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The Blackwell Companion to Maritime Economics


The Blackwell Companion to Maritime Economics presents comprehensive and in-depth coverage of shipping and port economics. Featuring contributions from the most respected international specialists in the field, this reference offers up-to-date insights into maritime carriers and their markets (e.g., freight, intermodal and passenger), shipping economics (e.g., dry bulk, liquid bulk, container, regulation, taxation, seafaring, safety and piracy), ship economics (e.g., equity, bond and hedging ship finance) and port economics (e.g., governance, labor, competition, efficiency, choice, investment, clusters, inspection and security).

In addition to providing a comprehensive survey of the literature on past and current practices on a wide range of maritime topics, new empirical research on safety and piracy in shipping, ship finance, and container terminal efficiency is presented as well as original theories for maritime carriers and ports that provide greater insights into their operations. With its unprecedented breadth of coverage and range of scholarship, The Blackwell Companion to Maritime Economics represents the new standard resource for any and all topics related to maritime economics.

Wayne K. Talley is Professor of Economics at Old Dominion University, Norfolk, Virginia, where he is the Executive Director of the Maritime Institute and holds the designations of Eminent Scholar and the Frederick W. Beazley Professor of Economics. He is also the Editor-in-Chief of Transportation Research Part E: Logistics and Transportation Review and the Deputy Editor-in-Chief of The Asian Journal of Shipping and Logistics.
List of Figures x

List of Tables xv

Notes on Contributors xix

Preface xxviii


1 General Introduction 3
Wayne K. Talley

2 The Evolution of Maritime Economics 16
Trevor D. Heaver

3 The Business of Shipping: An Historical Perspective 34
Ingo Heidbrink

4 International Seaborne Trade 52
Michael Tamvakis


5 Maritime Carriers in Theory 89
Wayne K. Talley

6 Maritime Freight Markets 107
Siri Pettersen Strandenes

7 Intermodalism and New Trade Flows 121
Lixian Fan, Mohan M. Koehler and Wesley W. Wilson

8 Cruise Lines and Passengers 138
Simon Véronneau and Jacques Roy

9 Ferry Passenger Markets 161
Tor Wergeland


10 Dry Bulk Shipping 187
George A. Gratsos, Helen A. Thanopoulou and Albert W. Veenstra

11 Liquid Bulk Shipping 205
Dimitrios V. Lyridis and Panayotis Zacharioudakis

12 Container Shipping 230
Theo Notteboom

13 New Business Models and Strategies in Shipping 263
Peter Lorange and Øystein D. Fjeldstad

14 Shipping Regulatory Institutions and Regulations 281
Paul G. Wright

15 Shipping Taxation 304
Peter Marlow and Kyriaki Mitroussi

16 Seafarers and Seafaring 321
Heather Leggate McLaughlin

17 Safety in Shipping 333
Di Jin, Hauke Kite-Powell and Wayne K. Talley

18 Piracy in Shipping 346
Maximo Q. Mejia, Jr., Pierre Cariou and François-Charles Wolff


19 The Economics of Ships 373
Harilaos N. Psaraftis, Dimitrios V. Lyridis and Christos A. Kontovas

20 Ship Finance: US Public Equity Markets 392
Costas Th. Grammenos and Nikos C. Papapostolou

21 Ship Finance: US High Yield Bond Market 417
Costas Th. Grammenos and Nikos C. Papapostolou

22 Ship Finance: Hedging Ship Price Risk using Freight Derivatives 433
Amir H. Alizadeh and Nikos K. Nomikos

23 Marine Insurance 452
Stanley Mutenga and Christopher Parsons


24 Ports in Theory 473
Wayne K. Talley

25 Port Governance 491
Mary R. Brooks and Athanasios A. Pallis

26 Port Labor 517
Peter Turnbull

27 Port Competition and Competitiveness 549
Theo Notteboom and Wei Yim Yap

28 Container Terminal Effi ciency and Private Sector Participation 571
Baris Demirel, Kevin Cullinane and Hercules Haralambides

29 Determinants of Users’ Port Choice 599
Photis Panayides and Dong-Wook Song

30 Port Investment and Finance 623
Sander Dekker and Robert J. Verhaeghe

31 Ports as Clusters of Economic Activity 638
Peter W. de Langen and Elvira Haezendonck

32 Port State Control Inspection Deficiencies 656
Pierre Cariou, François-Charles Wolff and Maximo Q. Mejia, Jr

33 Port Security: The ISPS Code 674
Adolf K. Y. Ng and George K. Vaggelas

34 Port Security and the Quality of Port Interchange Service 701
Wayne K. Talley and Venus Y. H. Lun

Index 717