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Posted: May 16th, 2023
Applications of Maritime Economics in Business Planning and Investment Decisions
Maritime economics is the study of the economic aspects of the maritime industry, such as shipping, ports, shipbuilding, and offshore activities. It is a multidisciplinary field that draws on concepts and methods from economics, management, engineering, law, and environmental sciences. Maritime economics can be applied to various problems and decisions in the maritime sector, such as business planning and investment decisions.
Business planning is the process of defining the objectives, strategies, and actions for a maritime business, such as a shipping company, a port operator, or a shipyard. It involves analyzing the market conditions, the competitive environment, the financial performance, and the risks and opportunities for the business. Business planning helps to align the business goals with the available resources and capabilities, and to communicate the business vision and mission to the stakeholders.
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Investment decisions are the choices made by maritime businesses or investors regarding the allocation of capital to different projects or assets in the maritime sector. They involve evaluating the expected costs and benefits of each alternative, taking into account the uncertainty and risk involved. Investment decisions aim to maximize the return on investment (ROI) or the net present value (NPV) of the projects or assets, while considering the strategic fit and the social and environmental impacts.
Some examples of applications of maritime economics in business planning and investment decisions are:
- A shipping company may use maritime economics to plan its fleet size, composition, and deployment, based on the demand and supply forecasts for different shipping markets and routes. It may also use maritime economics to decide whether to buy or lease ships, whether to operate them independently or in alliances or pools, and whether to invest in new technologies or retrofitting to improve efficiency and reduce emissions.
- A port operator may use maritime economics to plan its port development and expansion, based on the expected traffic volume and composition, the competitive position of the port, and the regulatory and environmental requirements. It may also use maritime economics to decide whether to invest in new facilities or equipment, such as cranes, terminals, or berths, whether to adopt new operational practices or technologies, such as automation or digitalization, and whether to offer different services or incentives to attract customers.
- A shipbuilder may use maritime economics to plan its production capacity and product portfolio, based on the demand and supply trends for different types of ships and ship components. It may also use maritime economics to decide whether to invest in new facilities or equipment, such as dry docks, slipways, or welding machines, whether to adopt new design or construction methods or technologies, such as modularization or 3D printing, and whether to diversify into other sectors or markets.
Maritime economics is a useful tool for business planning and investment decisions in the maritime sector. It helps to understand the economic drivers and dynamics of the maritime industry, to evaluate the costs and benefits of different alternatives, and to optimize the performance and sustainability of maritime businesses.
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References:
- Stopford M. Maritime Economics. 3rd ed. London: Routledge; 2009.
- Cullinane KPB. Maritime Economics: Need help with my thesis A Macroeconomic Approach. London: Palgrave Macmillan; 2018.
- Haralambides HE. Maritime Economics: Theory & Practice. Singapore: World Scientific; 2020.
- Talley WK. Maritime Economics: An Introduction. New York: Routledge; 2021.
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