BSc in Maritime Studies / Бакалавр в Области Морских Наук

Course Details

Course Information Package

Course Unit TitleECONOMICS OF SEA TRANSPORT & INTERN. TRADE I
Course Unit CodeATET201
Course Unit Details
Number of ECTS credits allocated5
Learning Outcomes of the course unitBy the end of the course, the students should be able to:
  1. Outline the basics of international trade and generate an overall understanding of the economic and commercial environment in which shipping operates.
  2. Appraise the role and main functions of shipping markets; analyse how these markets work together; and examine how they go about the business of managing the demand and supply of ships.
  3. Evaluate and apply the basic variables of supply and demand for ships and shipping service, as well as the application of these variables in the process of freight rate determination.
  4. Analyse the issue of cost and its relationship with the profitability of international trade transactions and cargo movements.
  5. Apply and compare the economics of different shipping strategies
Mode of DeliveryFace-to-face
PrerequisitesABSE101,ABSE102Co-requisitesNONE
Recommended optional program componentsNONE
Course ContentsIntroduction to Maritime Economics

International trade
Why nations trade?
Comparative advantage
Economies of scale
What kinds of markets exist?
Perfect competition (not really exist)
Imperfect competition

The economic and commercial environment of the shipping market
The economic role of shipping
The international transport system
The role of ports in the transport system

The demand for sea transport
Derived demand
Key influences on demand for sea transport
Elasticity of demand

The supply of sea transport
Key influences on supply for sea transport
Measuring supply responsiveness: the concept of elasticity of supply
Technical and economic life of a ship

The freight rate mechanism

Cost analysis, revenue and financial performance
The cost of running the ship
The capital cost and financial performance
The revenue calculation
Computing the cash flow
Recommended and/or required reading:
Textbooks
  • Martin,Stopford, Maritime Economics, 3rd Edition, 2009
References
  • Grammenos Costas, The Maritime Economics and Business Handbook, 2002
  • Kyle Bagwell & Robert W. Staiger, The Economics of the World Trading System, MIT Press, 2003
  • Samuelson & Nordhaus, Economics, McGraw Hill, 19th edition, 2008, or more recent one
  • McConville J., Economics of Maritime Transport, 1998
  • Ian. H Giddy, International Credit Markets, D.C. Health and Company, 1994
  • Wilfred J. Ethier, Modern International Economics, 3rd Edition, 1995
  • Ignacy, Chrzanowski. An Introduction to Shipping Economics,
  • Goss R. Advances in Maritime Economics, Cambridge University Press, 1997
  • Button, Kenneth J. Transport Economics, 2nd Edition Edward Elgar, 1993
  • Schiller, Bradley R. The Macroeconomy Today, 4th Edition
  • A. Bouchar, Transportation Economics & Public Policy, New York, 1997
Planned learning activities and teaching methodsLectures, discussions, presentations, assignments
Assessment methods and criteria
Mid-term exam40%
Final Exam60%
Language of instructionEnglish
Work placement(s)NO

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