Investment strategies in market uncertainty

The nature of the global economy is one of dynamic change. Shipping is a service industry with its demand related to changes in international trade levels and patterns. As a consequence shipping is subject to sometimes unpredictable swings in demand so that the operator is required to make strategic planning decisions while navigating through boom or bust environments. While boom economies generate rising freight rates which are welcomed and encourage investment, ship operators may also have to face falling freight demand and declining freight rates that may have significant impact on profitability, often falling to uneconomic levels for extended periods. In such a period of uncertainty and declining profitability management will make operational decisions to reduce costs. However, shipping lines operate in a market environment so any decisions made to rationalize the trade may have significant long-term competitive implications. For example, traditional micro economic theory might suggest that the prudent strategy to adopt would be to close down the operation and reopen when the market conditions improve. In a world of certainty or when costs of taking this action are zero, this would be a valid strategy. However, because of fear of competitors taking up a line's market share if the shipping company exits, even temporarily, this strategy cannot be valued simply in terms of shut-down and start-up costs. A further consideration is the fact that standard capital budgeting techniques, such as Net Present Value (NPV), cannot incorporate the flexibility to respond to new information and strategic responses explicitly into their investment analysis. This paper will demonstrate the use of Real Option Analysis (ROA) to provide guidelines for decisions about closing operations in adverse market conditions.     

中国试图通过税务优惠提高洋山港货运量

中国计划向利用国内港口转运货物的出口企业提供税务激励,以从国外竞争对手那里吸引更多货运量.例如,从青岛、武汉起程的出口船只如果利用上海洋山港转运,将可获得退税.这一计划由国务院实施,将针对干散货船和集装箱船展开,以帮助国内港口与邻近的航运中心竞争.     

中国船东新贵蓄势待发

船队扩张已被中国的一些新兴船东提上议事日程。据当地的经纪人观察，越来越多的迹象表明，私人船东已在这方面有所动作。尽管不少老牌船东仍在为融资问题而一筹莫展，一批新运营商却已跃跃欲试，将目光投向更多船只，其中就包括珠海新世纪航运、广东粤电航运及舟山中昌海运。据了解，这三家公司前期一直在考察各种散货船，为船队扩张作准备。作为新一代船东的代表，他们有的是野心，而且之前手中已有不少新船在建，融资大多由实力雄厚的母公司或租赁实体提供。     

Finding a balance: companies, seafarers and family life

Separation from partner and family has been found to be one of the most significant causes of stress for seafarers, with separation from the family one of the most important 'stress' factors influencing a decision to reduce planned sea service. Drawing on in-depth interviews with seafarers' partners in the UK, China and India, this paper focuses on the impact of seafaring on family life, with particular attention given to the effects of differing conditions of service and the range of company support available to seafarers and their partners. The paper concludes that the negative consequences of seafaring can be minimized by such policies as shorter trips, continuous employment (rather than employment by voyage) and opportunities for partners and families to sail. Whilst these measures may have financial costs, these can be off-set by improved retention of seafarers and the avoidance of stress-related illnesses. Indeed, at a time when there is a projected shortfall of well-trained seafarers, such steps may be sound company policy     

The growth of fleets registered in the newly-emerging maritime countries and maritime crises

This paper suggests the existence of a feedback relationship between the dynamic entrance of less-developed countries in shipping and the prolongation and deepening of maritime crises. The duration and extent of the transitional period of crisis depends also on the specific terms of the 'succession' procedure between fleets with different cost levels. During the last major maritime crisis, nations at a less advanced stage of development entered the maritime industry producing a service that had become—more or less—'standardized', following the Vernon product cycle more than all other cycles. The distribution of world tonnage among the different groups of countries underwent major changes as the effects of the economic crisis after 1973, which coincided with developments in the supply of tonnage, created favourable conditions for the rise of the lower cost fleets of developing countries, in a feedback relationship. The restoration of freight levels during the late 80s and early 90s, which was accompanied by a certain stabilization in the various groups of countries' shares in the world fleet, corroborates from the opposite direction the hypothesis of a close interrelationship between maritime crisis and changes in the international hierarchy in shipping.     

The Role of Spatial Data Management Strategies in ICZM in Ireland

This article explores how a fresh approach to integrated coastal zone management (ICZM) in Ireland might be forged through the identification of a number of key innovative cross-sectoral professional initiatives and interdisciplinary academic thinking in this sector. It includes three interlinked research themes that assess existing cross-sectoral data management issues (to include an assessment of readiness for the INSPIRE and compliance with the Re-use of Public Sector Information European Union Directives), the degree of cross-pollination between the various sectors involved in managing the Irish Coastal Zone (to identify the need (or otherwise) for capacity- building to encourage cross-fertilization of ideas, skills, and knowledge exchange), and cross-professional competencies (to assess the desire/need (if any) for those working in coastal zone management to add to their existing competencies through continuous professional development or lifelong learning opportunities). Indeed, the specific competencies for coastal practitioners are identified here and these further illustrate the need for professional recognition of the role, responsibilities, and therefore the requirement for an appropriately qualified “Coastal Manager” professional, one that is seen not merely as a nicety but rather a necessity—a core enabler in any future innovative and integrative management approach.     

中海发展从容应对经济低迷

面对经济危机，CSDC决定按照自己的轨道发展，而不是被经济触礁和低迷的言论左右视线。虽然中海发展股份有限公司（CSDC）在亚洲市场扮演着重要角色，但这并不是公司董事总经理茅土家在经济危机之际仍然能沉着、勇敢面对的原因。     

Use of public information for road-capacity reductions: a study of mediating strategies during tunnel rehabilitations in Oslo

Transportation - In this paper, two public information campaigns were analysed. These were related to capacity reductions, caused by maintenance work, in two main road tunnels—at Smestad and...