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This text provides an assessment of the reasons behind the financial crises of the 1970s and 1980s, and the structural adjustment and partial recovery that followed. The book offers a combination of historical perspective and comparative analysis, giving an account of the historical events whch have influenced the future of the shipping industry and the way it is financed. It also pinpoints the errors of the past and their effects together with many specific examples.
All the chapters have been updated to incorporate all the changes in the industry since the last edition was published, and key developments include an examination and analysis of the following: the options open to a shipping company to raise capital; the impact of the increasing use of capital markets to finance new ship construction and outsourcing; the use of financing techniques by shipping companies, including asset securitization and their future role in ship finance; consideration of risk management and the ways in which derivatives and futures markets may be used in ship finance; the impact of mergers and acquisitions and the consequent trend towards consolidation and expansion of the market share; and the role of government in ship financing.