Stig Tenold

This book analyses the causes and effects of the shipping market crisis in the 1970s and 1980s - the most severe of the twentieth century. It approaches the subject from three viewpoints. The first is the tanker sector, where the crisis began, spread, and caused the most damage. The second is from a national perspective - focusing on the impact on Norwegian shipping and shipowners. The third, narrowed further in scope, analyses the crisis from the business perspective of four individual tanker owners - taking into account their business strategies and eventual fates. The aim of the journal is to add to the knowledge of recent maritime history by examining the transformation of the industry during a period of rapid change. One distinct conclusion is that shipowners, to their detriment, assumed that the demand for tankers would continue to increase as it had consistently done so throughout the century thus far. The overall conclusion is that shipping is a cyclical industry, and that the oversupply of ships produced during the 1970s took its toll toward the end of the century. By 2004 and 2005, however, the industry began to bounce back, offering hope for the future. The book consists of an introductory chapter, seven chapters of analysis, a concluding chapter, select bibliography, and three appendices tabling Norwegian tanker statistics.

Norwegian Shipping and the Crisis of the 1970s and 1980s

Tankers in Trouble

Martin Jes Iversen

Even Lange

The Nordic countries have played a key role in shipping for over a century, but have had to contend with declining employment and loss of markets over the last fifty years. Globalization has led to a series of new challenges and opportunities in the maritime industries - both the rules of the game and the playing field have changed. This book analyzes how shipping companies and authorities in Norway, Denmark, Sweden and Finland have adapted to these changes. It explains why important parts of Nordic shipping failed to respond effectively to the economic integration process, while other parts were able to exploit the global growth opportunities. By linking company strategies to changes in political and institutional frameworks, this book maps out the transformation of an entire industry.

Nordic Experiences After 1960

Global Shipping in Small Nations

Gelina Harlaftis

Jesús Valdaliso

For anyone interested in the growth and development of the world economy, knowledge of the history and mechanisms of shipping provides important insights. The international shipping industry served not only to integrate world markets, it was the international business par excellence and preceded trends that later became visible in many other sectors of economic activity. This book focuses on the history and economics of the global shipping industry and contains contributions from distinguished maritime historians and economists. The essays share an international, comparative and historical view of shipping. They provide an analysis of the overall development of the industry from the mid-nineteenth century to the present day, covering a wide range of topics, such as technological progress, freight rates, the institutions of shipping, the role of the state, port development and maritime businesses. Developments in the shipping industry have had a profound influence on the dynamics of national and international economies. This book helps to understand the essential role of "the world's key industry".

History and Economics of International Shipping

The World's Key Industry

Niels P. Petersson

Nicholas J. White

This book is open access under a CC BY NC ND 4.0 license. This book belongs to the Maritime Business and Economic History strand of the Palgrave Studies in Maritime Economics book series. This volume highlights the contribution of the shipping industry to the transformations in business and society of the postwar era. Shipping was both an example and an engine of globalization and structural change. In turn, the industry experienced and pioneered, mirrored and enabled key developments that led to the present-day globalized economy. Contributions address issues such as the macro-level shift of shippings centre of gravity from Europe to Asia, the political and legal frameworks within which it developed, the strategies and performance of both successful and unsuccessful firms, and the links between the shipping industry and the wider economy and society. Without shipping and its ability to forge connections and networks of a global reach, the modern world would look very different. By bringing together scholars from various disciplinary and national backgrounds, this book advances our understanding of the linkages that bind economies and societies together.

Contexts, Companies, Connections

Shipping and Globalization in the Post-War Era

This book is open access under a CC BY NC ND 4.0 license. This open access book discusses how Norwegian shipping companies played a crucial role in global shipping markets in the 20th century, at times transporting more than ten per cent of world seaborne trade. Chapters explore how Norway managed to remain competitive, despite being a high labour-cost country in an industry with global competition. Among the features that are emphasised are market developments, business strategies and political decisions The Norwegian experience was shaped by the main breaking points in 20th century world history, such as the two world wars, and by long-term trends, such as globalization and liberalization. The shipping companies introduced technological and organizational innovations to build or maintain a competitive advantage in a rapidly changing world. The growing importance of offshore petroleum exploration in the North Sea from the 1970s was both a threat and an opportunity to the shipping companies. By adapting both business strategies and the political regime to the new circumstances, the Norwegian shipping sector managed to maintain a leading position internationally.

Stig Tenold

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