Cambridge University Press 978-1-108-42487-5 — Innovations in Shipping Peter Lorange Index More Information

Index

ABB, 101 automatisation, 197 Accubase PLL, 92 AWILCO, 108–109, 110 Adidas, 186–187 Aframaxes, 125 ballast water and sediments convention Airolo tunnel, 66, 70–71 (BMW), 102 Alaska, 162–166 ballast-water treatment systems, 31, Alexander II (Tsar), 70 102, 189 Alibaba, 3 Baltic Supramax Index, 123 Alliance, 36 Baltics, 70 Almena (tanker), 115 banking sector, 25, 99 Alphaship, 185 bankruptcy, 72–73 Alps, 70–71 barnacle growth, 91 Amazon, 7, 23, 185–186 batteries, 95, 96 Amoco Cadiz, 153–154 Bay of Biscay, 65 Amundsen, Roald, 67 BBC, 62, 95 Andersen, Niels S., 86, 106, 172, 176 BBC Chartering, 6, 18–19, 77, 87–88, Andersen, Svend, 113, 136, 138 112–113, 117, 135–141, 188 Andresen, 141 BBC Shipping, 100–101 A.P. Möller-Maersk, 6, 18–19, 47–48, 62, Becker Marine Systems, 158 68, 86, 105–106, 117, 171–176, 185. Beenstock, M., 13–14 See also Maersk Line Befraktnigsforetnig, 48 container ships of, 77 Bergesen, Morten Sigval, 110–111 Jotun and, 91 Bergesen group, 110–111 Lindö shipyard and, 86 Berlingske Tidende, 176 management of, 80–81 big data, 183–184, 185 net profits of, 85 blockchain, 92–93, 183, 184 restructuring of, 7 Blockshipping, 184 APL/President Line, 36, 92, 118 Blystad, Arne, 126, 178 Apple, 181 BMW. See ballast water and sediments Aqua Clean, 185 convention aquadynamics, 100–101 bottom-up management, 20, 28, 56 Arctic Ocean, 65–66 Bourbon, 81, 192 Arison, Ted, 114–115 branding, 55 Arntzen, Morten, 111–112 Brazil, Russia, India, China (BRIC), 24–25 artificial intelligence, 197 Bremer Landesbank, 179 A/S Thor Dahl, 64 BRIC. See Brazil, Russia, India, China asset lightness, 6–7, 20, 88–91, 117, Briese, 6, 18–19, 62, 77, 87–88, 95, 117 192–195 Briese, Roelf, 112–113, 135, 136 asset play, 31, 79–80, 117, 177–180 Briese Shipping, 135–141. See also BBC asset-heavy strategies, 20 brokerage firms, 55 Auerbach, 77, 87–88, 95, 136–137, bulk carriers, 3, 4–5, 39, 57, 87–88, 140 106, 131

205

206 Index

Bulk Invest A/S, 88, 124–125 CoA. See Contracts of Affreightment Bunge, 187 coal, 121, 138 Bunk, Lucius, 140 Coalinga Hills (tanker), 115 bunkers, 195–196 Coalition for Responsible Transportation Burmeister & Wain (B&W), 93–94 (CRT), 164 BW, 111 Colluds 4 Ship, 185 B&W. See Burmeister & Wain commercial technology, 39 commodity shipping, 33, 35–38, 56, 117 CAPEX. See capital costs industrial shipping and, 34 capital, 12, 49, 74, 119 tradition of, 38–39 cost of, 9, 53 commodity strategies, 5–6, 23, 25–26 financial sector and, 24 commodity trading firms, 50 return on, 181 communication, 3, 190, 191 structure, 132 complex cargoes, 87–88, 184 capital costs (CAPEX), 196 Constantakopoulos, Constantinos V., 141, capital-intensive ships, 78 143–144 Cargill, 50, 55, 79, 187 Constantakopoulos, Vasileios, 142 cargo, 92, 93, 99, 138 consumer groups, 191–192 Carlyle, 3–4, 6, 24, 74, 158 Container Crypto Coin (CCC), 184 Carnival Corp, 195–196 container lines, 3, 6–7, 42–43, 149, 188 Carnival Inc., 55, 100 consolidation and, 36–37 cashflow, 19, 31, 53 service frequency of, 37–38 CAST Group, 164 world’s largest, 37 CCC. See Container Crypto Coin Container Platform Token (CPT), 184 central actors, 184 container port terminals, 193 Chan, Bing, 161 container shipping, 34–35, 55, 118–119, changes in shipping industry, 5–6 145, 184 chartering, 40, 63, 73, 120, 150–151 charter rates and, 150–151 China, 4, 5, 95, 138, 143, 152, 158, 189 digitalisation in, 196–198 annual growth rate of, 1–2 innovations in, 155–156 building ships in, 140 container ships, 5, 77, 84–86, 150, 174–175 coal imports to, 121 owned by Seaspan, 43–44, 48–49, 192 deceleration of growth in, 35 SAVER, 77, 86–87, 100–101, 117, 154, economic growth of, 34–35 156–160 economic realities of, 1 super-large, 85 exports from, 3 trend in, 10 financing and, 31–32 containerisation, 115 Germany and, 68–70 Contracts of Affreightment (CoA), 29, 31, global trade and, 181 50, 187, 193–194 inland industrial cities in, 66 COSCO, 36, 55, 118, 137, 182, 192 rapid economic expansion of, 9 Costa, 114–115 slowdown, 2 Costamare, 24, 117, 118–119, 141–144, Western Europe and, 65 145, 185 China National Shipbuilding Corporation, cost-effective ship operations, 43 93–94 Coustas, Dimitris, 144–145 China Ship Economy Research Center, 23 Coustas, John, 144–145, 147–148 China Shipping, 36, 118, 182, 192 CPT. See Container Platform Token Christensen, C. M., 61 crewing, 32, 40, 48, 51–52 Citigroup Global Markets Equity Research, CRT. See Coalition for Responsible 149–150 Transportation Clarksons Platou, 23, 55, 178 Culture Shocks in Maersk Line (Jensen), 80 cloud computing, 8 Cunard, 114–115 CMA-CGM SA, 9, 35–36, 92, 100, 118 currency, 24–25 CO2 emissions, 98, 99, 101, 102, Curtis, Peter, 151, 156–158 153–154, 195 customers, 20, 33, 40, 77, 185, 191

Index 207

based networks, 47 DryShips, 113–114 intelligence, 55–56 DSME. See Daewoo Shipbuilding and preferences of, 76 Marine relations, 42–43, 44–46, 198 Seaspan and, 57–58 Eastern Europe, 51–52 staying close to, 56–60 Eastern Pacific Shipping, 106–107 cyber security, 197–198 East-West container trade, 36 cycle intensity in shipping, 10 EBITDA, 143, 146–147, 166 cycle-based strategies, 19–21 ECA. See emission control area cylinder stroke, 94, 95 Eckbo, P., 15–16 Cyprus, 73 economic obsolescence, 63 Economou, Geore, 113–114 D-1 requirements, 102 eco-ships, 26 D-2 requirements, 102 EEDI. See Energy Efficiency Design Index Daewoo Shipbuilding and Marine efficiency-enhancing innovations, 61 (DSME), 47–48 Egypt, 66–67 Dagens Næringsliv (newspaper), 124 electric propulsion, 94, 95–96, 102 d’Amico Shipping, 188 electronics-based innovations, 62 Danaos, 53, 64, 75, 117, 118–119, emission control, 98, 99 144–150 emission control area (ECA), 101–103 Danaos Management Consultants (DMC), emission requirements, 31, 101 147–148 Emma Mærsk (ship), 77, 84, 173–174 Danish EAC, 35 Emma Maersk class ships Daphese Technologies, 185 of A.P. Möller-Maersk, 77 data, 26–27, 58, 183–184, 185 Energy Efficiency Design Index De Chateauvieux, Jacques, 81, 89 (EEDI), 161 debt, 31, 125–126, 150, 193 engineering-based activities, 24–25 decision-making, 16–17, 19–20, 23–24, 28, English Channel, 65 29, 56, 80–82, 196 Environmental Protection Agency (EPA), 98 denial of service, 197 equity, 41–42, 48–49 Denstad, Jan William, 6, 72, 73–74 Etherium, 184 deregulation, 40 Euronav, 106 derivatives, 185 European Heavy Lift Services, 137 DHT Condor (ship), 130 Evergreen, 36, 119, 141, 192 DHT Falcon (ship), 130 executives, 27, 54, 57 DHT Hawk (ship), 130 exports, 3, 5, 35, 67–70, 143 DHT Holding, 117, 125–131 Exxon, 129, 153–154 DHT International, 18–19 Di Rollo, J., 197 Far East, 37–38, 186–187 diesel propulsion, 62, 93–94, 95 Fearnley & Eger Shipowning Group, 48 different key dilemmas, 47 FFAs. See forward freight agreements digitalisation, 196–198 FFS. See frontier freight solutions disruptive innovations, 61, 62, 63 field engineers, 138 dividend pay-out ratio, 48–49 filters, 31, 196 DMC. See Danaos Management financial crisis of 2008, 35, 149–150 Consultants financing, 12, 18, 24, 29–30, 75–76, 78, DnB, 25, 119 121, 185 DNV-GL, 46, 77, 87, 139, 140–141 China and, 31–32 Dockwise, 107 inflexibility and, 29 Draft International Standard, ISO innovations in, 71–75 19030, 171 shipowners and, 48 dredging, 39, 66 fins, 101 Drewry, 23, 36 Fleet, 184 dry bulk, 10–11, 106, 120, 122, 181 fleet perspective, 188–192 dry-docking, 160–161, 169, 170, 171 flexibility, 139

208 Index

Flexport, 184 Handymax, 120 floating storage, 10–11, 15 handysize bulk-carriers, 30 Fon, Morten, 166, 169 Hanjin, 118–119, 144–145, 156, 182 forecasting, 5, 16–17, 32, Hanjin Buddha (ship), 156–158 48 Hapag-Lloyd, 36, 118, 141, 162 liquidity, 25–26 Hardymax, 122 uncertainty and, 26–27 Harfjeld, Svein Moxnes, 126–127 forward freight agreements (FFAs), 3, hatch-covers, 136, 138, 139–140 25, 51 Hatley, John, 98, 99–100 FOSS Maritime, 166 heavy cargo lifts, 112–113 France, 95 heavy fuel, 195 Fredriksen, John, 51–52, 107–108, heavy-lift cargoes, 139 130–131, 177–178 Heerema, 107 freight cycles, 80 herd mentality, 28 freight forwarding, 184 HHI. See Hyundai Heavy Industries Freight OS, 184 hierarchical organisations, 186 freight rates, 3, 4, 21–23, 51, 65, 150, 151, Hive Maritime, 185 182–183 HMM, 118, 119 curve, 23 Höegh, 16 fluctuations, 11 LNG subsidiary, 72, 193 volatility of, 89–90 Höegh, Leif, 58–59 freight trains, 66 Höegh Ugland, 188 friction, 185 Holland America Lines, 114–115 frontier freight solutions (FFS), 185 Holt, Kristin, 119 fuel consumption, 100, 136–137 Hong Kong, 7, 41–42, 151 fuel economy, 138, 140, 160, 171 horsepower, 94 fuel injection systems, 62, 94 Hull Performance Solutions (HPS), 166–171 gas propulsion, 98, 114–115, 161 hull shapes, 62 gas turbines, 94 Hyatt Hotels, 109 Gateway City (tanker), 115 hybrid tugs, 166 Gearbulk, 56, 57, 72, 82–83, 111–112, 170, Hyundai, 35–36, 127–129 187, 188 Hyundai Heavy Industries (HHI), 47–48, General Motors, 114 154, 174, 175 Genoa, 66, 70–71 Hyundai Merchant Marine, 92 geographic focus, 83 Germanische Lloyd, 87 I. M. Skaugen, 39, 108–109 Germany, 1, 52, 68–70, 95 IBM, 41, 92 Glencore, 50, 187 ice class 1A Super ships, 68, 71 global culture, 49–50 ice-breakers, 67 global economic downturn, 30, 35 ice-class ships, 67–68 Global Project Alliance, 141 Ideal X (tanker), 115 Global Shared Container Platform IMAREX, 51, 185 (GSCP), 184 IMO. See International Maritime global trade, 137–138, 139, 178, 181 Organisation global warming, 67 imports, 1 Golden Ocean, 107 coal, 121 Goodwood, 129 of iron ore, 10, 12 Gotaas-Larssens, 108–109 of raw materials, 9, 189 Gotthard Tunnel, 66 incentives, 29, 84 governance, 75–76, 119, 125–126 India, 1, 51–52 Gulf of Thailand, 66–67 Indian Ocean, 65 industrial firms, 5 Hagel, J., (III), 41, 42–43, 46 industrial shipping, 19–21, 32, 33, Hamburg Süd, 35–36 54–56, 117

Index 209

benefits of, 34 Koopmans, T.C., 13–14 commodity shipping and, 34 Korea, 1, 31–32, 47–48, 95 framework for, 38–50 Korea Lines, 119 inflexibility, 29 KPIs. See key performance indicators information technology (IT), 61, 92, 148, Krey, 87–88, 95, 136–137 180, 183, 187–188, 189–191 Kyoto Convention, 101 infrastructure, 42, 43 initial public offerings (IPOs), 9, 90, 113, large car carrier entities, 188 143, 145 large crude tankers, 110–111 innovation culture, 76–80 large ship engines, 94 insider trading, 29 lashing systems, 159 integrative logistics, 92, 93 Lauritzen Bulkers, 53–54 interchangeability, 139 leadership, 19, 81–82 interest, 25–26, 76 Leer, 139 Intermarine, 137 Lehman Brothers, 182 international maritime exchanges, 51 Lenovo, 41 International Maritime Organisation Liebherr, 87, 139 (IMO), 180, 195 Lindö shipyard, 47–48, 84–86, 106 International Organisation for liquefied propane gas (LPG), 39 Standardisation (ISO), 171 liquid chemicals, 59–60 investment, 24, 50, 74, 79 liquid natural gas (LNG), 5, 95, 102, 117, IPOs. See initial public offerings 161, 164–165 iron ore, 10, 12 emissions and, 165–166 IRR. See risk-adjusted returns high-pressure injection of, 96 Isla Bella (ship), 163 low-pressure LNG fuel injection, 96–97 Ismar, Jens, 120, 121, 123, 124 propulsion with, 96–100 ISO. See International Organisation for liquidity, 25–26, 48–49, 193 Standardisation Lloyds, 46, 77 IT. See information technology LNG. See liquid natural gas loan-to-value (LTV), 132 J. Hageness, 64 logistics, 5 Japan, 1, 31–32, 95 long-term chartering, 29 Jebsen, Kristian Gerhard, 111–112 long-term credit facilities, 22 Jefferies & Company, Inc., 23 Lorange, P., 15–16 Jensen, L., 80 LPG. See liquefied propane gas Jones Act, 115, 163 LTV. See loan-to-value Jotun, 62, 91–92, 117, 140, 166–171, 185 luck, 33 Jumbo, 141 Ludvigsen, Peter, 184

Kara Sea, 67 Maersk Brokers, 18–19, 48 Karakitsos, E., 15 Maersk Line, 3, 9, 35–36, 64, 92, 106, 118, Kazakhstan, 66 141, 159 Keller, Peter, 162–163, 164, 166 branding and, 55 key performance indicators (KPIs), 80–81 innovation and, 84–86 Keysberg Group, 191 newbuildings and, 172 KGs. See kommanditgesellschaft investment Seaspan and, 64 funds Maersk McKinney Moeller, 77 Kistefoss, 91 main engines, 159 Kjolberg, Stein, 170–171 maintenance, 48, 61, 183 Klaveness, Tom Erik, 58 major market cycles, 19 Kleveland, Kyllingstad, 124 Malware, 197 K-line, 36 MAN, 95, 96, 139, 164–165 Koch, 129 management, 19–20, 49, 52, 77, 80–81, kommanditgesellschaft investment funds 84, 92 (KGs), 52, 138, 179 managers, 149

210 Index

managing ships, 18–19 New York Ship Exchange, 185 manufacturing industries, 41 New York Stock Exchange, 41–42, MARAD, 163 125, 151 Marcus, H. S., 34–35 newbuildings, 33, 64, 79, 91, 119, 148, margins, 50 169–170, 172 marine coatings, 168, 169 NOL, 118 marine gas oil (MGO), 165 non-compete clauses, 56 Marine Harvest, 107 Norden, 90 Marine Money Week (conference), 179 Nordenskiöld, Adolf Erik, 67 marine paint sector, 166, 167–169 NordPool, 39–40 MarineLink, 156, 170 Norman, V. D., 15–16 Maritime Strategies International North Star (ship), 163, 165 (MSI), 23 Northern Sea Route (NSR), 65–66, 67–68, Maritime Wirtschaft, 112–113 70–71 market cycles in shipping, 21–23, 50, 79 Norwegian Cruise Lines, 114–115 market exposure, 121 NOx emissions, 31, 98, 100, 101–102, market focus, 17 153–154, 165–166, 195 market mechanisms, 57 NSR. See Northern Sea Route market testing, 58 nuclear engines, 67 market-based strategies, 60 NYK, 36 market-driven considerations, 30 NYK Group, 164 marketing, 6, 53–54, 88, 106, 117 NYK North America, 164 Marshall Islands, 41–42 Marsoft, 5, 16–17, 23, 55, 117, Oaktree, 3–4, 75, 132 177–179, 185 obsolescence, 63, 78 Maxton (tanker), 115 Ocean Alliance, 36 McLean, Malcolm, 34–35, 115, 164 Ocean Carriers Equipment and measurement tools, 169 Maintenance Association, 164 Mediterranean Shipping Company (MSC), Odense Steel Shipyard, 173–174, 175 9, 35–36, 55, 64, 91, 118 Odfjell, 6–7, 16, 72, 193 ME-GI, 164–165 OECD. See Organisation for Economic Co- MGO. See marine gas oil operation and Development Midnight Sun (ship), 163 Ofer, Sammy, 106–107 Miller, M., 117 Ofer Group, 109 Mitsui O.S.K. Lines Ltd. (M.O.L), 36, Oftedahl, Geir Axel, 171 154–155, 158 oil, 3, 10–11, 22, 102–103, 132, 138, Møller, Arnold Peter, 105, 172 153–154, 196 Møller, Maersk Mc-Kinney, 80, 81, Oldendorff, 187 105–106, 172 OOCL. See Orient Overseas Container Line Møller-Maersk Group, 105–106 operating costs (OPEX), 196 Morten Arntzen, 111–112 operating ships, 18–19, 51–52, 83–84 MSC. See Mediterranean Shipping Organisation for Economic Co-operation Company and Development (OECD), 31–32, MSI. See Maritime Strategies International 71–72 Munthe, Trygve P., 126–127 organisational capabilities, 20 organisational competence, 194 national culture, 49–50 organisational culture, 6, 17, 58–59 national maritime clusters, 41 organisational resistance, 28 naval design, 29–30, 31 Orient Overseas Container Line naval engineering experts, 30–31 (OOCL), 36 navigation, 62, 68, 71, 190, 191, 197 OSG. See Overseas Shipholding Group N.E. Passage, 65–66 OSM, 51–52 Nestlé, 56 outsourcing, 40–41 Netherlands, 137 Overseas Shipholding Group (OSG), network organisations, 7 111–112, 129, 130

Index 211

P-66, 129 risk, 25, 121 Panama Canal, 173–174 capacity, 126, 179 Panamax, 13–14, 120, 173–174 exposure, 88 Panamax bulk carriers, 20 management, 15–16, 79, 121 paper trading, 6, 16, 32, 79 preferences of shipowners, 15–16 Pareto, 72, 73–74 risk-adjusted returns (IRR), 177 part-units of ships, 6 Rodrigue, J.P., 10 Penguin Arrow, 170, 171 roll-on roll-off (Ro-Ro) car carriers, 5, Pepsico, 181 162, 165 performance, 49, 82–84, 133–135, 152, Rothschild, Nathan, 56–57 155–156, 194–195 round-the-world (RTW), 115 Perla del Caribe (ship), 163 routing, 61, 65–71, 119, 185, 197 PetroTrans, 39–40 Royal Bank of Scotland (RBS), 130 Philippines, 51–52 Royal Caribbean Cruise Lines (RCCL), 16, Phishing, 197 55, 56, 106, 108–110 Phoenix VLCCs, 127–129 RTW. See round-the-world Pininfarina, 41 rudders, 101 planning processes, 54 Russia, 65–66, 68–70 platform offshore supply ships (PSVs), 21 P&O Nedlloyd, 35 S. Ugelstad, 21, 64 pods, 95–96, 101 Safmarine, 35 pollution, 39, 64, 76, 100, 154, Sai Chu, 151 189–190, 195 Saint Exupéry, Antoine de, 150 pools, 53–54, 188 salmon-farming, 107 portfolio strategies, 152 Saltchuk, 162, 164–165, 166 Port-Liner, 96 San Juan, Puerto Rico, 162 ports, 10, 138 SBS. See Stolt Bitumen Services post-Panamax ships, 173–174 Scandinavia, 70 predictability, 70–71, 179, 190 Schulthess Group, 51–52 Pritzker, Jay, 109 SCP. See Global Shared Container private equity funds, 3–4, 18 Platform proactive cycle management strategy, scrapping, 76, 182 126, 179 scrubbers, 31, 103, 130–131, 154, 185, product tankers, 14, 195, 196 project management, 29–30, 31 Sculley, John, 181 propulsion systems, 93, 103 SDARI, 138, 139 PSVs. See platform offshore supply ships Sea Mate, 169 Sea Star Line, 162–163 Quam, Walter, 191 SeaLand, 34–35, 164 SEA/LNG, 164 randomness, 26–27 SeaQuantum X 200, 170–171 Rasmussen, Michael Pran, 176 Season, 145 raw materials, 1, 4, 9, 92, 143, 187, 189 Seaspan, 6, 18–19, 24, 40–42, 53, 62, 117, RBS. See Royal Bank of Scotland 118–119, 150–162 RCCL. See Royal Caribbean Cruise Lines Carlyle and, 74 reefer capacity, 159 container ships owned by, 43–44, reefer ships, 64 48–49, 192 refueling, 97 customers and, 57–58 Republic of the Marshall Islands, 145 Maersk Line and, 64 resistance to innovation, 78 MSC and, 64 restructuring, 7, 75–76, 132, 133, 150 Seatrade, 64 ﬁnancial, 24, 61, 119 SEC. See Securities and Exchange retroﬁtting, 160–161 Commission revenue-generating shipping activities, secondhand ships, 30–31, 33, 64, 130, 178 82–83 secondhand steel prices, 76

212 Index

Secor, 39 Sole Shipping, 72 Securities and Exchange Commission Solvang, 193 (SEC), 114 South America, 137 security, 197–198 Sovereign of the Seas, 109 Seely Brown, J., 46 SOx emissions, 31, 98, 100, 101–102, Sequantum, 169 153–154, 165–166, 195 shale gas, 98 spare parts, 32 Shanghai, 7, 41–42, 138 specialisation, 35–38, 40, 42, 44, 49, 51, Shell, 129 54–56 ship acquisition process, 29–32 critical success factors for, 42–43 ship freight markets, 1 performance and, 82–84 ship research, 43 shift towards, 43 ship size, 183 tendency towards, 60 Shipabo, 184 speed, 28, 102 ship-brokering firms, 48 of large ship engines, 94 shipbuilding, 30, 71–72, 181–182 measurement of, 91 shipholding, 120, 122 of transportation, 70–71 ship-operating companies, 51–52 Spiethoff, 137 ship-operating firms, 48 SSF. See Stolt Sea Farm shipowners, 22, 24, 34, 40, 43–44, 45, 55, standardised fleets, 83 98–99 STC. See Stolt Tank Containers financing and, 48 Stena Line, 195–196 with integrated value chain, 55 Sterling, A., 16, 179 key to success for, 23 Stolt Bitumen Services (SBS), 59–60 marketing organisation for groups of, Stolt Sea Farm (SSF), 59–60 53–54 Stolt Tank Containers (STC), 59–60 risk preferences of, 15–16 Stolt Tankers & Terminals (ST&T), 59–60 specialist operating firms and, 49 Stolt-Nielsen GAS (SNG), 6–7, 59–60, 193 top-down sentimentality of, 46 Stolt-Nilsen, Jacob, 59–60 shipowning companies, 41, 53, 82, Stopford, M., 7, 15 125, 183 Strait of Malacca, 65, 66–67 shipowning firms, 43 strategic direction, 180 shipowning market, 50 ST&T. See Stolt Tankers & Terminals shipping capacity, 5 Suez Canal, 66–67 shipping companies, 6, 82–84, 194, 196 Suezmaxes, 125 shipping strategy, 5, 36 sulphur emissions, 102–103 shipyards, 3–4, 29–30, 78, 99–100, Sulzer, 93–94, 95 125–126 supply side, 76, 181–182 Lindö, 47–48, 84–86, 106 Supramax bulk carriers, 114, 120, 122 Odense Steel Shipyard, 173–174, 175 Sveaas, Kristen, 120 Yangzijiang Shipyard, 154 Swiss-Atlantique, 187 Siemens, 176 Switzerland, 66 silyl methacrylate, 169, 170–171 systematic learning, 58 Singapore, 7, 42, 138 Singer, M., 41, 42–43 T2 tankers, 115 Sitmar Cruises, 109 T. Klaveness, 53–54, 106, 173, 175, 191 Skaugen Petro Trans, 39 Taleb, N.N., 26 Skipsteknisk A/S, 48 tanker rates, 3, 10–11, 131, 133–134 Skou, Sören, 86, 172 tanker terminals, 6–7 Sloan, Alfred P., 114 Tata group, 79–80 Snabe, Jim Hagemann, 176 tax advantage funds, 52 SNG. See Stolt-Nielsen GAS TC. See time charter Sohmen, Helmut, 110–111 team pressure, 58 Sohmen-Pao, Andreas, 110–111 technical focus, 17–18 Sole Ship Investment Fund, 73–74 technological obsolescence, 63

Index 213

Teekay, 39 value-added maritime transportation, 163 Tenold, S., 33, 117 van Oord, 39 terminal operation, 185 Vancouver, Canada, 41–42, 151 TEU. See 20-foot equivalent units Varnavides, L., 15 Thome, 51–52 Vela, 129 Thorco, 137 Vergottis, A., 13–14 300 Cubits, 184 very large crude carrier (VLCC), 10, 20, Tier III regulatory requirements, 165–166 106, 107–108, 111, 125 time charter (TC), 178–179 Phoenix, 127–129 time horizons, 46–47 spot market earnings, 14 Tinbergen, J., 13–14 Swedish and Norwegian, tanker TORM, 6, 15–16, 24, 35, 75, 117, 131–135 owners, 24 TOTE, 96–97, 117, 162–166 volatility, 89–90, 99–100, 132 TOTE Maritime Alaska, 162 Vroon, 179 TOTE Maritime Puerto Rico, 162 V-Ships Greece, 142–143 TradeWinds (magazine), 124 trading mentality, 194 W. See AWILCO Trailer Bridge, 115 Wallem, 51–52 transaction costs, 47–48 Wallenius-Wilhelmsen, 39, 56, 188 transportation costs, 3, 189 Wang, Gerry, 86–87, 97–98, 151, 155, trans-shipment, 5 156–158, 161, 162 Treasury, US, 163 Wankel engine, 94 trim systems, 185 Wärtsilä, 48, 93–94, 97, 98, 160 trip-charters, 24 Washington, Dennis, 161–162 Triple-E class ships, 85, 86, 175 Washington, Kyle, 161 TROP, 159 WAVES Fleet Performance software, 190 trust-based relationships, 57, 152 Western Bulk (WB), 6–7, 15–16, 18–19, 20-foot equivalent units (TEU), 5, 71, 155, 50, 82–83, 88–91, 117, 119–125, 188 159–160, 174 Western Bulk Chartering, 88, 123–124 twisted ﬁn, 158 Westfal-Larsen, 106 Wik & Sandvik, 48 UAL. See United Arab Container Lines Wilhelmsen, Arne, 108–110, 178 UASC, 118 Wilhelmsen, Gjert, 110 Uber, 7, 23, 185–186 World-Wide Shipping, 111 underwater coating, 62, 83, 91, 117, 169–170 Xenta, 184 Unilever, 56 United Arab Container Lines (UAL), 97 Yang Ming line, 36, 162 United Arab Shipping Co., 161 Yangzijiang Shipbuilding, 154–155 United States (US), 3, 120, 137, 158 Yangzijiang Shipyard, 154 shale gas and, 98 York Capital Management, 24, 119, Treasury, 163 144 Yue-Kong Pao, 110–111 V. Group, 51–52 valuation, 75 Zannetos, Z. S., 15 value chains, 33, 42, 55, 78, 186, 187, ZIM, 106 194–195 Zodiac Maritime, 106–107