Shipping Finance

The central aim of this study was to analyse stock market reactions to merger announcements in South Africa. The study identified thirteen mergers and acquisitions (n = 13) that took place following the COVID-19 pandemic. An event study approach was utilized for data analysis, given its relevance to the study. The event window was made up of 20 business days (-10 t +10). Overall, the cumulative average abnormal returns remained positive throughout the event window, suggesting that, at an aggregate level, the markets reacted positively to merger decisions, particularly regarding mergers that received clearance from South African competition authorities. Notably, on the event day (t+0), cumulative average abnormal returns peaked at 2%, which indicates that the markets were highly efficient in absorbing information about merger decisions. These observations support the semi-strong form of the efficient market hypothesis, suggesting that stock prices rapidly reflect publicly available information, including announcements related to mergers and acquisitions.

Strong cash flow maintenance is critical in ensuring profitability, investment agility, and long-term competitiveness in the modern maritime business. This presentation explores the financial pressures that faced commercial shipping operators, including volatile freight rates, shifting cargo demand, and rising capital costs associated with fleet upgrades and regulatory compliance. As traditional revenue streams become less predictable, the focus shifts to optimizing financial performance through better cost control, capital allocation, and strategic investments within and beyond core transport operations. The discussion also highlights the increasing impact of global safety regulations on operational budgets and examines how administrative oversight contributes to maintaining efficiency on key shipping routes. One of the key strategic challenges addressed is managing risk exposure balance and liability limits with the realities of systemic and non-systemic market disruptions. The conclusions of exploring forward-looking fleet development projects, designed concerning sustainability and performance, can deliver operational gains and significant long-term value for stakeholders.

The object and purpose of this dissertation is to present the overall picture of naval training, as it has been formed today, as well as the way of certification of seafarers in Greece. This work obviously examines the compatibility of Greek naval training according to international standards as they have been set by international organizations. Problems and difficulties facing naval training and certification are also a major factor analyzed in this study.

The concept of this study is to note whether financial risk assessment tools impact a shipping firm's performance, competitiveness and efficiency. Stochastic Frontier Analysis (SFA) is used in the evaluation of such issues. The shipping industry has been classified in three segments, namely dry bulk, tankers (including LPG and LNG) and containers. The influence of the risk assessment indicators on market and operational efficiency is subsequently determined by using a panel regression. This assists to determine whether different asset allocation and risk management techniques improve the performance of shipping firms. Our sample consists of 82 international shipowning firms drawn from Bloomberg database for the period of 2001-2014. Through estimating efficiency, our model shows that containerized cargo firms have better performance in market and operating efficiency as well.

Banks select convenient loan collateral assets to secure the uninterrupted service of a loan facility. In the adverse case of a borrower in default, collateral assets provide critical last resort coverage for bank loan recovery. Nevertheless, collaterals may provide least protection when they are most needed. Recessionary economic cycle phases, unstable capital markets, liquidity constraints and financial crises amplify abrupt downward collateral value shifts. This, in turn, can result to outstanding loans being exposed to diminishing collateral values, substantially increasing the bank's asset-liability mismatch. This study proposes an integrated and flexible framework to support a preferential collateral asset selection process for lending banks. Two multi-criteria decision making methods are critically compared and evaluated, in order to gain insight into the identification, evaluation and ranking process of important quantitative and qualitative collateral selection criteria. Bank shipping finance is undertaken as an empirical case study.

In late 2010, the Basel Committee on Banking Supervision issued the Basel III document enumerating measures focused on improvements in the definition of regulatory capital, introduction of a leverage ratio as a backstop for risk-based capital requirement, capital buffers, enhancement of risk coverage through improvements in the methodology to measure counterparty credit risk and liquidity measurement standards. This study investigates the impact of the new capital requirements introduced under the Basel III framework on bank lending rates and loan growth. Higher capital requirements, by raising banks' marginal cost of funding, lead to higher lending rates. The data presented in the paper suggest that assuming a 1.3 percentage point increase in the equity-to-asset ratio to meet the Basel III regulations, the country-by-country estimations imply a reduction in the volume of loans by an average 4.97 percent in the long run for the banks in countries that experienced a crisis and by 18.67 percent for the banks in countries that did not experience a crisis. The wide variance in the results reflects crosscountry differences in the elasticity of loan demand with respect to loan interest rateand bank's net cost of raising equity.

The manifestations of electronic contracts are sometimes plagued with hurdles tending to make fulfillment/enforcement of such contracts difficult. These hurdles stem from the overall nature of the transaction, as it is concluded in a sphere where parties are not in physical contact or are unable to transact face-to-face. This therefore causes some complexities to contracting parties as to whether bargains, responsibilities and security engagements under the contract shall be met. A lean towards protection of stakeholders' interests and more particularly of rights and obligations under the contract against breaches/violations is therefore worthwhile. In this regard, the insurance and cryptographic mechanisms can be considered as some measures intended for the protection of stakeholders/parties in electronic commerce contracts. Therefore, this write-up holds that, stakeholders in electronic commerce also require protection by way of insurance and the crypto system in order to ensure that the stakes of the contract are fulfilled, and also that breaches are averted. As such, the objective of this research is to ascertain how insurance and the crypto system can be used as veritable mechanisms to ensure a fulfilling contract between contracting parties to an electronic commerce transaction.

This paper tries to explain the concept of collaboration in supply chain management. Significant insight about supply chain management and collaborative practices are provided in this paper along with potential benefits. Decision options for managers regarding collaboration in supply chain management are decorated. Considerable work is done to review vertical and horizontal collaboration in SC. This study also provides frame work for collaborative practices along with relative partners in supply chain management.

This is a study on Bangladesh's Shipbuilding Prospects, as there are numerous prospects in this sector. The study's major goal was to figure out why Bangladesh isn't moving forward in this field and what may be done to start the process of creating a successful industry. If properly fostered, this might be the next generation export earning sector after clothes. I attempted to identify difficulties and solutions in order to position Bangladesh as the next leader in the shipbuilding business after China. With its inexpensive labor resources, China has been the market leader in this area. Bangladesh can walk along the same path as China because it currently has a lower labor cost advantage than China. All they need is government help and shipyard modifications, as Bangladesh has hundreds of shipyards. In 2019, Bangladesh was rated 41st among the world's largest economies, making it the second-largest economy in South Asia. As a marine nation, the government is focused on the Blue Economy's potential, with the goal of becoming a middle-income country by 2021 and a developed economy by 2041. The shipbuilding sector may be the best option for achieving this goal. She has a long history of producing oceangoing ships being a country bordering the sea. With the recent success of Bangladesh's shipbuilders, it is apparent that this industry has greater potential to impact the country's economy. The study was primarily descriptive in nature. The majority of the data was gathered from secondary sources. Unstructured interviews were used to acquire some primary data from experts and policymakers. Bangladesh has a lot of potential in this industry, according to the study. Bangladesh is on the verge of becoming a shipbuilding powerhouse. Bangladesh earned a lot of foreign currency in the recent decade by exporting over a hundred ships. Although there are several difficulties and challenges that are impeding the correct expansion of Bangladesh's shipbuilding industry in the worldwide market for producing small ocean-going vessels, the country's shipbuilding sector has a lot of potential. The study provided vital recommendations to the Bangladeshi government in developing a clear policy for the expansion of the shipbuilding industry in order to achieve economic stability. This research is expected to help improve policy, advance research, and push the boundaries of knowledge forward.

This study evaluates the efficiency of portfolio diversification strategies from 2020 to 2024 using statistical correlation metrics. The research objective is to assess the performance of traditional correlation measures, explore advanced statistical models like GARCH and DCC, and examine the impact of market disruptions such as the COVID-19 pandemic on diversification efficiency. A quantitative methodology was employed, utilizing financial data from Bloomberg and Yahoo Finance, analyzed through Pearson correlation, GARCH, and DCC models. The results indicate that while traditional correlation metrics provided a general measure of asset co-movements, their static nature failed to capture dynamic market shifts. The study found that average correlation coefficients ranged from 0.72 to 0.83, with spikes up to 0.85 during crisis periods, reducing diversification benefits. The DCC-GARCH model demonstrated superior adaptability, showing statistically significant improvements (p < 0.001) over static models. Stress test analyses confirmed that diversified portfolios experienced peak losses of-9.1% in 2020, compared to more stable drawdowns in later years. ANOVA results (F = 6.32, p < 0.01) validated significant variations in diversification efficiency across different market phases. The overall correlation coefficient across portfolio types averaged 0.79, suggesting moderate interdependence but insufficient insulation from market volatility. Based on these findings, the study recommends adopting dynamic correlation models, incorporating alternative assets like real estate and crypto currencies, leveraging ESG factors, and implementing algorithmic trading for rebalancing to enhance portfolio resilience.

The Merchant Marine Fund – FMM is the main source of financing for the shipbuilding and shipping industries in Brazil. Since the interest rates are subsidized, the shipyards are required to present a detailed ship construction budget. The FMM Agency and the commissioned governmental banks in charge of the loans management are supposed to assess these budgets to prevent overpricing and production inefficiencies. This paper presents the main features of a Decision Support System oriented to management of a production cost database and to modelling and running the relevant statistical analysis.

Today the world's largest cruise ships can take on board more than 6000 passengers and almost 3000 crew members. Managing a significant number of people and all equipment and operations on ships requires the delivery of tens of thousands of kilowatts, which poses a huge challenge for both cruise ship builders and ports supporting these ships as well as for ship owners themselves, as the costs involved represent the largest share in the structure of expenditure in cruise shipping companies. In recent years, various communities and institutions, including the International Maritime Organisation and the European Union, exert pressure on cruise ship owners to use green renewable energy solutions. For these reasons, cruise ship owners are constantly looking for costeffective and environmentally responsible solutions regarding new energy sources for ships. The aim of this paper is to identify modern solutions applied on cruise ships in the field of energy generation and to indicate benefits for the environment and ship owners in this respect. The following research questions were formulated: (1) What factors force cruise ship owners to introduce modern energy policy solutions? (2) What kind of green energy solutions are currently used on cruise ships? (3) What kind of renewable energy solutions do cruise ship owners use to reduce energy consumption on board cruise ships? The research was conducted by applying a few research methods, i.e., desk research method and exploration method, critical and comparative analysis, and also inductive and deductive reasoning. The results of this research can provide an interesting source of information for cruise ship owners, cruise seaport authorities, and shipyards involved in the construction of new vessels.

Cost has a significant impact on competitiveness within the shipbuilding industry. In China, low costs have created favourable conditions for domestic shipyards competing in the international market. However, China's shipbuilders have been facing rising cost pressures in recent years, which may affect their industrial competitiveness. In this article, we assess China's shipbuilding cost and its impact on the competitiveness of China's shipbuilding industry. We make comparisons with China's major competitors, South Korea and Japan, over the period from 2000 to 2009. First, we analyse principal factors that affect shipbuilding cost. Second, we examine the changes in China's shipbuilding cost over the time period. Finally, we use shipbuilding cost and market share as the basis for analysing the competitiveness of the shipbuilding industry. The results reveal the sources and limiting factors of China's cost advantage, as well as changes in its shipbuilding cost and competitiveness.

Marine transport has grown rapidly as the result of globalization and sustainable world growth rates. Shipping market risks and uncertainty have also grown and need to be mitigated with the development of a more reliable procedure to predict changes in freight rates. In this paper, we propose a new forecasting model and apply it to the Baltic Dry Index (BDI). Such a model compresses, in an optimal way, information from the past in order to predict freight rates. To develop the forecasting model, we deploy a basic set of predictors, add lags of the BDI and introduce additional variables, in applying Bayesian compressed regression (BCR), with two important innovations. First, we include transition functions in the predictive set to capture both smooth and abrupt changes in the time path of BDI; second, we do not estimate the parameters of the transition functions, but rather embed them in the random search procedure inherent in BCR. This allows all coefficients to evolve in a time‐var...

This thesis is available for Library use on the understanding that it is copyright material and that no quotation from the thesis may be published without proper acknowledgement. I certify that all material in this thesis which is not my own work has been identified and that any material that has previously been submitted and approved for the award of a degree by this or any other University has been acknowledged.

This work aimed to carry out risk analysis in order to understand the variation in the price of steel through qualitative tools, including the GUT tools, the Ishikawa diagram, the 5 whys tool, the 5W2H and SWOT analysis and as a quantitative tool the Monte Carlo method was used.

Istanbul, located at the crossroads of Europe and Asia, has long been a strategic maritime hub. Its natural harbor, the Golden Horn, has served as a crucial gateway for global trade for centuries. Today, as the maritime industry evolves with technological advancements and growing global commerce, companies like Focal Shipping Services play a pivotal role in optimizing shipping services in Istanbul, transforming it into a powerhouse of maritime logistics.

For a shipping company the vessel is the most valuable and important asset. In most cases the value of the vessel is the bigger part of total assets. Under International Financial Standards and also US GAAP (IAS 36 and SFAS 144 respectively) entities are required to conduct impairment tests where there is an indication of impairment of an asset. It is of high importance that the assumptions and the methodology of these tests be right, in order the results of the test be valid. Always there is the risk that the accountant manipulate the test in order to avoid any impairment loses. Authors' purpose is to examine the way that the results from these tests are related with market values. Also under what test assumptions the results from the tests close enough to market values of vessels.

The Energy Efficiency Design Index (EEDI) regulation introduced by the Marine Environment Protection Committee (MEPC) within International Maritime Organization (IMO) has the aim to improve new vessel designs in order to reduce the shipping sector CO2 emissions. But the regulation, in its current form, does not effectively assess the ships energy performance. As the Attained EEDI calculation considers only a single operating point (75% main engine power, fully laden condition, calm seas, constant auxiliary engines power) and does not take into account the ship thermal power system, improvements of the ship energy efficiency cannot be assessed realistically. In this paper, a new approach is proposed to more realistically determine the energy efficiency for tankers. The proposed approach represents better the ship entire operating envelope whilst considering the major ship energy consumers. Thus, a better insight in the ship power system performance is provided allowing for the identi...

The Energy Efficiency Design Index (EEDI) regulation introduced by the Marine Environment Protection Committee (MEPC) within International Maritime Organization (IMO) has the aim to improve new vessel designs in order to reduce the shipping sector CO2 emissions. But the regulation, in its current form, does not effectively assess the ships energy performance. As the Attained EEDI calculation considers only a single operating point (75% main engine power, fully laden condition, calm seas, constant auxiliary engines power) and does not take into account the ship thermal power system, improvements of the ship energy efficiency cannot be assessed realistically. In this paper, a new approach is proposed to more realistically determine the energy efficiency for tankers. The proposed approach represents better the ship entire operating envelope whilst considering the major ship energy consumers. Thus, a better insight in the ship power system performance is provided allowing for the identification of operating points with low operational efficiency. If implemented for regulatory purposes, this approach could yield a higher impact on the tanker's power plant design leading to the increase of the ship energy efficiency, the reduction of the GHG emissions and the ship environmental footprint improvement.

Uma aplicação ao mercado acionário brasileiro Dissertação apresentada à Escola de Economia de São Paulo da Fundação Getúlio Vargas, como requisito para obtenção do título de Mestre em Finanças e Economia Empresarial, com especialização em Finanças.

Competition in the airline industry has been fierce since the industry was deregulated in 1978. The proponents of deregulation believed that more competition would improve efficiency and reduce prices and bring overall benefits to the consumer. In this paper, a case is made based on core theory that, under certain demand and cost conditions, more competition can actually lead to harmful consequences for industries like the airline industry or cause an empty core problem. Practices like monopolies, cartels and price discrimination, which are considered inefficient allocation of resources in many other industries, can actually be beneficial in the case of the airline industry in bringing about an efficient equilibrium.

The aim of this paper is to develop a generic version of the conventional fuzzy-analytic hierarchy process (FAHP) method and investigate the shipping asset management (SAM) problem in the dry bulk shipping market. The recent literature has various applications of the FAHP, but these studies lack consistency control, use identical decision support rather than weighted expert choices, and lack measurable criteria. The proposed model, generic fuzzy-AHP (here after GF-AHP), provides a standard control of consistency on the decision matrix for the expert group. GF-AHP also improves the capabilities of the FAHP by executing direct numerical inputs without expert consultation. In practical business, some of the criteria can be easily calculated and expert consultation is a redundant process. Therefore, GF-AHP presents how to transform such numerical inputs to a priority scale. Finally, expertise differences on the decision group are reflected in the GF-AHP process by an expert weighting algorithm.

Öz Geminin ihtiyati haczi bakımından Türk Ticaret Kanunu'nun 1369 uncu maddesi "bağlantılı gemi"nin (associated ship) ihtiyati haczine olanak tanımamıştır. Türk Ticaret Kanunu'nun anılan maddesi, 1999 tarihli "Gemilerin İhtiyati Haczine İlişkin Milletlerarası Sözleşme"den tercüme yoluyla alındığı için çalışmamızın odaklandığı yer, özellikle bu Milletlerarası Sözleşmenin 3 üncü maddesinin ikinci fıkrası olmuştur. Anılan 3 üncü maddenin ikinci fıkrası, birinci fıkranın giriş cümlesi ile birlikte okunduğunda görülecektir ki hüküm, üzerinde deniz alacağı doğmuş gemiden başka bir geminin ihtiyati haczini düzenlemek üzere cümleye başlamış fakat kapsamına sadece "kardeş geminin" (sister ship) ihtiyati haczini dâhil etmiş; bağlantılı gemiyi metin içerisinde anmamıştır. Çalışmanın öncelikli amacı, Milletlerarası Sözleşme hazırlayıcılarının bu metnin altına sakladıkları özü ortaya çıkarmak ve maddede bağlantılı gemi ile ilgili "bilinçli bir boşluk" mu yoksa "vasıflı suskunluk" mu olduğunu saptamaktır. Tarihsel yorum neticesinde elde edilecek sonuç; Milletlerarası Sözleşme hazırlayıcılarının, bağlantılı gemilerin ihtiyati haczini yasaklama iradesinde olmadığı ama bu hususun somut olarak düzenlenmesine de gerek duymadıkları bir konu olduğu yönünde çıkarsa, çalışmanın nihai hedefi perdenin kaldırılması teorisinin yavru tek gemi şirketlerine uygulanması ile borçlu olarak gözükmeyen yavru tek gemi şirketinin ve hatta hâkim kişi veya hâkim şirketin gemisinin de "bağlantılı gemi" olarak ihtiyaten haczedilmesini sağlayabilmektir. 1999 Konvansiyonu'nun 3(2) maddesinden doğrudan çeviri yoluyla Türk Ticaret Kanunu'nun madde 1369(2) hükmünü oluşturan düzenleme, "kardeş" geminin ihtiyati haczi olarak anılmakta ise de metinde yer alan "sahip olmak veya ait olmak" kavramının derinliğine sadece hükmün lafzı dikkate alınarak karar vermek olası değildir. Türk Medeni Kanunu'nun 1(1) inci hükmü uyarınca, hakim hukuku sözüyle ve özüyle uygular. Metin duvarını aşıp, Konvansiyon hazırlayıcılarının hangi kelimelerle yetindiklerini, ötesini düzenlemek isteseler de kavramların veya sözcüklerin yetersiz kaldığını tarihsel yorum açığa çıkarmaktadır. Bu açıdan, hazırlık çalışmaları ışığında hüküm değerlendirildiğinde, "kardeş" gemi hükmünün altında lex fori'nin izin verdiği ölçüde de "bağlantılı" geminin ihtiyati haczinin de mümkün olduğu görülecektir.

Despite its infancy, some authors are already suggesting that the writing may be on the wall for supply chain collaboration. It has been reported that supply chain collaboration has proved difficult to implement; there has been an over-reliance on technology in trying to implement it; a failure to understand when and with whom to collaborate; and fundamentally a lack of trust between trading partners. This paper proposes that a supply chain segmentation approach, based on customer buying behaviour and service needs, is the most appropriate context for collaboration. The paper also proposes the need for a greater understanding of the elements that make up supply chain collaboration, and in particular how the relevant cultural, strategic and implementation elements interrelate with each other.

This paper aims to assess the direct economic impact on the maritime sector from its inclusion in the European Union-Emission Trading System (EU-ETS). The Monitoring, Reporting and Verification (MRV) data are analysed for the estimation of carbon dioxide (CO2) emissions within the European Economic Area (EEA). The economic impact assessment model used is scenario-based, and includes different price incentives, geographical coverage and emission allowances allocation methods. According to our findings, in case the emission allowances are fully auctioned or partially free allocated on the basis of a uniform benchmark, the increased costs would be disproportional among the maritime segments. Such a scheme would penalise Roll-on/Roll-off (RoRo) and Roll-On/Roll-Off/Passenger (RoPax) segments due their high fuel consumption per transport work in relation to oil tankers and bulkers. The establishment of differentiated benchmarks per segment seems to be a prerequisite for the effective inc...

CO 2 emissions from maritime transport represent 3.3% of the world's total CO 2 emissions and are forecast to increase by 150%-250% by 2050, due to increased freight volumes (Second IMO GHG study, 2009). Fulfilling anticipated climate requirements (IPCC, 2007) could require the sector to reduce emissions per freight unit by a factor of five or six. The International Maritime Organization (IMO) is currently debating technical, operational and market-based measures for reducing greenhouse gas emissions from shipping. This paper also investigates the effects of economies of scale on the direct emissions and costs of maritime transport. We compared emissions from the current fleet (2007), with what can be achieved by increasing average vessel size. The comparison is based on the 2007 levels of trade and predictions for 2050. The results show that emissions can be reduced by up to 30% at a negative abatement cost per ton of CO 2 by replacing the existing fleet with larger vessels. Replacing the whole fleet might take as long as 25 years, so the reduction in emissions will be achieved gradually as the current fleet is renewed.

Special Purpose Acquisition Companies ('SPACs') are shell companies that are set up with the purpose of raising financing from capital markets in order to acquire and/or merge with a business. Although the idea behind SPACs is similar to private equity funds, their financing and investment methods, investor safeguards and incentive structures differ considerably. This article explains the distinctive features of SPACs and discusses the SPAC incentive structure especially with regard to management compensation schemes and value dilution problems affecting investors.

The objective of the current paper is to explore the co-movements between domestic equity sectors in the Egyptian Exchange (EGX), using the dynamic conditional correlation (DCC) model, and to examine the time-varying causal links between the exchange rate volatility (EXVOL) and sector volatility (SVOL) using the bootstrap Granger non-causality tests in a bivariate VAR, where conditional volatility series are extracted from GARCH(1,1) model. We employ weekly data. Results show that all estimated DCCs are positive with a clear heterogeneity between the sector pairs. They do not exhibit stable correlation pattern for a prolong time, implying that DCC estimates change in response to price increment shocks to each sector in the pair. Hence, the assumption of static inter-sectoral correlations between domestic sector indexes is invalid when forming and periodically re-balancing portfolios. The global financial crash and the political instability in early 2011 have significantly increased ...

The volatility spillover effect plays an increasingly important role in the transmission of shocks mainly in recent periods, with the further advance of globalization and the rapid development in international linkages. This analysis of the interconnections between economic and financial markets has particular importance for investors in risk hedging strategies and portfolio diversification. Moreover, current turbulent periods, characterized by a volatile oil price, instability of gold price and supply bottlenecks caused by the outbreak of the COVID-19 pandemic impose the necessity to study this effect. The novelty brought by this paper is related to the analysis of the spillover effect coming from oil, commodity and bulk shipping markets to financial markets of Eastern-Europe emerging markets, namely Czech Republic, Hungary, Poland and Romania. To assess this effect, in this study it was implemented a widely used model in research papers model, more exactly the bivariate GARCH-BEKK...

This paper illustrates the current state of creation of personnel in the maritime industry in Montenegro and worldwide. We are comparing many different systems of seafarer education around the world and indicating their benefits and shortcomings. We took into consideration BIMCO's research pertaining to the supply of and demand for seafarers on the international labor market. We also took into consideration the development of seafarers' careers in keeping with international conventions governing the systems of education and training of seafarers. This paper focuses on the current condition in seafarer education worldwide. We conducted a survey among 30 Montenegrin and 24 Croatian seafarers to establish their opinion on the educational system, seafarer employment agencies and careers.

The Baltic Dry Index (BDI) is one of the most well-known indices, as it is perceived as a leading indicator of economic activity. Reductions in the movement of people, commodities, and capital in the conditions of economic crises, such as the one in 2008 and 2009, as well as the current economic crisis generated by the COVID-19 pandemic, were affected by the reduction of economic activities. It is interesting to point out that the analysis of the basic trend of the BDI movements in the period before the economic crisis shows that the index fell to near record lows just before the derivatives and credit crisis hit stocks full force. This is a clear signal that the index can be used as a tool for stock market forecasting. The paper aims to examine whether the changes in these raw materials affect the changes in the value of BDI. For these purposes in the paper was use GMM and 2SLS estimator. The results show that different raw materials have a different impact on the value of the BDI,...

Traditionally, Bangladesh has been a shipbuilding country. Bangladesh had exported ships even in the seventeenth and eighteenth century. The modern shipbuilding industry started since the period in Bangladesh in mid 1950s, and has made some progress since then and also attracted foreign buyers. It took a number of years before the country could register its name as an ocean-going shipbuilder. The Bangladesh Shipbuilding Industry got a spurt in 2008 when a 2,900 DWT ocean-going ship was exported from Bangladesh. Bangladesh created a new history for the export sectors of the nation. Almost exclusively, the Ready Made Garment (RMG) has been the largest export sector in Bangladesh. There is both a necessity and opportunity for expansion to other sectors and to widen the export base. Shipbuilding is an opportunity, which can grow into a billion-dollar industry in a single decade. Analyzing the micro economic factors, present study describes the segment of the market where Bangladesh enjoys the highest advantage and to draw out a strategy for exploitation of the potential. The present study also identifies that attracting Foreign Direct Investment (FDI) is a necessity for exposure to market, infusing management as well as technology and much needed finance.

We argue that it is possible to explain much of the history of the world's shipping markets since 1950 as the interaction of two balancing feedback loops: a capacity adjustment loop which creates a roughly 20-year wave, and a capacity utilization adjustment loop which generates a roughly 4year cycle. We show how this insight has been used rather successfully since the early 1980s for practical forecasting of turning points in freight rates and the "sentiment" in the shipping market 1-4 years ahead of time. The basic mechanisms in the shipping system create a strong "deterministic backbone" which is visible through the exogenous noise, and hence predictable with useful precision. Our experience leads to a number of questions concerning system dynamics best practice for future research.

As a starting point, when a ship is mortgaged, it is easy to ascertain what the mortgaged object is: the ship. Doubts arise, however, in respect to appurtenances, 1 particularly if they do not belong to the mortgagor shipowner, or if someone has a security interest in them, or if they are not permanently attached to the vessel. In this paper, the relationship between the various physical appurtenances belonging to the charterer (or another third party) and the ship mortgagee and holders of liens will be discussed. The basis will be Norwegian law, which has proven problematic in this respect. The Norwegian flag is still relatively important, and two of the three largest banks for ship financing are Norwegian. The rule in Norwegian law is based on a rather idealistic notion that a ship with appurtenances should be considered as one single object for the purpose of a mortgage, so that a sale enforcing the mortgage can offer a complete and running ship to the market, for the benefit of those interested in a high price: Mortgages and other encumbrances upon any ship which has been or can be entered in the Ship Register, cf. Section 11, shall also attach to each separate part of the ship, and to anything belonging to the ship which is on board or has been temporarily removed. No separate right can be established to such parts or appurtenances. The rule was introduced in 1979, 2 but had some roots in the Ship Registry Act, 1901, as amended in 1929. 3 It is now found in the Norwegian Maritime Code (NMC) recast of 1994. 4 The rule cannot be departed from by agreement. 5 It is not a matter of priority of claims, and the good faith rule of the NMC § 24 is therefore irrelevant. The uncontroversial aspect of the rule is that a mortgage should not exclude any parts of the vessel, or limit itself to parts such as boilers or engines. There may have been a tradition for 1 On the terminology, see Christian Von Bar and Eric M. Clive, Principles, definitions and model rules of European private law: Draft Common Frame of Reference (DCFR)

In today's seafarer market, one of the key problems is the lack of seafarers, especially experienced officers. Although the global supply of officers is increasing steadily, the demand is still higher than the supply. An additional problem is that an increased demand may lead to a decreased quality of education. Ships and shipping technology in general have become more advanced and require well educated and trained personnel. In addition, over the next several decades it is expected that partially or fully autonomous vessels will be in commercial use, and this will require significant changes in the education and training of crew members. So, regarding the education of seafarers, the main future challenges include the ways of ensuring sufficient supply of seafarers, especially well-trained officers, and adapting the education systems for the upcoming introduction of autonomous ships. This paper analyzes the present situation of the seafarers and shipping market, and provides forecast for the near future. Also, the main challenges in the education and training of seafarers will refer to observing the recommendations for improvement and adaptation to future demands.

In the today’s seafarer market one of the key problems is the lack of seafarers, especially experienced officers. Although the global supply of officers is increasing steadily, the demand is still above supply. An additional problem is that an increased demand may lead to a decreased quality of education. Ships and shipping technology in general have become more advanced and require well educated and trained personnel. In addition, over the next several decades it is expected that partial or fully autonomous vessels will be in commercial use, and this will require significant changes in the education and training of crew members. So, regarding the education of seafarers, the main future challenges include the ways of ensuring sufficient supply of seafarers, especially well-trained officers, and adapting the education systems for the upcoming introduction of autonomous ships. This paper analyzes the present situation of the seafarers and shipping market, and provides forecast for the...

The primary challenge in the SouthEastern European ports and former industrial areas is to improve their competitiveness to the level of environment protection. Most shipping emissions in ports are estimated to grow fourfold up to 2050. In order to reduce these projected emissions, strong policies responses will be needed. The main output of this paper will be legislative recommendations, at a transnational and national level, on how to improve the freight transportation system around industrial hubs within the urban context.

For a shipping company the vessel is the most valuable and important asset. In most cases the value of the vessel is the bigger part of total assets. Under International Financial Standards and also US GAAP (IAS 36 and SFAS 144 respectively) entities are required to conduct impairment tests where there is an indication of impairment of an asset. It is of high importance that the assumptions and the methodology of these tests be right, in order the results of the test be valid. Always there is the risk that the accountant manipulate the test in order to avoid any impairment loses. Authors' purpose is to examine the way that the results from these tests are related with market values. Also under what test assumptions the results from the tests close enough to market values of vessels.

In this article, we study the substitution between leasing and bank loans in financing the investment of small companies. The analysis is based on financial information about Polish companies listed on NewConnect, which used financial leasing in the period of 2012–2016. We argue that leasing and bank loans are the substitute in financing the investment of small companies. We estimate the probability of financial leasing and its size using the tobit and logit models. We find that financial leasing and bank loan, for Polish small companies, are complementarity. Our empirical results indicate that financial leasing and bank loans are complementary sources of financing investment in fixed assets. Also the higher the usage of financial leasing, the higher the likelihood that the enterprise is indebted because of long-term bank loan – complementarity.