International Maritime Transport: Perspectives (Routledge by J. Mcconville

By J. Mcconville

The significance of the overseas maritime delivery is tough to overstate. This new e-book offers an interdisciplinary method from a variety of internationally-based specialists. foreign Maritime delivery represents an intensive departure from earlier works in its constitution and method. The part editors each one talk about the cutting-edge within the commencing bankruptcy, sooner than introducing a variety of works offering a wide-ranging research of the topic. broad discretion of strategy has supplied literary freedom for person opinion and research in the total framework: this enables a degree of innovation that's probably stifled through the extra standardized version. when each one point of view could be obvious as particular, jointly they shape a accomplished quantity of concerns in modern maritime shipping. issues coated comprise: ports as interfaces, logistics, manpower and abilities, monetary danger and possibilities, the regulatory framework. each one bankruptcy includes an advent and is the reason the context of the bankruptcy in the publication and the modern state-of-the-art. lower than the editorship of maritime specialists James McConville, Alfonso Morvillo and Heather Leggate, the booklet is bound to be of curiosity to scholars and teachers engaged on maritime stories, in addition to being worthy to execs and coverage makers within the maritime undefined.

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2001, Financial characteristics of the shipping industry: challenging the preconceptions, IAME Conference Proceedings, Hong Kong, July. 4 The WACC is weighted by market value of debt and equity to reflect the most current position. 5 Modigliani, F. , 1958, The cost of capital, corporation finance and the theory of investments, American Economic Review, 48, 261–97. 6 Modigliani and Miller modified their model to take account of the fact that tax relief is available on interest payments. This makes debt even cheaper and means that the value of the geared company will be higher than that of a similar ungeared company by the amount of the tax shield.

25 Copeland, T. , 2001, Real Options (New York: Texere). 26 Copeland and Antikarov call this assumption that the base project can be used as the marketable asset, Marketed Asset Disclaimer (MAD). 27 The company could negotiate to charter out the vessel in 15 months time with an opt out clause. 56 at time of writing. 29 Copeland, T. , 2001, Real Options (New York: Texere). 1. 31 A portfolio of American puts and calls would allow the operator to switch back and forth between four- and five-ship services.

Such a comparison has not been attempted before and it is perceived that it would enhance one’s understanding of the risk-return profiles of companies operating in these sectors, resulting in more refined investment decisions and help shipping and shipping-related companies when considering expansion and/or diversification. The remainder of the chapter is structured as follows. The following section discusses briefly the use of the CAPM as a model of equilibrium returns and a vehicle through which to measure non-diversifiable risks.

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