Wayne K. Talley is the Frederick W. Beazley Professor of Economics, Eminent Scholar and Executive Director of the Maritime Institute at Old Dominion University, Norfolk, Virginia, U.S.A. He is an Honorary Chair Professor, Honorary Guest Professor and Honorary Visiting Professor at the National Chiao Tung University (Taiwan), Shanghai Maritime University (China) and City University (London, U.K.), respectively. Also, he is the Editorin-Chief of Transportation Research Part E: Logistics and Transportation Review and the Deputy Editor-in-Chief of The Asian Journal of Shipping and Logistic

List of Figures x
List of Tables xv
Notes on Contributors xix
Preface xxviii
Part I Introduction 1
1 General Introduction 3
Wayne K. Talley
2 The Evolution of Maritime Economics 16
Trevor D. Heaver
3 The Business of Shipping: An Historical Perspective 34
Ingo Heidbrink
4 International Seaborne Trade 52
Michael Tamvakis
Part II Maritime Carriers and Markets 87
5 Maritime Carriers in Theory 89
Wayne K. Talley
6 Maritime Freight Markets 107
Siri Pettersen Strandenes
7 Intermodalism and New Trade Flows 121
Lixian Fan, Mohan M. Koehler and Wesley W. Wilson
8 Cruise Lines and Passengers 138
Simon Véronneau and Jacques Roy
9 Ferry Passenger Markets 161
Tor Wergeland
Part III Shipping Economics 185
10 Dry Bulk Shipping 187
George A. Gratsos, Helen A. Thanopoulou and Albert W. Veenstra
11 Liquid Bulk Shipping 205
Dimitrios V. Lyridis and Panayotis Zacharioudakis
12 Container Shipping 230
Theo Notteboom
13 New Business Models and Strategies in Shipping 263
Peter Lorange and Øystein D. Fjeldstad
14 Shipping Regulatory Institutions and Regulations 281
Paul G. Wright
15 Shipping Taxation 304
Peter Marlow and Kyriaki Mitroussi
16 Seafarers and Seafaring 321
Heather Leggate McLaughlin
17 Safety in Shipping 333
Di Jin, Hauke Kite-Powell and Wayne K. Talley
18 Piracy in Shipping 346
Maximo Q. Mejia, Jr., Pierre Cariou and François-Charles Wolff
Part IV Ship Economics 371
19 The Economics of Ships 373
Harilaos N. Psaraftis, Dimitrios V. Lyridis and Christos A. Kontovas
20 Ship Finance: US Public Equity Markets 392
Costas Th. Grammenos and Nikos C. Papapostolou
21 Ship Finance: US High Yield Bond Market 417
Costas Th. Grammenos and Nikos C. Papapostolou
22 Ship Finance: Hedging Ship Price Risk using Freight Derivatives 433
Amir H. Alizadeh and Nikos K. Nomikos
23 Marine Insurance 452
Stanley Mutenga and Christopher Parsons
Part V Port Economics 471
24 Ports in Theory 473
Wayne K. Talley
25 Port Governance 491
Mary R. Brooks and Athanasios A. Pallis
26 Port Labor 517
Peter Turnbull
27 Port Competition and Competitiveness 549
Theo Notteboom and Wei Yim Yap
28 Container Terminal Effi ciency and Private Sector Participation 571
Baris Demirel, Kevin Cullinane and Hercules Haralambides
29 Determinants of Users' Port Choice 599
Photis Panayides and Dong-Wook Song
30 Port Investment and Finance 623
Sander Dekker and Robert J. Verhaeghe
31 Ports as Clusters of Economic Activity 638
Peter W. de Langen and Elvira Haezendonck
32 Port State Control Inspection Deficiencies 656
Pierre Cariou, François-Charles Wolff and Maximo Q. Mejia, Jr
33 Port Security: The ISPS Code 674
Adolf K. Y. Ng and George K. Vaggelas
34 Port Security and the Quality of Port Interchange Service 701
Wayne K. Talley and Venus Y. H. Lun
Index 717

Maritime Economics
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