Maritime Economics 3rd ed

For 5000 years shipping has served the world economy and today it provides a sophisticated transport service to every part of the globe. Yet despite its economic complexity, shipping retains much of the competitive cut and thrust of the “perfect” market of classical economics. This blend of sophisticated logistics and larger than life entrepreneurs makes it a unique case study of classical economics in a modern setting.

The enlarged and substantially rewritten Maritime Economics uses historical and theoretical analysis as the framework for a practical explanation of how shipping works today. Whilst retaining the structure of the second edition, its scope is widened to include:

• Lessons from 5000 years of commercial shipping history
• Shipping cycles back to 1741, with a year by year commentary
• Updated chapters on markets; shipping costs; accounts; ship finance and a new chapter on the return on capital
• New chapters on the geography of sea trade; trade theory and specialised cargoes
• Updated chapters on the merchant fleet shipbuilding, recycling and the regulatory regime
• A much revised chapter on the challenges and pitfalls of forecasting