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Contents Sheet<br />
1. Introduction .............................................................................................................................. 10<br />
1.1 Methodology ........................................................................................................................10<br />
2. <strong>The</strong> product provided by the shipping industry .................................................................... 11<br />
2.1 <strong>The</strong> transport service ............................................................................................................11<br />
2.2 <strong>The</strong> commodities traded by sea ............................................................................................11<br />
3. Organization of the demand for sea transport ...................................................................... 12<br />
3.1 <strong>The</strong> liner and tramp system ..................................................................................................12<br />
3.2 Development of specialized shipping services 1950-2000 ..................................................13<br />
3.3 <strong>The</strong> influence of cargo parcel size on ship demand .............................................................13<br />
3.4 Parcel size characteristics of commodities shipped by sea ..................................................14<br />
3.4.1 Bulk shipping ................................................................................................... 16<br />
3.4.2 Specialised <strong>Shipping</strong> ........................................................................................ 16<br />
3.4.3 Liner <strong>Shipping</strong> .................................................................................................. 18<br />
4. Differentiation of sea transport demand ................................................................................ 18<br />
4.1 Price and service aspects of sea transport demand ...............................................................18<br />
4.2 <strong>The</strong> cost of freight ................................................................................................................19<br />
4.3 Long term trends in the cost of bulk transport .....................................................................20<br />
5 <strong>The</strong> Supply of Sea Transport .................................................................................................. 20<br />
5.1 <strong>The</strong> world merchant fleet .....................................................................................................20<br />
5.2 National registration of the world merchant fleet ................................................................20<br />
5.3 Competition between types of ship in the cargo fleet .........................................................21<br />
5.4 <strong>The</strong> cargo handling economics & competition ....................................................................21<br />
6. Sea Transport risk & investment strategy ............................................................................ 22<br />
6.1 <strong>The</strong> risk management system ...............................................................................................22<br />
7. <strong>The</strong> companies involved in the shipping business ................................................................. 23<br />
7.1 <strong>Shipping</strong> Companies and support services ...........................................................................23<br />
8. Definition of the <strong>Shipping</strong> <strong><strong>Mar</strong>ket</strong>s......................................................................................... 27<br />
8.1 <strong>The</strong> four markets where cargo and ships are traded .............................................................27<br />
8.2 <strong>The</strong> role of market cycles in the competitive process ..........................................................27<br />
9. “Voyage Charter” Contract .................................................................................................... 27<br />
9.1 Negotiating & concluding a freight contract ........................................................................28<br />
9.2 <strong>The</strong> voyage charter ...............................................................................................................28<br />
9.3 <strong>The</strong> Consecutive Voyage Charter (CVC) .............................................................................28<br />
9.4 <strong>The</strong> Contract of Affreightment (COA).................................................................................29<br />
9.5 Main contract terms (voyage charter party) .........................................................................29<br />
10. “Timecharter” Contracts ....................................................................................................... 30<br />
10.1 Procedures for time chartering a ship .................................................................................30<br />
10.2 <strong>The</strong> timecharter trip ............................................................................................................30<br />
10.3 <strong>The</strong> period timecharter .......................................................................................................31<br />
10.4 Main contract terms (timecharter) .....................................................................................31<br />
11. <strong>The</strong> Bareboat Charter Contracts .......................................................................................... 31<br />
12. <strong><strong>Mar</strong>ket</strong> Reporting & Information Flow ............................................................................... 31<br />
13. <strong>The</strong> Sale and Purchase <strong><strong>Mar</strong>ket</strong> ............................................................................................. 31<br />
13.1 Procedure for buying and selling a ship .............................................................................31<br />
13.2 How ship prices are determined .........................................................................................32
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