Wayne K. Talley is the Frederick W. Beazley Professor of Economics, Eminent Scholar and Executive Director of the Maritime Institute at Old Dominion University, Norfolk, Virginia, U.S.A. He is an Honorary Chair Professor, Honorary Guest Professor and Honorary Visiting Professor at the National Chiao Tung University (Taiwan), Shanghai Maritime University (China) and City University (London, U.K.), respectively. Also, he is the Editorin-Chief of Transportation Research Part E: Logistics and Transportation Review and the Deputy Editor-in-Chief of The Asian Journal of Shipping and Logistic

• List of Figures x List of Tables xvNotes on Contributors xixPreface xxviiiPart I Introduction 11 General Introduction 3Wayne K. Talley2 The Evolution of Maritime Economics 16Trevor D. Heaver3 The Business of Shipping: An Historical Perspective 34Ingo Heidbrink4 International Seaborne Trade 52Michael TamvakisPart II Maritime Carriers and Markets 875 Maritime Carriers in Theory 89Wayne K. Talley6 Maritime Freight Markets 107Siri Pettersen Strandenes7 Intermodalism and New Trade Flows 121Lixian Fan, Mohan M. Koehler and Wesley W. Wilson8 Cruise Lines and Passengers 138Simon Véronneau and Jacques Roy9 Ferry Passenger Markets 161Tor WergelandPart III Shipping Economics 18510 Dry Bulk Shipping 187George A. Gratsos, Helen A. Thanopoulou and Albert W. Veenstra11 Liquid Bulk Shipping 205Dimitrios V. Lyridis and Panayotis Zacharioudakis12 Container Shipping 230Theo Notteboom13 New Business Models and Strategies in Shipping 263Peter Lorange and Øystein D. Fjeldstad14 Shipping Regulatory Institutions and Regulations 281Paul G. Wright15 Shipping Taxation 304Peter Marlow and Kyriaki Mitroussi16 Seafarers and Seafaring 321Heather Leggate McLaughlin17 Safety in Shipping 333Di Jin, Hauke Kite-Powell and Wayne K. Talley18 Piracy in Shipping 346Maximo Q. Mejia, Jr., Pierre Cariou and François-Charles WolffPart IV Ship Economics 37119 The Economics of Ships 373Harilaos N. Psaraftis, Dimitrios V. Lyridis and Christos A. Kontovas20 Ship Finance: US Public Equity Markets 392Costas Th. Grammenos and Nikos C. Papapostolou21 Ship Finance: US High Yield Bond Market 417Costas Th. Grammenos and Nikos C. Papapostolou22 Ship Finance: Hedging Ship Price Risk using Freight Derivatives 433Amir H. Alizadeh and Nikos K. Nomikos23 Marine Insurance 452Stanley Mutenga and Christopher ParsonsPart V Port Economics 47124 Ports in Theory 473Wayne K. Talley25 Port Governance 491Mary R. Brooks and Athanasios A. Pallis26 Port Labor 517Peter Turnbull27 Port Competition and Competitiveness 549Theo Notteboom and Wei Yim Yap28 Container Terminal Effi ciency and Private Sector Participation 571Baris Demirel, Kevin Cullinane and Hercules Haralambides29 Determinants of Users’ Port Choice 599Photis Panayides and Dong-Wook Song30 Port Investment and Finance 623Sander Dekker and Robert J. Verhaeghe31 Ports as Clusters of Economic Activity 638Peter W. de Langen and Elvira Haezendonck32 Port State Control Inspection Deficiencies 656Pierre Cariou, François-Charles Wolff and Maximo Q. Mejia, Jr33 Port Security: The ISPS Code 674Adolf K. Y. Ng and George K. Vaggelas34 Port Security and the Quality of Port Interchange Service 701Wayne K. Talley and Venus Y. H. LunIndex 717

“This comprehensive and up-to-date book is a fine contribution to the maritime economics literature, and will surely be the standard reference in the field for a number of years. I have been teaching Maritime Economics and Logistics course for advanced undergraduate/graduate students at UBC and have been searching for a proper reference textbook. With the publication of this book, my search ends happily.”  (Expofairs.com, 1 September 2012)