Extraordinary up- and downturns in the dry bulk market 2000-2009
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This thesis studies the extraordinary up- and downturns in the shipping market from 2000 to 2009, with emphasis on the dry bulk market. The world has experienced extreme financial changes this decade; economies has seen its all time high with higher GDP, growing incomes and higher consumption, but also experienced a total collapse of the financial systems, with companies and even countries declared bankrupt and many on the verge of bankruptcy. One of the industries directly affected by changes in the world economy is the shipping industry. This international industry is driven by events throughout the entire world, making it a very complex industry to study. The shipping industry has gone through extreme up- and downturns this decade, and this thesis study‟s the factors behind these movements. There are a few factors that are more important than others and this is where my focus has been; the changes in the world economy, the high demand for international trade, energy prices, the rapid increase of newbuilding orders and high demand for tonnage, but the most important of them all is the rise of China. China has gone through a vast change the past decades, and due to its industrialization and liberalization of trade, is today an important participant in international trade. The results of this study confirm that China‟s growth not only has affected the world economy and world consumption, but also affected the seaborne trade of dry bulk commodities.
Masteroppgave i økonomi og administrasjon - Universitetet i Agder 2010