publication . Book . 1996

Shipping

Wijnolst, N.; Wergeland, T.;
Open Access English
  • Published: 31 Dec 1996
  • Publisher: Delft University Press
  • Country: Netherlands
Abstract
Shipping is a multi-faceted industry which is rather complex to define from an academic point of view. This book attempts to grasp these complexities and provide the reader with an overview of the main topics and terminology in shipping. The book is based on material from our courses in shipping at the universities in Delft and Bergen. As with our lectures, we draw upon quite a va ried material, from research studies at a high academic level to lower level student work and purely descriptive material from a multitude of sources. No particular attempts have been made to make all figures very updated. The reference years for descriptive data varies a lot, therefor...
Subjects
free text keywords: shipping, operations, economics, freihgt markets
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TU Delft Repository
Book . 1996
Provider: NARCIS
47 references, page 1 of 4

1. Analysis of the Containership Charter Market 1983-1992

9. Analysis of the Panamax Bulk Carrier Charter Market 1989-1994: In Relation to the Design Characteristics

10. Analysis of the Competitive Position of Short Sea Shipping: Development of Policy Measures

CHAPTER 2: SHIPPING SEGMENTS AND SHIP TYPES .... .. ....... . 67 2.1 Tankers ... . .............................. ... ... . 67 2.1.1 Crude oil tankers ...................... .. . .. .. . . 67 2.1 .2 Products tankers ............. : .... . .. . .. ... . .. . 68 2.1.3 Chemical tankers ............................. . 69 2.1.4 Gas tankers . .... .... ......... . .............. . 70 2.1.5 Bitumen tankers .. .. .. ........ . ... . .. ......... . 71 2.2 Dry bulk carriers ...... . ...................... .. ... . 71 2.3 Container ships .. .. .... ..... .. . ..... .. ....... ..... . 73 2.3.1 Container ships . .. . .. ... ... '. ' ................. . 74 2.3.2 Open-hatch container ships ................... . ... . 75 2.3 .3 Barge carriers .................... . . . ...... ... . 75 2.4 Heavy lift vessels ................... .. ......... . .. . 76 2.5 General cargo ships ................................ . 78 2.6 Ro-ro vessels .................................... . 80 2.7 Cruise vessels ...... . ......... . . .. . . . ............ . 81

V CHAPTER 5: SHIPPING COSTS . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 204 5.1 Capital cost .......... . ...... ......... ..... .... .. 204 5.1.1 Capital cost variables . . . . . . . . . . . . . . . . . . . . . . . . . .. 204 5.1.2 Cash flow . . . ............................... 207 5.2 Operating costs . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . 208 5.2.1 Manning costs .. .. .... . ...................... 209 5.2.2 Repairs and maintenance .. ............... . ...... 212 5.2.3 Stores, supplies and lubricating oils .... . ... . ........ 214 5.2.4 Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 216 5.2.5 Management. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 217 5.3 Voyage costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 217 5.3.1 Bunkercosts .................. . ............. 218 5.3 .2 Port costs and canal dues . . . . . . . . . . . . . . . . . . . . . . .. 222 5.4 Cargo handling costs ....... . ... '........... ........ , 226 5.5 Voyage calculation . ... . .......... . . ..... .. .... '. ... 229 5.5.1 Heavy lift shipping example ............. ..... ... . 229 5.5.2 Dry bulk shipping example ...... ... . . .... ........ 237 5.6 Composition of cost over time . . . . . . . . . . . . . . . . . . . . . . . .. 239

b( CHAPTER 6: FREIGHT, REVENUE AND USER COST ....... . .... . . . 243 6.1 The user cost of shipping .. .... ..................... . 243 6.1.1 The freight element as share of import values ......... . 243 6.1.2 Shipping costs of bulk products .... .. .. ..... ...... . 245 6.1 .3 Value and transport costs of non-bulk commodities ..... . 254 6.2 Cast and revenues cases ........................... . 254 6.2.1 The million barrel tanker ........................ . 255 6.2.2 Capesize bulk carriers . ........................ . 260 6.2.3 Container ship service ......................... . 264

ti CHAPTER 7: FREIGHT RATES AND SHIP PRICES ... . . . .......... . 271 7.1 Freight rates ........... ... ........... ........... . 271 7.1.1 Dry bulk shipping .................. .......... . 271 7 .1 .2 Crude oil and oil products tanker shipping .......... . . . 276 7.1.3 Chemical tankers ......................... . .. . 278 7.1.4 Gas carriers .. . .. .. . ... ..... . . . . . .......... . 278 7.1.5 Reefer ships .. .. ....... . .................... . 279 7.1.6 Container shipping . ........................... . 280 7.2 Newbuilding, secondhand and demolition prices ............ . 281 7.2 .1 Newbuilding prices ........................... . 282 7.2.2 Secondhand prices .. .... ................ . .... . 284 7.2.3 Demolition prices ....................... . .... . 285

p( CHAPTER 8: MARKETS AND MARKET STRUCTURES IN SHIPPING . ... . 289 8.1 Freight contracts and rewards ....... . ..... .. . . ... . ... . 291 8.2 Classification of markets ......... . ................. . 292 8.3 Formation of expectations in shipping ................... . 296 8.4 Market forms ........... .. ...................... . 297 8.5 Main types of freight markets and shipping segments ..... ... . 299 8.6 The dynamics of competition ................... .. ... . 302

X CHAPTER 9: MODElLlNG FREIGHT MARKETS .. . ............... . 304 9.1 The simultaneity problem . . ... . ..................... . 304 9.2 Measurements of prices and quantities in bulk shipping ....... . 306 9.3 The elasticity of bulk shipping demand ............... ... . 307 9.4 The elasticity of bulk shipping supply ................... . 311 9.4.1 lay-up and storage ................ .... .. . .... . 314 9.4.2 The load factor .. .... . ....................... . 314 9.4.3 Off-hire .................... . .. ....... . .. .. . 315 9.4.4 Waiting days ............ . .. . . . ... . . ... ..... . 315 9.4.5 Average length of haul and ballast factor ........ ... . . 316 9.4.6 Speed .................................... . 317 9.4.7 Summary of productivity factors .......... . ....... . 319 9.5 Types of market models ............................ . 323 9 .5.1 NORTANK - constructing supply from micro data ....... . 325 ( 9.5 .2 NORBULK - the power of aggregation ............... . 334 9.6 Analysing non-bulk markets: Ä liner shipping case .......... . 342

/~PTER 11: MARITIME POLICY ....... . ........ . .......... . 427 11.1 Rules, regulations and regulatory bodies ................ . . 427 11 .1 .1 The basic system of maritime law ... . . . .. .. . .... .. . 427 11 .1.2 Some important conventions and regulations ......... . . 428 11 .1.3 Compliance with regulations .... ... .. . . . ......... . 432 11.2 Flag states and port states . ........ .. . . ........... . . . 432 11 .3 Case in maritime policy: The Code of Conduct for liner shipping . . 439 11.4 Case in maritime policy: Tanker shipping pollution .... . .. . .. . 443 11.4.1 Tanker shipping as a polluter of the seas .. .......... . 443 11.4.2 The human factor in accidents .... . ....... . .. . ... . 445 11.4.3 Age of ships and accidents ..... . ............ . ... . 445 11.4.4 Regulating regimes . . . . ... . .. . ................ . 447 11.4.5 The public image of shipping ............... . ..... . 449 11.4.6 The IMO options in 1992 ................ ... . . . . . 449 11.4.7 The costs for consumers of tougher tanker market regulation 451

K CHAPTER 12: ROUTING AND SCHEDULING OF SHIPS . . . . . . . . . . . . .. 455 12.1 Bulk Shipping . . .. .... ........ . ...... . .... . ...... . 455 12.1 .1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 455 12.1.2 Container-Oil-Bulk carrier ............ . ... . ... . ... 459 12.2 Liner Shipping . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 469 12.3 Offshore ....... . ... .. . ... ..................... . 472 12.3.1 The structure of an offshore project . . . . . . . . . . . . . . . .. 472 12.3.2 Transport........ . ........ .. .. .. . .. .. . ..... . 474 12.3.3 Planning ......... ...... . ... . ...... ..... .. .. 477 12.3.4 The causal relations diagram ............ . ..... : . .. 483 12.4 Reefer ship scheduling . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 483 12.4.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 483 12.4.2 The planning . ...... . . . .......... . .. .. . ... .. . 486 12.4.3 Model description of the strategie planning .... . .. . .... 488 12.4.4 The computer program . . . . . . . . . . . . . . . . . . . . . . . . .. 494

ÇHLAPTER 13: MARITIME LOGISTICS ...................... . .. . 496 13.1 Introduction ........ ............. . ..... . ..... . .. . 496 13.2 The optimum size of ship and the impact of user costs . ...... . 508 13.2.1 Introduction . ..... . .... . ........ .. .......... . 508 13.2.2 Cost Structure of a Liner Shipping Service ...... . .. . .. . 509 13.2.3 User and producer costs as a function of ship size ...... . 513 13.3 Logistics cases .. . .... . .. ... .. . ...... .. ... .... ... . 522 13.4 Fast ships .. .... . .... ..... . . ... . ... .... . .... . .. . 526

CHAPTER 14: RISK MANAGEMENT . .. ... .................... . 541 14.1 Definition of risk ...... .... ... .. .... . . ... . ... . . ... . 541 14.2 The normal distribution . .. ....... . .................. . 541 14.3 Attitudes towards risk .. . ... ...... .. .. .. ........... . 542 14.4 Types of risk ......... .. ... . ... . ... .. .. . .... . ... . 543 14.5 Risk reduction and portfolio theory .... .. .... ........... . 543 14.6 Diversification possibilities in shipping .. . ................ . 549 14.7 Forward and futures markets ..... . .............. .. ... . 551 14.8 BIFFEX .... ... ... .. .. . ......... . .. .. ...... .... . 554 14.9 Bunker hedging ........ . ........ ... .... . ....... . . . 557 14.10 Options ..................................... . 558 14.10.1 Traded options .... . ..... . ..... . .. .... .. ..... . 558 14.10.2 Real options in shipping . .. .. .. ... . ..... ... . . . .. . 559 14.10.3 Option on future freight rate ..................... . 560 14.10.4 Evaluation of options .. ........... . ............ . 563

GHAPTER 15: INVESTMENTS, FINANCE AND STRATEGIES IN SHIPPING . 565 15.1 Ship finance in the past ...... .. ...... . .. . ... . ...... . 565 15.2 Ship finance today - the options . .. .. .. .. . ...... .. . ... . 568 15.3 The investment options . . .... .. .. . .. .. ............. . 574 15.4 Structural problems in the tanker sector ................. . 576

.... Y:"'<)(.·'"':,.H,,:,::Cê>l1)modlw . grqup~, ":" " :"'·,,"':.""."""':,"""":"" \\Million 'ton

47 references, page 1 of 4
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