Product Review

For 5000 years shipping has served the world economy and today it provides a sophisticated transport service to every part of the globe. Yet despite its economic complexity, shipping retains much of the competitive cut and thrust of the €œperfect€ market of classical economics. This blend of sophisticated logistics and larger than life entrepreneurs makes it a unique case study of classical economics in a modern setting.

The enlarged and substantially rewritten Maritime Economics uses historical and theoretical analysis as the framework for a practical explanation of how shipping works today. Whilst retaining the structure of the second edition, its scope is widened to include:

• lessons from 5000 years of commercial shipping history
• shipping cycles back to 1741, with a year by year commentary
• updated chapters on markets; shipping costs; accounts; ship finance and a new chapter on the return on capital
• new chapters on the geography of sea trade; trade theory and specialised cargoes
• updated chapters on the merchant fleet shipbuilding, recycling and the regulatory regime
• a much revised chapter on the challenges and pitfalls of forecasting.

With over 800 pages, 200 illustrations, maps, technical drawings and tables Maritime Economics is the shipping industry€s most comprehensive text and reference source, whilst remaining as one reviewer put it €œa very readable book€.

Martin Stopford has enjoyed a distinguished career in the shipping industry as Director of Business Development with British Shipbuilders, Global Shipping Economist with the Chase Manhattan Bank N.A., Chief Executive of Lloyds Maritime Information Services; Managing Director of Clarkson Research Services and an executive Director of Clarksons PLC. He lectures regularly at Cambridge Academy of Transport and is a Visiting Professor at Cass Business School, Dalian Maritime University and Copenhagen Business School.