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In this chapter, we examine the status and future prospects of the shipping industry, from macroeconomic and microeconomic perspectives, to explore the challenges facing shipping stakeholders. First, shipping economic theory is discussed and a comparison between shipping classic theory and shipping rational theory is presented to identify practical applications. Second, for better understanding of shipping economics fundamentals, the drivers for the demand and supply for seaborne trade are defined. Third, the efficiency of shipping markets is discussed and linked to strategic decision-making in the shipping industry. Finally, contemporary topics in sipping economics such as the challenges of low carbon shipping in a changing climate change, the importance of sustainability in shipping, technology and innovation in shipping and the concept of smart shipping are discussed and analysed.
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- Shipping Economics: Status and Future Prospects
- Chapter 14
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