DOCSLIB.ORG

111864 the Tramp Shipping Business and the EU Competition

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

THE TRAMP SHIPPING BUSINESS AND THE EU COMPETITION LAW An introductory view of tramp shipping pools under Article 101 TFEU Bachelor’s Final Degree Project Barcelona School of Nautical Studies Universitat Politècnica de Catalunya · BarcelonaTech Candidate: Francisco Javier Méndez Roca Supervised by: Dr. Jaime Rodrigo de Larrucea Bachelor’s Degree in Nautical Sciences and Maritime Transport Major in Maritime Business and Port Logistics Barcelona, November 2015 Departament of Nautical Sciences and Engineering Acknowledgements May I start thanking all those people who supported me and have seen me grow up, not only throughout the attainment of this Project but also during my life, who are constantly in my thoughts. First of all, I would like to make special mention and express my most sincere gratitude to Dr. Jaime Rodrigo de Larrucea, who not only has guided and advised me for the consecution of this paper, but has also mentored me in my studies and early career since I started my nautical studies. Likewise I consider myself fortunate to have been able to enjoy his wisdom and also his amusing lectures. I equally thank my family, specially my parents who strived to keep me going in the good times and, what is more important, in the bad ones. They always provided me their support and advice even without asking them. To my father who, since I was a child, shared with me his passion, wisdom and experience in the shipping business. To my mother for her determination, fortitude, patience and endless efforts to bring me up against all odds. Also to my sister Eliza for her good mood and patience to follow and review my project. Furthermore, deserve a special mention: All my colleagues from Weco Maritima. Expressly, Manuel Dominguez and Pedro Paez who oriented and taught me since that 1 July 2012, when I started working there. It was my first working experience from which I learned so much, particularly regarding project and breakbulk cargo. Mr. Paco Castañer, for sharing with me his vast knowledge on dry bulk chartering and providing me with his observations, advices and corrections. Also my classmate Marc Terradellas. One of my greatest motivations is be able to, partly, compensate them for all that at some time. i THE TRAMP SHIPPING BUSINESS AND THE EU COMPETITION LAW ii Abstract By the way the tramp shipping industry works, it is considered close to perfect competition model, where the atomicity, homogeneity and information transparency are evident. Many small shipping companies compete for a volatile and unpredictable demand. Despite there are some entry barriers to the market, these can be easily mitigated by the way this market works. Tramp shipping companies co-operate among them in pools, in order to bid for large contracts of affreightment, which otherwise, shipowners could not perform on their own. Tramp shipping pools raise competition concerns, and under the EU Competition Rules, these agreements shall be assessed on case-by-case basis in order to determine whether an agreement may jeopardise competition within common market. To do so, an assessment under Article 101 TFEU is required. Normally, tramp shipping pools created for the right purposes, do not entail competition restrictions. Conversely, those agreements that have a combined market share considerably high or involve hardcore restrictions, are prohibited under Article 101 (1). These agreements have three options: terminate their agreement; demonstrate that economic efficiencies brought by the agreement outweigh restrictions under Article 101 (3); and lastly and most appealing, try to restructure the agreement creating a full-function joint venture in order to fall under a more certain legal framework, the EC Merger Rules. iii THE TRAMP SHIPPING BUSINESS AND THE EU COMPETITION LAW iv Table of Contents FIGURES IX TABLES X KEY WORDS XI ABBREVIATIONS XII INTRODUCTION XV CHAPTER ONE. WHAT IS TRAMP SHIPPING 21 1.1 THE LEGAL DEFINITION OF TRAMP 21 1.2 THE LATEST DEFINITION. 24 CHAPTER TWO. MAIN FEATURES OF TRAMP SHIPPING 27 2.1 GLOBALLY COMPETITIVE MARKETS 28 2.2 CLOSE TO PERFECT COMPETITION MODEL 29 2.2.1 ATOMICITY 30 2.2.2 HOMOGENEOUS PRODUCT 30 2.2.3 INFORMATION TRANSPARENCY 31 2.3 DIFFERENT SUB-MARKET SEGMENTS IN RESPONSE TO CUSTOMER NEEDS 31 2.4 COMPETITION BETWEEN SUB-MARKETS FOR CARGO 32 2.5 VOLATILE AND UNPREDICTABLE DEMAND 33 2.6 MANY ENTREPRENEURIAL COMPANIES 36 2.7 GLOBAL TRADE PATTERNS 38 2.7.1 DRY BULK TRADE PATTERNS 39 2.7.2 LIQUID BULK TRADE PATTERNS 40 2.7.3 NEO-BULK TRADE PATTERNS 42 2.8 EASY OF ENTRY AND EXIT 43 2.9 COST EFECTIVENESS 46 2.10 RESPONSIVENESS TO DEVELOPMENT OF MARKET AND SHIPPER’S NEEDS 46 v THE TRAMP SHIPPING BUSINESS AND THE EU COMPETITION LAW CHAPTER THREE. TRAMP MARKET SEGMENTS 49 3.1 DRY BULK 50 3.1.1 HANDYSIZE 50 3.1.2 HANDYMAX 50 3.1.3 PANAMAX 51 3.1.5 CAPESIZE 52 3.2 LIQUID BULK 52 3.2.1 OIL TANKERS 53 3.2.1.A HANDYSIZE 54 3.2.1.B MEDIUM RANGE 54 3.2.1.C PANAMAX 54 3.2.1.D LR1/LR2 54 3.2.1.E AFRAMAX 55 3.2.1.F SUEZMAX 55 3.2.1.G VLCC/ULCC 55 3.2.2. CHEMICAL TANKERS 56 3.2.2.A IMO 1 TYPE 57 3.2.2.B IMO 2 TYPE 57 3.2.2.C IMO 3 TYPE 57 3.2.3. GAS CARRIERS 58 3.2.3.A LNG CARRIERS 59 3.2.3.B LPG CARRIERS 60 3.3 NEO BULK 61 3.3.1 RO-RO VESSELS 62 3.3.2 OPEN HATCH BULK CARRIERS 62 3.3.3 REEFERS 63 3.3.4 MULTIPURPOSE AND HEAVY LIFT VESSELS 64 CHAPTER FOUR. SHIPPING MARKETS 65 4.1 THE FOUR SHIPPING MARKETS 66 4.1.1 THE NEWBUILDING MARKET 67 4.1.1.A THE PURCHASING PROCEDURE 69 4.1.1.B THE SHIPBUILDING CONTRACT 70 4.1.1.C SHIPBUILDING FINANCE 71 4.1.2 THE SALE AND PURCHASE MARKET 73 4.1.2.A THE SALE AND PURCHASE PROCEEDING 74 4.1.2.B SHIP PRICES 78 4.1.3 THE FREIGHT MARKET 79 4.1.3.A THE CHARTER-PARTY 80 4.1.3.B VOYAGE CHARTER 82 vi 4.1.3.C CONTRACTS OF AFFREIGHTMENT 84 4.1.3.D TIME CHARTER 85 4.1.3.E BAREBOAT CHARTER 87 4.1.3.F FREIGHT DERIVATIVES 88 4.1.4 DEMOLITION MARKET 90 4.2 THE ROLE OF BROKERS 93 4.3 SHIPPING MARKET CYCLES 95 CHAPTER FIVE. HORITZONTAL CO-OPERATION AGREEMENTS: POOLS 99 5.1 POOLS 100 5.1.1 POOL PURPOSE 102 5.1.2 CENTRAL ADMINISTRATION AND POOL MANAGEMENT 104 5.1.3 WEIGHTING SYSTEM 107 5.2 CONTRACTUAL BASIS 111 5.2.1 NON-COMPETE CLAUSES 111 5.2.2 LOCK IN PERIODS AND EXIT CLAUSES 112 5.2.3 EXCHANGE OF INFORMATION 113 5.3 BIMCO’S POOLCON 114 5.3.1 WHAT IS POOLCON? 114 5.3.2 A BRIEF REVIEW OF POOLCON A 115 5.3.2.A PART I 115 5.3.2.B PART II 116 5.4 DO POOL AGREEMENTS RAISE COMPETITIVE CONCERNS UNDER EU COMPETITION LAW? 121 CHAPTER SIX. TRAMP POOLS UNDER THE EU COMPETITION LAW 123 6.1 DETERMINING THE RELEVANT MARKET 124 6.1.1 PRODUCT MARKET 125 6.1.2 GEOGRAPHIC MARKET 127 6.1.3 MARKET SHARE 128 6.2 TRAMP POOL AGREEMENTS UNDER ART. 101 TFEU 129 6.3 ART. 101 TFEU (1) 130 6.3.1 POOL AGREEMENTS THAT DO NOT FALL UNDER ARTICLE 101 (1) 131 6.3.2 POOL AGREEMENTS THAT GENERALLY FALL UNDER ARTICLE 101 (1) 133 6.3.3 POOL AGREEMENTS THAT MAY FALL UNDER ARTICLE 101 (1) 136 6.4 ART. 101 TFEU (3) 138 6.4.1 ECONOMIC EFFICIENCIES 139 6.4.2 FAIR SHARE OF BENEFITS TO CONSUMERS 140 6.4.3 INDISPENSABILITY 141 6.4.4 NO ELIMINATION OF COMPETITION 142 6.5 EU MERGER REGULATION 144 vii THE TRAMP SHIPPING BUSINESS AND THE EU COMPETITION LAW CONCLUSIONS AND FINAL ASSESSMENT 147 SOURCES 155 BIBLIOGRAPHY 155 REGULATIONS 158 COMMISION NOTICES AND GUIDELINES 159 CASE LAW 160 TRAMP REPORTS 160 ONLINE SOURCES 161 ANNEX A. – ARTICLES 101 AND 102 TFEU 163 A1.1 ARTICLE 101 TFEU (EX ARTICLE 81 TEC) 163 A1.2 ARTICLE 102 TFEU (EX ARTICLE 82 TEC) 164 ANNEX B. – SAMPLE COPY OF BIMCO’S POOLCON A. 165 ANNEX C. – MARKET SHARES ON CO-OPERATION AGREEMENTS 186 viii Figures Figure 1. Main characteristics of the three shipping market segments. 25 Figure 2. World Oil Demand Quarterly. 34 Figure 3. Comparison between Dow Jones Industrial Average Index and the Baltic Dry Index. 35 Figure 4. Structure of international seaborne trade, 2014. 39 Figure 5. Average of Time Charter Routes for Baltic Indices (2014-2015) in USD per Day. 92 Figure 6. Dry Bulk Demolition in Million DWT (2014-2015). 92 Figure 7. Main Structure and Activities of a Member-controlled Pools. 107 Figure 8. Weighting factors of the pool’s distribution formula. 109 ix THE TRAMP SHIPPING BUSINESS AND THE EU COMPETITION LAW Tables Table 1. Cargo Fleet by Company Size. 36 Tabla 2. Tramp Fleet Ownership Profile. 37 Table 3. Deliveries of newbuildings, types and countries where built. 67 Table 4. Baltic Exchange Tanker Index. 80 Table 5. Charter-parties Cost Distribution. 82 Table 6. Tonnage Sold for Demolition, Major Vessel Types and Countries 91 x Key Words Antitrust Regulations; Article 101 TFEU; Charter Parties; Chartering; Contracts of Affreightment; Dry Bulk Cargo; European Competition Law; European Union; Liquid Bulk Cargo; Maritime Law; Neo-bulk; POOLCON A; Shipping Cycles; Ship Sale and Purchase; Shipping Market; Shipping Pools; Specialized Shipping; Time Charter; Tramp Pool Agreements; Tramp Shipping; and Voyage Charter.
Recommended publications
  • Legal and Economic Analysis of Tramp Maritime Services

    Legal and Economic Analysis of Tramp Maritime Services

    EU Report COMP/2006/D2/002 LEGAL AND ECONOMIC ANALYSIS OF TRAMP MARITIME SERVICES Submitted to: European Commission Competition Directorate-General (DG COMP) 70, rue Joseph II B-1000 BRUSSELS Belgium For the Attention of Mrs Maria José Bicho Acting Head of Unit D.2 "Transport" Prepared by: Fearnley Consultants AS Fearnley Consultants AS Grev Wedels Plass 9 N-0107 OSLO, Norway Phone: +47 2293 6000 Fax: +47 2293 6110 www.fearnresearch.com In Association with: 22 February 2007 LEGAL AND ECONOMIC ANALYSIS OF TRAMP MARITIME SERVICES LEGAL AND ECONOMIC ANALYSIS OF TRAMP MARITIME SERVICES DISCLAIMER This report was produced by Fearnley Consultants AS, Global Insight and Holman Fenwick & Willan for the European Commission, Competition DG and represents its authors' views on the subject matter. These views have not been adopted or in any way approved by the European Commission and should not be relied upon as a statement of the European Commission's or DG Competition's views. The European Commission does not guarantee the accuracy of the data included in this report, nor does it accept responsibility for any use made thereof. © European Communities, 2007 LEGAL AND ECONOMIC ANALYSIS OF TRAMP MARITIME SERVICES ACKNOWLEDGMENTS The consultants would like to thank all those involved in the compilation of this Report, including the various members of their staff (in particular Lars Erik Hansen of Fearnleys, Maria Bertram of Global Insight, Maria Hempel, Guy Main and Cécile Schlub of Holman Fenwick & Willan) who devoted considerable time and effort over and above the working day to the project, and all others who were consulted and whose knowledge and experience of the industry proved invaluable.
  • Del 1 – Hovedblankett

    Del 1 – Hovedblankett

    Samordnet registermelding Del 1 – Hovedblankett for registrering i Enhetsregisteret, Foretaksregisteret, Merverdiavgiftsregisteret, NAV Aa-registeret, SSBs Bedrifts- og foretaksregister, Stiftelsesregisteret og Skattedirektoratets register over upersonlige skattytere 1. Navn/foretaksnavn 1.1 Enhetens fullstendige navn/foretaksnavn (fylles alltid ut) Organisasjonsnummer: ı ı ı ı ı ı ı ı ı ı 1.2 Eventuelt nytt navn/foretaksnavn. For enheter registrert i Foretaksregisteret er navne-/foretaksnavneendringen gebyrbelagt 1.3 Eget navn på virksomheten (oppgis bare hvis selve virksomheten drives under et annet navn enn enhetens fullstendige navn/foretaksnavn) 2. Meldingen gjelder 2.1 Enhet som ikke er registrert tidligere 2.3 Beslutning om (enhet som ikke har eget organisasjonsnummer) oppløsning av enhet Ved kjøp, salg eller nedleggelse > av virksomhet må felt 9 og 10 2.2 Endringer/nye opplysninger 2.4 Sletting av enhet fylles ut. (fyll bare ut de felt endringen gjelder) 3. Registrering i andre registre (i tillegg til registrering i Enhetsregisteret) 3.1 Skal enheten registreres i Foretaksregisteret? Nei Ja > Se veiledningen om registrerings- Det er gebyr på registreringen. rett/-plikt i Foretaksregisteret. 3.2 Har virksomheten omsetning som kommer inn under Nei Ja > Hvis ja, sender du inn blankettens merverdiavgiftslovens bestemmelser? del 2 når beløpsgrensen er nådd. Se egen veiledning for del 2. 3.3 Enheten - har eller venter å få arbeidstakere Nei Ja - betaler/skal betale andre enn arbeidstakere Nei Ja vederlag som det skal betales arbeidsgiveravgift > Hvis ja, får du nærmere informasjon av etter folketrygdloven § 23-2 tilsendt. 3.4 Har eller venter enheten å få virksomhet på flere adresser? Nei Ja 4. Hovedkontorets adresse (forretningsadresse/besøksadresse) Gate, husnummer eller sted Postnummer Poststed Kommune Land Telefonnummer Telefaksnummer Mobiltelefonnummer Hjemmeside 5.
  • Den Norske Advokatforening (PDF, 237KB)

    Den Norske Advokatforening (PDF, 237KB)

    Finansdepartementet Sendt elektronisk Deres ref.: 15/2550 SL AEI/KR Dato: 19. juni 2017 Vår ref.: 243776 Høring - Forslag om endring av skatteloven § 2-2 første ledd 1. Innledning Vi viser til departementets høringsbrev av 16.3.2017 vedrørende ovennevnte høring. Det er en prioritert oppgave for Advokatforeningen å drive rettspolitisk arbeid gjennom høringsuttalelser. Advokatforeningen har derfor en rekke lovutvalg inndelt etter fagområder. I våre lovutvalg sitter advokater med særskilte kunnskaper innenfor det aktuelle fagfelt og hvert lovutvalg består av advokater med ulik erfaringsbakgrunn og kompetanse innenfor fagområdet. Arbeidet i lovutvalgene er frivillig og ulønnet. Advokatforeningen ser det som sin oppgave å være en uavhengig høringsinstans med fokus på rettssikkerhet og på kvaliteten av den foreslåtte lovgivningen. I saker som angår advokaters rammevilkår vil imidlertid regelendringen også bli vurdert opp mot advokatbransjens interesser. Det vil i disse tilfellene bli opplyst at vi uttaler oss som en berørt bransjeorganisasjon og ikke som et uavhengig ekspertorgan. Årsaken til at vi sondrer mellom disse rollene er at vi ønsker å opprettholde og videreutvikle den troverdighet Advokatforeningen har som et uavhengig og upolitisk ekspertorgan i lovgivningsprosessen. I den foreliggende sak uttaler Advokatforeningen seg som ekspertorgan. Saken er forelagt lovutvalget for skatterett. Lovutvalget består av Hanne Kristin Skaarberg Holen (elder), Cecilie Amdahl. Andreas Bullen, Thor Leegaard, Stine Lettrem-Eliassen, Amund Noss. Advokatforeningen avgir følgende høringsuttalelse: 2. Sakens bakgrunn Finansdepartementet foreslår i høringsnotatet en regel om at selskaper som er stiftet i Norge er hjemmehørende i Norge for skatteformål. I tillegg foreslås at selskaper som har reell ledelse i Norge er hjemmehørende her. Unntak fra dette skal etter forslaget gjelde der hvor et selskap er hjemmehørende i en annen stat etter skatteavtale.
  • Norway: Assessment by the EITI International Secretariat

    Norway: Assessment by the EITI International Secretariat

    EITI International Secretariat 15 April 2021 Validation of Requirement 2.5 – Norway: Assessment by the EITI International Secretariat EITI International Secretariat 1 Phone: +47 222 00 800 E-mail: [email protected] Twitter: @EITIorg www.eiti.org Address: Rådhusgata 26, 0151 Oslo, Norway Validation of Requirement 2.5 – Norway Assessment by the EITI International Secretariat Validation of Requirement 2.5 – Norway: Assessment by the EITI International Secretariat Contents 1. Summary ................................................................................................................................................. 2 2. Background ............................................................................................................................................. 2 3. Assessment of Requirement 2.5 on beneficial ownership .................................................................. 4 Annex A: Technical assessment ................................................................................................................ 6 1. Summary The International Secretariat’s assessment is that Norway has made “inadequate progress” in meeting the initial criteria for implementing Requirement 2.5 on beneficial ownership. Norway has enacted legislation to establish a publicly accessible ultimate beneficial ownership (UBO) registry. It will apply to all companies that apply for or hold a participating interest in exploration or production oil, gas or mining licenses. Regulations supplementing the act were subject to public
  • Pricing and Hedging in the Freight Futures Market

    Pricing and Hedging in the Freight Futures Market

    Pricing and Hedging in the Freight Futures Market CCMR Discussion Paper 04-2012 Marcel Prokopczuk Pricing and Hedging in the Freight Futures Market Marcel Prokopczuk∗ April 2010 Abstract In this article, we consider the pricing and hedging of single route dry bulk freight futures contracts traded on the International Maritime Exchange. Thus far, this relatively young market has received almost no academic attention. In contrast to many other commodity markets, freight services are non-storable, making a simple cost-of-carry valuation impossible. We empirically compare the pricing and hedging accuracy of a variety of continuous-time futures pricing models. Our results show that the inclusion of a second stochastic factor significantly improves the pricing and hedging accuracy. Overall, the results indicate that the Schwartz and Smith (2000) two-factor model provides the best performance. JEL classification: G13, C50, Q40 Keywords: Freight Futures, Hedging, Shipping Derivatives, Imarex ∗ICMA Centre, Henley Business School, University of Reading, Whiteknights, Reading, RG6 6BA, United Kingdom. e-mail:[email protected]. Telephone: +44-118- 378-4389. Fax: +44-118-931-4741. Electronic copy available at: http://ssrn.com/abstract=1565551 I Introduction In a globalised world, efficient goods transport from continent to continent is an increasingly indispensable economic growth factor. More than 95 % of world trade (in volume) is carried by marine vessels. Transport volume has risen worldwide from 2800 Mio tons in 1986 to 4700 in 2005.1 The world relies on fleets of ships with a cargo carrying capacity of 960 million deadweight tons (dwt)2 to carry every conceivable type of product.
  • Institutt for Offentlig Retts Bibliografi 1957-2006

    Institutt for Offentlig Retts Bibliografi 1957-2006

    Institutt for offentlig retts bibliografi 1957-2006 Utarbeidet ved Det juridiske fakultetsbibliotek av Lars Finholt Jansen Randi Halveg Iversby (red.) Bård Sverre Tuseth (red.) I forbindelse med Institutt for offentlig retts 50-årsjubileum har Det juridiske fakultetsbibliotek utarbeidet instituttets bibliografi, det vil si en oversikt over skriftlige arbeider av instituttansatte i løpet av IORs første femti år. Bibliografien er begrenset til juridiske arbeider produsert ved Institutt for offentlig rett eller de instituttene som er innlemmet i Institutt for offentlig rett innenfor den enkeltes ansettelsesperiode. Forord til den elektroniske utgaven: Bibliografien foreligger hovedsakelig slik den ble publisert i Institutt for offentlig retts skriftserie nr 9 2007. Noen mindre feil er rettet og blanke sider er fjernet for å tilpasse dokumentet til det elektroniske formatet. Redaktørene, 15. mars 2012. Shaheen Sardar Ali ........................................................................................................... 10 Ivar Alvik .......................................................................................................................... 10 Johs. Andenæs................................................................................................................... 11 Kjell V. Andorsen ............................................................................................................. 31 Ole Rasmus Asbjørnsen ...................................................................................................
  • Taxation of Partnerships - Legal General Report for the Nordic Tax Research Council´S Annual Meeting on 22 May 2015 in Aarhus

    Taxation of Partnerships - Legal General Report for the Nordic Tax Research Council´S Annual Meeting on 22 May 2015 in Aarhus

    Nordic Tax J. 2015 2:47–56 Report Open Access Liselotte Madsen Taxation of Partnerships - Legal general report for the Nordic Tax Research Council´s annual meeting on 22 May 2015 in Aarhus DOI 10.1515/ntaxj-2015-0005 though the similar Norwegian word is “utdeling”, and so Received Sep 08, 2015; accepted Sep 18, 2015 on. In English translation, the word “distribution” is used. I hope that it does not provide any linguistic challenges. The term partnership is used to the extent that it is not found necessary to indicate the national name, and ex- 1 Introduction and terminology presses only that it is a transparent business. First, a short review of the company law rules regard- This report has been written on the basis of a number of ing the establishment of partnerships will be carried out, Nordic national reports on the subject: Taxation of part- after which, the tax rules will be reviewed. nerships. The contributions from Denmark, Norway, Swe- den, and Iceland have been incorporated in the report to the best of my ability and by relevance. 2 Company law matters The term "partnership" is a general term for a num- ber of companies that have a common characteristic - First, it is relevant to relate to the company law rules ap- namely that they are not taxable entities, but rather trans- plicable to partnerships. A description of this has been parent for tax purposes. The company type, partnership, deemed important for the understanding of the civil law which is not a separate tax subject, can be found in all rules for partnerships, both in relation to the third parties the Nordic countries.
  • Implementing the New Science of Risk Management to Tanker Freight Markets

    Implementing the New Science of Risk Management to Tanker Freight Markets

    Implementing the New Science of Risk Management to Tanker Freight Markets Wessam M. T. Abouarghoub A thesis submitted in partial fulfilment of the requirements of the University of the West of England, Bristol For the Degree of Doctor of Philosophy Bristol Business School, University of the West of England, Bristol August 2013 This thesis is dedicated to my father, Mohamed Taher, Abouarghoub He was and remains my inspiration and best role model in life. Acknowledgements All Thanks And Praises Are Due To Allah, The Sustainer Of All The Worlds, And May Allah’s Mercy And Peace Be Upon Our Master, Muhammad, His Family And All His Companions. Many people have contributed greatly to this thesis. Without their assistance, completing this work would not have been possible. To each of them, I owe my sincere thanks and gratitude. First and foremost, I am sincerely grateful to my supervisor Professor Peter Howells for his continued support and patience in reviewing my work. His suggestions and comments helped to greatly improve the standard and quality of this thesis. To him I will be forever grateful. Second, my supervisor Iris Biefang-Frisancho Mariscal, that through her suggestions, comments and stimulating discussions helped to improve the quantitative techniques employed in this thesis. Both of my supervisors have been very patience and supportive, especially during the hard times that my country Libya had to go through after the start of the great revolution of 17th of February. With out their support and encouragement I wouldn‟t have been able to complete an important mile stone in my life.
  • Predicting Shipping Freight Rate Movements Using Recurrent Neural Networks and AIS Data

    Predicting Shipping Freight Rate Movements Using Recurrent Neural Networks and AIS Data

    Predicting Shipping Freight Rate Movements Using Recurrent Neural Networks and AIS Data On the tanker route between the Arabian Gulf and Singapore Stian Røyset Salen Gisle Hoel Århus Industrial Economics and Technology Management Submission date: June 2018 Supervisor: Sjur Westgaard, IØT Norwegian University of Science and Technology Department of Industrial Economics and Technology Management Preface This master's thesis represents the finalisation of our second Master of Science (MSc) degrees at the Norwegian University of Science and Technology (NTNU), after completing our MSc degrees in Marine Technology at NTNU in 2016. The current thesis is part of the specialisation program Financial Engineering in the study program Industrial Economics and Technology Management, and it was written in the spring of 2018. There are several people to whom we would like to express our sincere gratitude, for making this thesis possible. Firstly, we would like to thank our supervisor, Professor Sjur Westgaard at the Department of Industrial Economics and Technology Management at NTNU. Further, we want to thank Professor Keith Downing, at the Department of Computer and Information Science at NTNU, for kindly helping us with machine learning related issues. Moreover, the Norwegian Coastal Administration, Professor Bjørn Egil Asbjørnslett at the Department of Marine Technology at NTNU, and particularly PhD in Marine Technology, Carl Fredrik Rehn, and MSc in Marine Technology, Bjørnar Brende Smestad, deserve a thanks for providing AIS data, inspiration, useful discussions and help along the way. Lastly, we give thanks to our friends who have supported us, proofread the thesis and provided useful advices. Trondheim, June 11, 2018 Gisle Hoel Arhus˚ and Stian Røyset Salen ii Abstract The purpose of this thesis is twofold.
  • Corporate Acquisitions and Mergers Editor-In-Chief: Peter F.C. Begg Supplement 3 of 2013

    Corporate Acquisitions and Mergers Editor-In-Chief: Peter F.C. Begg Supplement 3 of 2013

    Corporate Acquisitions and Mergers Editor-in-Chief: Peter F.C. Begg Supplement 3 of 2013 Corporate Acquisitions and Mergers represents the largest database of M&A know-how available anywhere in the world. Top firms from the largest 50 economies in the world have provided a concise legal analysis of the cultural, legal, regulatory, tax and accounting regimes affecting transactions in their home jurisdictions. Please find enclosed the following completely updated chapters: • Brazil Guilherme Leite & Fábio Contente Pinheiro Neto Advogados, São Paulo, Brazil • Israel Ehud Sol Herzog Fox & Neeman • Nigeria Ladi Taiwo & Alayo Ogunbiyi Abdulai, Taiwo & Co. • Norway Arne Didrik Kjørnæs, Susanne Munch Thore & Anders Myklebust Wikborg Rein & Co. • Spain Fernando de las Cuevas & Álvaro Mateo Gómez-Acebo & Pombo Abogados, S.L.P • Switzerland Hans-Jakob Diem & Jacques Iffland Lenz & Staehelin • United Kingdom Nilufer von Bismarck Slaughter and May 9888002863 Corporate Acquisitions and Mergers Volume 2 Editor-in-Chief: Peter F.C. Begg Supp 3/2013 CORPORATE ACQUISITIONS AND MERGERS Published by Kluwer Law International P.O. Box 316 2400 AH Alphen aan den Rijn The Netherlands Sold and distributed in North, Central and South America by Aspen Publishers, Inc. 7201 McKinney Circle Frederick MD 21704 USA In all other countries, sold and distributed by Kluwer Law International c/o Turpin Distribution Services Ltd. Stratton Business Park Pegasus Drive Biggleswade Bedfordshire SG18 8TQ United Kingdom DISCLAIMER: The material in this volume is in the nature of general comment only. It is not offered as advice on any particular matter and should not be taken as such. The editor and the contributing authors expressly disclaim all liability to any person with regard to any- thing done or omitted to be done, and with respect to the consequences of anything done or omitted to be done wholly or partly in reliance upon the whole or any part of the contents of this volume.
  • OECD REFERENCE GUIDE on SOURCES of INFORMATION from ABROAD Update of 26Th January 2006

    OECD REFERENCE GUIDE on SOURCES of INFORMATION from ABROAD Update of 26Th January 2006

    OECD REFERENCE GUIDE ON SOURCES OF INFORMATION FROM ABROAD Update of 26th January 2006 R2+>R3 @26 January 2006 TABLE OF CONTENTS OECD REFERENCE GUIDE ON SOURCES OF INFORMATION FROM ABROAD.............................. 1 REFERENCE GUIDE ON SOURCES OF INFORMATION FROM ABROAD ......................................... 3 INTRODUCTION....................................................................................................................................... 3 AUSTRALIA .............................................................................................................................................. 4 AUSTRIA.................................................................................................................................................. 14 BELGIUM................................................................................................................................................. 23 CANADA.................................................................................................................................................. 34 CZECH REPUBLIC ................................................................................................................................. 65 DENMARK............................................................................................................................................... 70 FINLAND ................................................................................................................................................. 78 FRANCE ..................................................................................................................................................
  • Rettledning Til RF-1215 Selskapsmelding for Selskap Med Deltakerfastsetting 2016 Fastsatt Av Skattedirektoratet

    Rettledning Til RF-1215 Selskapsmelding for Selskap Med Deltakerfastsetting 2016 Fastsatt Av Skattedirektoratet

    Rettledning til RF-1215 Selskapsmelding for selskap med deltakerfastsetting 2016 Fastsatt av Skattedirektoratet Selskap med deltakerfastsetting etter Selskapet kan søke om utsettelse hvis det Særlig om bruken av skatteloven § 10-40, skal levere er svært vanskelig å levere innen fristen. fortegn i skjema selskapsmelding (RF-1215). Selskapet skal ikke lenger ha fastsetting Deltakerfastsetting gjennom føres når etter nettometoden for selskap med Hovedregel en økonomisk virksomhet utøves for to deltakerfastsetting dersom det bare har to I utgangspunktet skal alle tall innrap- eller flere deltakeres felles regning og deltakere og disse inngår ekteskap eller porteres uten fortegn når det klart fremgår risiko, og minst en av deltakerne har et registrert partnerskap med hverandre. av ledeteksten om tallet skal tillegges eller ubegrenset ansvar for virksomhetens Tilsvarende gjelder dersom deltakerne er trekkes fra i forhold til den sammenheng samlede forpliktelser. meldepliktige samboere iht. det føres inn i. Det skal altså ikke brukes Selskapsmelding pliktes derfor utfylt folketrygdloven § 25-4 første ledd første minustegn når teksten forteller at det for: punktum. Har ikke selskapet andre dreier seg om kostnader, underskudd, deltakere skal foretakets skattefastsetting mv., og tilsvarende ingen plusstegn ved - ansvarlig selskap med solidarisk skje på samme måte som for inntekter, overskudd mv. Et unntak fra ansvar (ANS), enkeltpersonforetak fra og med dette kan illustreres ved følgende - ansvarlig selskap med proratarisk inntektsåret de to deltakerne fastsettes eksempel: (delt) ansvar (DA), under ett, dvs. særskilt fastsetting i - indre selskap, skatteklasse 1E eller felles fastsetting i En utleieaktivitet har i inntektsåret gitt - kommandittselskap (KS), skatteklasse 2 eller 2F. Foretaket leverer i større kostnader enn inntekter: - partrederi (PR), og så fall ikke lenger selskapsmelding.