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Costas Grammenos - The Handbook of Maritime Economics and Business

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Costas Grammenos The Handbook of Maritime Economics and Business
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This book is the founding title in the Grammenos Library. The diversity of the subjects covered is unique and the results of research developed over many years are not only comprehensive, but also have important implications on real life issues in maritime business. The new edition covers a vast number of topics, including: Shipping Economics and Maritime Nexus International Seaborne Trade Economics of Shipping Market and Shipping Cycles Economics of Shipping Sectors Issues in Liner Shipping Economics of Maritime Safety and Seafaring Labour Market National and International Shipping Policies Aspects of Shipping Management and Operations Shipping Investment and Finance Port Economics and Management Aspects of International Logistics

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THE HANDBOOK OF MARITIME ECONOMICS AND BUSINESS SECOND EDITION Related - photo 1

THE HANDBOOK OF MARITIME ECONOMICS AND BUSINESS

SECOND EDITION

Related Titles

From The Grammenos Library

Future Challenges in the Port and Shipping Sector
By Hilde Meersman, Eddy Van de Voorde and Thierry Vaneslslander
(2009)

Maritime Safety, Security and Piracy
By Wayne K. Talley
(2008)

Commodity Trade and Finance
By Michael N. Tamvakis
(2007)

The Handbook of Maritime Economics and Business

SECOND EDITION

Edited by CostasTh.Grammenos

Lloyds List Telephone House 69-77 Paul Street London EC2A 4LQ An - photo 2

Lloyd's List
Telephone House
69-77 Paul Street
London EC2A 4LQ

An Informa business

Lloyds and the Lloyds crest are the registered trade mark of the society incorporated by the Lloyds Act 1871 by the name of Lloyds.

Costas Th. Grammenos and contributors, 2002, 2010

British Library Cataloguing in Publication Data
A catalogue record for this book is available from the British Library

ISBN 978 1 84311 880 0

All rights reserved. No part of this publication may be reproduced, stored in a retrival system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of Lloyd's List.

Whilst every effort has been made to ensure that the information contained in this book is correct, neither the authors nor Lloyds List can accept any responsibility for any errors or omissions or for any consequences resulting therefrom.

Text set in 9/11pt Plantin
by Exeter Premedia Services.
Printed in Great Britain by
MPG Books Ltd, Bodmin, Cornwall

This second edition of the Handbook of Maritime Economics and Business is

Dedicated to:
Professor Ernst G Frankel, of Massachusetts Institute of Technology
Professor Richard O Goss, of University of Cardiff
Professor Arnljot Stromme Svendsen, of the Norwegian School of Economics and Business Administration

And in memory of:
Professor Zenon S Zannetos, of Massachusetts Institute of Technology
Professor Vassilis Metaxas, of University of Piraeus

All these Professors have shown in their published texts a pioneering insight on various aspects of the maritime industry and thus command our respect and warm thanks.

Professor Costas Th. Grammenos
London, June 2010

About the Editor

Costas Th. Grammenos, CBE, BA (Athens), MSc (Bangor), DSc (City), FCIB, Hon FIMarEST, FRSA is Professor of Shipping, Trade and Finance; Pro Vice-Chancellor of City University London and Deputy Dean of its Cass Business School, where he founded the Centre for Shipping, Trade and Finance in 1983 (renamed The Costas Grammenos International Centre for Shipping, Trade and Finance in April 2007). The Centre carries out research through members of its staff and PhD students and cultivates international dialogue by formal and informal meetings. He designed two world-class Masters of Science: Shipping, Trade and Finance introduced in 1984; and Logistics, Trade and Finance commenced in 1997 (since 2008 known as MSc Supply Chain, Trade & Finance); while the MSc in Energy, Trade and Finance was introduced in 2003.

In 1977 he established credit analysis and policy in bank shipping finance which has been applied by many international banks; and, in 1978, published his monograph Bank Finance for Ship Purchase (University of Wales Press), which formed the key principles in shipping finance. In addition, since mid-1980s, he concentrated on and promoted the utilisation of international capital markets for raising funds for shipping companies through his lectures, teaching at University, conferences and since early 1990s through his published research. In 2006 he was appointed by the Greek government as President of the Managing Board of the International Hellenic University in Thessaloniki, Greece, with the mandate to establish and operate it. His research interests are in Bank Shipping Finance, and Capital Markets.

In 1999 Costas Grammenos was awarded by City University London the highest academic accolade, the Doctor of Science degree (DSc) for creating, through his published research, shipping finance as a new academic discipline.

He is a member of the Board of Directors of the Alexander S Onassis Public Benefit Foundation; a Founding Trustee of the Institute of Marine Engineers Memorial Fund; and a Non-executive member of the Board, Marfin Investment Group (MIG).

He is Fellow of the Chartered Institute of Bankers; Honorary Fellow, Institute of Marine Engineers, Science and Technology; Fellow of Royal Society of Arts and Member of the Baltic Exchange; Member of the American Bureau of Shipping; Liveryman of the Worshipful Company of Shipwrights; Freeman of the City of London; Founder and Chairman of the City of London Biennial Meetings; Visiting Professor at the University of Antwerp; and he was President of IAME (19972002).

He was 1998 Seatrade Personality of the Year; in 2008 he was awarded the prize of Distinguished Personality for his outstanding contribution to the shipping industry by the Association of Banking and Financial Executives of Hellenic Shipping; and in 2009 was awarded the Achievement in Education at the Lloyds List Shipping Awards; he was made OBE (Officer of the British Empire) in 1994 for his contribution to international shipping and finance and appointed CBE (Commander of the British Empire) in 2008 for services to teaching and research.

In the seven years that have passed since 2002, when the first edition of this Handbook was published, each one of us would have noticed major events or conditions that have strongly impacted the shipping markets and produced results that we would include in our lectures often we categorise these as extraordinary.

I have in mind the explosive rate of growth in China; the almost unstoppable increase in seaborne trade and in investments in new vessels; in the expansion in number and size of Chinese shipyards; in the continuation of bank finance as the strong source of funds for shipping companies; in the mergers or acquisitions of shipping companies and, generally, in the increase of their size; and in the emergence of capital markets as a serious means of raising funds for a sizeable number of shipping companies.

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