412-14 |
| transport of LPG by sea 478-80 |
| transport of oil products 444-5 |
| transport planning 436 |
| transport of refrigerated cargo 488-92; demand for refrigerated transport 488; development of refrigerated transport 488-9; reefer commodity trades 489-91; reefer transport technology 491-2; supply of refrigerated transport capacity 492 |
| transport of specialized cargoes 42-3, 469-504; introduction to specialized shipping 469-73; liquefied natural gas trade 483-8; liquefied petroleum gas trade 478-83; passenger shipping 499-503; sea transport of chemicals 473-8; transport of refrigerated cargo 488-92; unit load cargo transport 492-9 |
| transport supply and the merchant fleet 565-694; economics of shipbuilding and scrapping 613-54; regulation of the maritime industry 655-94; ships that provide transport 567-612 |
| transport system for crude oil 440-42 |
| transport system for iron ore 450 |
| transport system participants 427-8 |
| Treaty of Rome, 1958 690-91 |
| trend extrapolation 726-7 |
| troughs 98 |
| truck packed timber 465 |
| TSA see Transpacific Stabilisation Agreement |
| tugs and dredgers 608-9 |
| Tung, Chee-hwa 44, 320 |
| 'tweendecker tramps 538, 589 |
| Tyne Steam Shipping Company 271 |
| types of finance 276-85 |
| types of registry 669-71 |
| types of relationship and variable in forecasting 704-5 |
| types of ship used in the liner trades 537-9 |
| types of ship used in the merchant fleet 567-71; derived demand for ships 567-8; fleet by ship type 568-71 |
| types of shipping company 83-4 |
| types of shipping market 177-80; definition of market 177; different character of the four markets 180; how the four shipping markets integrate 178-80; shipping's four market places 177-8 |
| typical pattern of shipyard stage payments 208 |
| typical shipbuilding contract 209-11 |
| typical shipping company structures 86-7 |
| Tyre 5-6, 8-9 |
| uncertainty reduction 700-701 |
| UNCTAD 89, 372, 689 |
| Understanding on Export Credit for Ships, 276, 295, 1969 |
| Undine 595 |
| unit costs and economies of scale 223-5 |
| unit costs and transport logistics 412-14 |
| unit load cargo transport 492-9; deep-sea ro-ros 493-4; heavy lift 497-9; open hatch bulk carriers 496-7; pure car and truck carriers 494-6 |
| United Nations 524, 656, 658, 663, 677 |
| UPS 309, 521 |
| Uring, Captain Nathaniel 22-3, 32 |
| US Department of Transportation Marine Administration 521 |
| US Geological Survey 461 |
| US Gulf 93, 144, 181, 185-7, 192-4, 246, 254-6, 351-2, 368, 372, 435, 457, 475, 528, 727-9 |
| US Merchant Shipping Act, 1984 690 |
| US Ocean Shipping Reform Act, 1999 556 |
| US Oil Pollution Act, 1990 89, 657, 682, 687-8, 693 |
| US Postal Service 521 |
| US regulation of liner shipping, 1983-2006 689-90 |
| use of company accounts 247 |
| uses of maritime forecasts 707-8 |
| Vacationland 493 |
| Vaderland 435, 603 |
| value added by seaborne transport 347-8 |
| valuing merchant ships 206-7, 262-6; estimating market value of a ship 262-4; estimating residual value of a ship 265-6; estimating scrap value of a ship 265 |
| Vancouver 359, 369-70, 453, 457, 466, 516-18, 526 |
| vegetable oils 473, 599 |
| Venice 5-6, 11-12, 15-19, 22-3, 45, 71, 377, 634; trade between AD 1000-1400 11-12 |
| vessel arrival on time 521 |
| vinyl chloride monomer 481 |
| volume versus speed 520-22 |
| voyage cashflow analysis 253-7, 549 |
| voyage charter 183, 242 |
| voyage costs 232-6; canal dues 236; fuel costs 233-5; port charges 235 |
| voyage information 254 |
| voyage rate statistics 192 |
| Wall Street Crash 117, 147 |
| Wallenius lines 42, 79, 493-4, 595 |
| ways of approaching the forecast 710-712 |
| weakness 131 |
| Wealth of Nations 4, 21, 396, see also Smith, Adam |
| wealth and seaborne trade 391-2 |
| Wear (river) 111-14 |
| Western Europe to the Far East trade 528-9 |
| Westline 5-7, 10, 44, 348 |
| what cargo ships will carry 572-5 |
| what decision makers use forecasts for 707-8 |
| what sale and purchase market does 198-9 |
| what specialized shipping is 65-6, 469-71 |
| White Star 30, 37 |
| why countries trade 393-5 |
| wild cards 704-5, 715-16 |
| wine 519 |
| woodchip carriers 594 |
| wool 519 |
| World Bank 37 |
| world economy 140-43 |
| world financial system 276-85; definition of 'shipowner' and 'shipping company' 281-5; financial markets and packaged investment funds 279-81; investment funds come from savings 278; investors and lenders 278; private placement of debt or equity 278; role of credit rating agencies 281; where money comes from to finance ships 276-7 |
| World Janker Fleet Review 156 |
| world merchant fleet 68-73; ageing, obsolescence and fleet replacement 71-3; ownership of the world fleet 71; ship types in the world fleet 68-71 |
| world trade and cost of freight 73-5 |
| World Trade Organization 388 |
| Worldscale 100 192 |
| Worldscale 125-6, 190, 192-3 |
| WS see Worldscale |
| WTO see World Trade Organization |
| yield management 556 |
| Yokohama 375, 526, 622 |
| Yom Kippur War 120, 124-5, 148 |
| DEFINITIONS |
|---|
| ACF: annual cashflow analysis |
| AWES: Association of Western European Shipbuilders |
| BCV: barge carrying vessel |
| bt: billion tons |
| btm: billion ton miles |
| cgrt: compensated gross registered tonnage |
| cgt: compensated gross,,tonnage |
| dwt: deadweight tonnage |
| ECGD: Export Credit Guarantee Department |
| ECNA: East Coast North America |
| EU: European Union |
| FEFC: Far East Freight Conference |
| GDP: gross domestic product |
| GRI: general rate increase |
| grt: gross registered tonnage |
| gt: gross tonnage |
| ILO: International Labour Organization |
| IMCO: Inter-governmental Maritime Consultative Organization |
| IMO: International Maritime Organization |
| ISO: International Standards Organization |
| ITF: International Transport Workers' Organization |
| LCM: lateral cargo mobility |
| LNG: liquefied natural gas |
| lo-lo: lift on, lift off |
| LPG: liquefied petroleum gas |
| MSC: Maritime Safety Committee (of IMCO) |
| m.dwt: million tons deadweight |
| Mt: million tons |
| mtm: million ton miles |
| NPV: net present value |
| OBO: oil/bulk/ore carrier |
| OCL: Overseas Containers Ltd |
| OECD: Organization for Economic Co-operation and Development |
| OPEC: Organization of Petroleum Exporting Countries |
| PCNT: Panama Canal Net Ton |
| PSD: Parcel size distribution function |
| RFR: required freight rate |
| ro-ro: roll on, roll off |
| SCNT: Suez Canal Net Ton |
| SDR: Special Drawing Right |
| smm: Shipping Market Model |
| SOLAS: Safety of Life at Sea Convention |
| TEU: twenty-foot equivalent unit |
| tm -: ton mile |
| ULCC: ultra large crude carrier |
| UN: United Nations |
| UNCLOS1: UN convention on the law of the sea |
| UNCTAD: United Nations committee for trade and development |
| VCF: voyage cashflow analysis |
| VLCC: very large crude carrier 200-350,000 dwt or about 2 million barrels capacity |
| Aframax: crude tanker 70-130,000 dwt or about .5 million barrels capacity (the name is based on the old AFRA freigh range) |
| MR1: small products tanker under about 40,000 dwt |
| MR2: Medium size products tanker around 40-60,000 dwt |
| LR1: products tanker of about Panamax size used for long haul trades |
| ESSENTIAL TERMS |
| Aframax: tanker carrying around 0.5 million barrels of oil, but usually applied to any tanker 80-120,000 dwt (name derived from old AFRA chartering range). |
| Auxiliary engines: small diesel engines on the ship used to drive alternators providing electrical power. They generally burn diesel oil. Ships generally have 3-5, depending on electricity requirements. |
| Ballast: seawater pumped into carefully located ballast tanks, or cargo spaces, when the ship is not carrying cargo to lower the ship in the water so that the propeller is sufficiently submerged to perform efficiently. |
| Berth: designated area of quayside where a ship comes alongside to load or discharge cargo. |
| Bulk Carrier: single deck ship which carries dry cargoes such as ore, coal, sugar or cereals. Smaller vessels may have their own cranes, whilst larger sizes rely on shore based equipment. |
| Bareboat charter: similar to a lease. The vessel is chartered to a third party who to all intents and purposes owns it for the period of the charter, providing the crew; paying operating costs including maintenance; voyage costs (bunkers, port dues, canal transit dues, etc); and directing its operations. |
| Bunkers: fuel oil burned in ship's main engine (auxiliaries use diesel) |
| Capesize: bulk carrier too wide to transit the Panama Canal. Usually over 100,000 tonnes deadweight, but size increases over time, currently 170-180,000 dwt . |
| Charterer: Person or company who hires a ship from a shipowner for a period of time (time-charter) or who reserves the entire cargo space for a single voyage (voyage charter). |
| Classification Society: Organization e.g. Lloyds Register which sets standards for ship construction; supervises standards during construction; and inspect the hull and machinery of a ship classed with the society at regular intervals, awarding certificates the "class certificate" required to obtain hull insurance. A ship with a current certificate is "in class". |
| Container: standard box 20' or 40' (long) x8 (wide) 'x8'6" (high). High cube containers are 9'6" high and container ships are usually designed to carry some of these. |
| Containership: Ship designed to carry containers, with cell guides in the holds into which the containers are lowered. Containers carried on deck are lashed and secured. |
| CGT: compensated gross tons. Measure of shipbuilding output based on the gross tonnage of the ship multiplied by a CGT coefficient reflecting its work content (see Annex 2) |
| Deadweight: (Dwt) The weight a ship can carry when loaded to its marks, including cargo, fuel, fresh water, stores and crew. |
| Freeboard: vertical distance between waterline and top of hull. |
| Freight rate: Amount of money paid to a shipowner or shipping line for the carriage of each unit of cargo (tonne, cubic meter or container load) between named ports. |
| FAK (i.e. freight all kind): the standard rate charged per container, regardless of what commodity it is carrying e.g. FAK rate of $1,500 per TEU. |
| FEU: forty foot container |
| Gas tanker: ship capable of carrying liquid gas at sub zero temperatures. Cargo is kept cold by pressure; insulation; and/or refrigeration of "boil off gas" (BOG) which is returned to the cargo tanks (see Chapter 14) |
| Gross Ton (GT): confusingly this is not a measure of weight. It is based on the internal measurement of the ship's open spaces and derives from the word "tun", the old term for a barrel. It is used for measuring the carrying capacity of ships such as cruise liners which are designed for volume rather than weight (for example the Queen Mary 2 has a Gross Tonnage of 148,528 tons, but is only 35,000 deadweight. Today the Gross Tonnage of a ship is calculated from a formula set out in the IMO Tonnage Convention. |
| Handy bulker: Bulk carrier at the smaller end of the range of sizes associated with this type of ship, typically up to 30/35,000 tonnes deadweight. Most have their own cargo handling gear. |
| Ice Class 1A: ship certified to transit ice of 0.8 m thickness |
| IMO: International Maritime Organization, the UN agency which is responsible for maritime regulations. |
| Lay-up: describes a ship that has been taken out of service because freight rates are too low to cover its operating and maintenance costs. Not a well defined condition, often just means it has not moved for say 3 months. |
| Lashing: used with twist-locks to stop containers moving in heavy seas. Lashing wires may be secured, for example, from the top corners of the 1st tier and bottom corners of the 2nd tier. |
| LIBOR: London Inter-bank Borrowing Rate — The interest rate at which banks raise funds on the Eurodollar market. |
| Lightweight (Light displacement tonnage): (ldt) Weight of a ship's hull, machinery, equipment and spares. This is the basis on which ships are usually sold for scrap e.g. $200 per ldt. |
| MARPOL: international convention for the prevention of pollution from ships. |
| Off-hire: time, usually measured in days, during which charter hire payments are suspended because the vessel is not available to trade, for example because of a breakdown or routine repair time. |
| Operating costs (OPEX): expenses involved in the day-to-day running of the ship and will be incurred whatever trade the ship is engaged in. These include crew wages and expenses, victualling, stores, spares, repairs and maintenance, lubricants, insurance etc. |
| P&I Club: mutual society which provides third party insurance to shipowner members. |
| Panamax: Bulk carrier which can transit Panama Canal where lock width of 32.5 m is the limiting factor. Vessels of 60,000 to 75,000 tonnes deadweight fall into this category. "Panamax" is also used to refer to tankers 60-70,000 deadweight. |
| Reefer: insulated cargo ship for carrying refrigerated food, either frozen or chilled. |
| Reefer container: insulated container for carrying refrigerated cargo. Some have integral electric refrigeration plant run from a plug on the ship or shore facility. Others receive cold air from central refrigeration unit on ship. |
| Seller's Commission: Fee or commission payable by a seller of a vessel to the broker(s) who has secured her sale. |
| Service Agreement: agreement between container line and shipper to provide freight transport on specified terns |
| Shipbroker: Individual with current market knowledge who intermediate between buyers and sellers in return for a % commission on the transaction. Several types e.g. chartering brokers deal with cargo; sale and purchase brokers buy and sell ships; newbuilding brokers place contracts for new ships. |
| SOLAS: Safety of Life at Sea Convention. Important convention setting out the safety regulations with which all merchant ships must comply (see Chapter 16) |
| Special Survey: mandatory examination of the ship's hull and machinery carried out every five years, or on a rolling basis, by the classification society with which the vessel is classed. |
| Spot rate: negotiated rate per unit (tonne, m3 etc) of cargo paid to the shipowner to carry specific cargo between two ports, say US Gulf to Japan. Voyage costs are paid by the shipowner. |
| String (of containerships): the number of containerships needed to maintain a regular service on a specific route ("loop"). For example a string of four ships is needed to run a trans -Atlantic loop. |
| Suezmax: tanker able to transit Suez Canal fully loaded and carries about 1 million barrels of oil. Tankers 120-200,000 dwt grouped into this category. |
| Tanker: Ship designed for the carriage of liquid in bulk with cargo space consisting of several tanks. Tankers carry a wide variety of products, including crude oil, refined products, liquid gas and wine. Parcel tankers have a separate pump and cargo lined for each tank so that many cargo parcels can be carried separately in the ship. |
| TEU: twenty foot equivalent unit (a forty foot container is 2 TEU) |
| Time Charter: A transportation contract under which the charterer has the use of the vessel for a specific period. A fixed daily or monthly payment is made for the hire of the vessel, for example $20,000per day. Under this arrangement, the owner manages the day-to-day running of the ships, and pays the operating and capital costs. The charterer pays fuel, port charges, loading/discharging fees and other cargo-related costs, and directs the ship operations. |
| Time Charter Equivalent: the spot freight rate (e.g. $20 per tonne for a 40,000 tonne cargo) converted into a daily hire rate for the voyage (e.g. $20,000 per day) by deducting voyage costs from the gross freight and dividing by the days on the voyage, including necessary ballast time |
| Tonne: Metric tonne, equivalent to 1,000 kilograms or 2,2041bs |
| Twist-lock: devices used to join and lock containers to those above and below them by clamping the adjacent corner castings together. "Cones" fit into apertures in the corner castings and turn to lock them in place. Used with lashing wires and bars. |
| VLCC: very large crude carrier, generally carries about 2 million barrels of oil, but all tankers over 200,000 dwt are grouped into this category. |
| Voyage costs: the cost of fuel, port expenses, canal costs which are specific to the voyage. On a voyage charter where the ports are specified they are generally included in the negotiated spot rate and paid by the shipowner. On a timecharter where the ports are not known in advance they are paid by the charterer. |
| CHARTERING TERMS |
| Shipper: Individual or company with cargo to transport. |
| Charterer: Individual or company who hires a ship. |
| Charter-party: Contract setting out the terms on which the shipper contracts for the transportation of his cargo or the charterer contracts for the hire of a ship. |
| Voyage charter: Ship earns freight per ton of cargo transported on terms set out in the charter-party which specifies the precise nature and volume of cargo, the port(s) of loading and discharge and the laytime and demurrage. All costs paid by the shipowner. |
| Consecutive voyage charter: Vessel hired to perform a series of consecutive voyages between A and B. |
| Contract of Affreightment (COA): Shipowner undertakes to carry quantities of a specific cargo on a particular route or routes over a given period of time using ships of his choice within specified restrictions. |
| Period charter: The vessels is hired for a specified period of time for payment of a daily, monthly or annual fee. There are three types, time charter, trip charter and consecutive voyage charter. |
| Time charter: Ship earns hire, monthly or semi-monthly. The shipowner retains possession and mans and operates ship under instructions from charterer who pays voyage costs (see chapter 3 for definition). |
| Trip charter: Fixed on a time charter basis for the period of a specific voyage and for the carriage of a specific cargo. Shipowner earns 'hire' per day for the period determined by the voyage. |
| Bare boat charter: The owner of the ship contracts (for a fee, usually long-term) to another party for its operation. The ship is then operated by the second party as if he owned it. |
| Laytime: The period of time agreed between the party to a voyage charter during which the owner will make ship available for loading/discharging of cargo. |
| Demurrage: The money payable to the shipowner for delay for which he is not responsible in loading and/or discharging beyond the laytime. |
| Despatch: Means the money which the owner agreed to repay if the ship is loaded or discharged in less than the laytime allowed in the charter-party (customarily demurrage). |
| Common abbreviations |
| cif: The purchase price of the goods (by importer) include payment of insurance and freight which is arranged by the exporter. |
| fob: Goods are purchased at cost and the importer makes his own arrangement for insurance and freight. |