Shipping and Navigation

Authored by: Jeanette Reis , Kyriaki Mitroussi

Routledge Handbook of Ocean Resources and Management

Print publication date:  October  2015
Online publication date:  October  2015

Print ISBN: 9780415531757
eBook ISBN: 9780203115398
Adobe ISBN: 9781136294822

10.4324/9780203115398.ch22

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Abstract

Shipping was the world’s first truly global industry. The transportation of people and cargoes from one place to another by sea pioneered global trade and has since been regarded as a useful barometer of global economic development (Ng and Wilmsmeier 2012). To some ship owners, the industry is very personal – providing the basis for a rich culture, steeped in tradition. Yet as a business, it is specialised, capital intensive and subject to considerable variations in profits. Approximately 90 per cent of all transport takes place by sea, primarily as it is considered to be the most cost-effective mode of long-distance transport (IMO 2009a). Consequently, current seaborne trade amounts to approximately 8.7 billion tonnes per annum and continues to grow (UNCTAD 2012).

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