Shipping Economics Development: A Review from the Perspective of
the Shipping Industry Chain for the Past Four Decades

doi:10.1007/s12204-022-2449-y

摘要/Abstract

Abstract: To know the development of shipping economics, it is meaningful to overview shipping economics systemically from the perspective of markets and the shipping industry chain. To stimulate future research, this article presents an introduction to the evolution of research models including static models, dynamic models and networks theory, the characteristics of shipping markets including volatility, seasonal and market cycle, and a comprehensive review of the development of shipping economics in the past four decades. We review shipping economics in the following steps: single market’s research is generalized including the freight market, financial market including FFA market and investment market, shipbuilding market, and secondhand market; two markets’ correlation, information transmission, spillover effects, and other rules in shipping markets are surveyed; the correlation and risk of multi-markets are also investigated. Then, we summarize relationships of the shipping industry chain. Finally, we figure out issues in this field that need further study.

Key words: shipping economics, market characteristics, single market, shipping industry chain

中图分类号:

U 6-9
F 55

. [J]. J Shanghai Jiaotong Univ Sci, 2022, 27(3): 424-436.

XIA Qiliang (夏启亮), CHEN Feier ∗ (陈飞儿). Shipping Economics Development: A Review from the Perspective of the Shipping Industry Chain for the Past Four Decades[J]. J Shanghai Jiaotong Univ Sci, 2022, 27(3): 424-436.

参考文献 123

[1]	STOPFORD M. Maritime economics [M]. 3rd ed. London: Routledge, 2008.
[2]	HEA VER T D. The many facets of maritime economics, in association [J]. Maritime Policy & Management, 1993, 20(2): 121-132.
[3]	JANSSON J O, SHNEERSON D. Liner shipping economics [M]. London: Chapman and Hall, 1987.
[4]	GOSS R O. An early history of maritime economics [J]. International Journal of Maritime Economics, 2002, 4(4): 390-404.
[5]	W O O S H , B A N G H S , M A R T I N S , e t a l . E v o l u t i o n of research themes in Maritime Policy & Management — 1973-2012 [J]. Maritime Policy & Management, 2013, 40(3): 200-225.
[6]	ENGELEN S, MEERSMAN H, DE VOORDE E V. Using system dynamics in maritime economics: An endogenous decision model for shipowners in the dry bulk sector [J]. Maritime Policy & Management, 2006, 33(2): 141-158.
[7]	VEENSTRA A W. The term structure of ocean freight rates [J]. Maritime Policy & Management, 1999, 26(3): 279-293.
[8]	RANDERS J. Wave and oil tankers: Dynamics of the market for oil tankers to the year 2000 [C]//The 1981 System Dynamics Research Conference. N e w Y o r k : System Dynamics Society, 1981: Technical Session B1.
[9]	LYRIDIS D V, ZACHARIOUDAKIS P, MITROU P, et al. Forecasting tanker market using artificial neural networks [J]. Maritime Economics & Logistics, 2004, 6(2): 93-108.
[10]	DINWOODIE J, MORRIS J. Tanker forward freight agreements: The future for freight futures? [J]. Maritime Policy & Management, 2003, 30(1): 45-58.
[11]	CELIK M, C? EBI S, KAHRAMAN C, et al. An integrated fuzzy QFD model proposal on routing of shipping investment decisions in crude oil tanker market [J]. Expert Systems with Applications, 2009, 36(3): 6227-6235.
[12]	TVEDT J. Valuation of VLCCs under income uncertainty [J]. Maritime Policy & Management, 1997, 24(2): 159-174.
[13]	POULAKIDAS A, JOUTZ F. Exploring the link between oil prices and tanker rates [J]. Maritime Policy & Management, 2009, 36(3): 215-233.
[14]	CHEN F E, MIAO Y Q, TIAN K, et al. Multifractal cross-correlations between crude oil and tanker freight rate [J]. Physica A: Statistical Mechanics and Its Applications, 2017, 474: 344-354.
[15]	XU J J, YIP T L, LIU L M. A directional relationship between freight and newbuilding markets: A panel analysis [J]. Maritime Economics & Logistics, 2011, 13(1): 44-60.
[16]	ALIZADEH A H, NOMIKOS N K. Cost of carry, causality and arbitrage between oil futures and tanker freight markets [J]. Transportation Research Part E: Logistics and Transportation Review, 2004, 40(4): 297-316.
[17]	ALEXANDRIDIS G, SAHOO S, VISVIKIS I. Economic information transmissions and liquidity between shipping markets: New evidence from freight derivatives [J]. Transportation Research Part E: Logistics and Transportation Review, 2017, 98: 82-104.
[18]	GLEN D R. The modelling of dry bulk and tanker markets: A survey [J]. Maritime Policy & Management, 2006, 33(5): 431-445.
[19]	BEENSTOCK M, VERGOTTIS A. An econometric model of the world tanker market [J]. Journal of Transport Economics and Policy, 1989, 23(3): 263280.
[20]	SIMS C A. Macroeconomics and reality [J]. Econometrica, 1980, 48(1): 1-48.
[21]	ENGLE R F, GRANGER C W J. Co-integration and error correction: Representation, estimation, and testing [J]. Econometrica, 1987, 55, 251-276.
[22]	SIMS C A, STOCK J H, W ATSON M W. Inference in linear time series models with some unit roots [J]. Econometrica, 1990, 58(1): 113.
[23]	ENGLE R F. Autoregressive conditional heteroscedasticity with estimates of the variance of U.K. inflation [J]. Econometrica, 1982, 50(4): 987-1008.
[24]	BOLLERSLEV T. Generalized autoregressive conditional heteroskedasticity [J]. Journal of Econometrics, 1986, 31(3): 307-327.
[25]	GA VRIILIDIS K, KAMBOUROUDIS D S, TSAKOU K, et al. Volatility forecasting across tanker freight rates: The role of oil price shocks [J]. Transportation Research Part E: Logistics and Transportation Review, 2018, 118: 376-391.
[26]	YANG Y Y, LIU C, SUN X L, et al. Spillover effect of international crude oil market on tanker market [J]. International Journal of Global Energy Issues, 2015, 38(4/5/6): 257.
[27]	TORRENCE C, COMPO G P. A practical guide to wavelet analysis [J]. Bulletin of the American Meteorological Society, 1998, 79(1): 61-78.
[28]	PEPPIN R J. An introduction to random vibrations, spectral and wavelet analysis [J]. Shock and Vibration, 1994, 1: 561605.
[29]	YANG Z Z, JIN L J, W ANG M H. Forecasting Baltic Panamax index with support vector machine [J]. Journal of Transportation Systems Engineering and Information Technology, 2011, 11(3): 50-57.
[30]	BENVENISTE A, NIKOUKHAH R, WILLSKY A S. Multiscale system theory [J]. IEEE Transactions on Circuits and Systems I : Fundamental Theory and Applications, 1994, 41(1): 2-15.
[31]	SUN X L, TANG L, YANG Y Y, et al. Identifying the dynamic relationship between tanker freight rates and oil prices: In the perspective of multiscale relevance [J]. Economic Modelling, 2014, 42: 287-295.
[32]	LIU C, SUN X L, W ANG J, et al. Multiscale information transmission between commodity markets: An EMD-based transfer entropy network [J]. Research in International Business and Finance, 2021, 55: 101318.
[33]	MICHIS A A, NASON G P. Case study: Shipping trend estimation and prediction via multiscale variance stabilisation [J]. Journal of Applied Statistics, 2017, 44(15): 2672-2684.
[34]	YEGNANARAYANA B. Artificial neural networks[M]. New Delhi: PHI Learning Pvt Ltd, 2005
[35]	ZHANG X, XUE T Y, EUGENE STANLEY H. Comparison of econometric models and artificial neural networks algorithms for the prediction of Baltic dry index [J]. IEEE Access, 2019, 7: 1647-1657.
[36]	AN Q E, W ANG L, QU D B, et al. Dependency network of international oil trade before and after oil price drop [J]. Energy, 2018, 165: 1021-1033.
[37]	SCHRAMM H J, MUNIM Z H. Container freight rate forecasting with improved accuracy by integrating soft facts from practitioners[J]. Research in Transportation Business and Management, 2021, 41: 100662.
[38]	DURU O, YOSHIDA S. Judgmental forecasting in the dry bulk shipping business: Statistical vs. judgmental approach [J]. The Asian Journal of Shipping and Logistics, 2009, 25(2): 189-217.
[39]	MUNIM Z H, SCHRAMM H J. Forecasting container shipping freight rates for the Far East–Northern Europe trade lane [J]. Maritime Economics & Logistics, 2017, 19(1): 106-125.
[40]	HAN Q Q, YAN B, NING G B, et al. Forecasting dry bulk freight index with improved SVM [J]. Mathematical Problems in Engineering, 2014, 2014: 460684.
[41]	WU C Y, CHOU H C, LIU C L. Fear index and freight rates in dry-bulk shipping markets [J]. Applied Economics, 2021, 53(11): 1235-1248.
[42]	BATCHELOR R, ALIZADEH A, VISVIKIS I. Forecasting spot and forward prices in the international freight market [J]. International Journal of Forecasting, 2007, 23(1): 101-114.
[43]	KA VUSSANOS M G, NOMIKOS N K. Price discovery, causality and forecasting in the freight futures market [J]. Review of Derivatives Research, 2003, 6(3): 203-230.
[44]	KA VUSSANOS M G, VISVIKIS I D. Market interactions in returns and volatilities between spot and forward shipping freight markets [J]. Journal of Banking & Finance, 2004, 28(8): 2015-2049.
[45]	ZHANG J, ZENG Q C. Modelling the volatility of the tanker freight market based on improved empirical mode decomposition [J]. Applied Economics, 2017, 49(17): 1655-1667.
[46]	PROKOPCZUK M. Pricing and hedging in the freight futures market [J]. Journal of Futures Markets, 2011, 31(5): 440-464.
[47]	NOMIKOS N K, KYRIAKOU I, PAPAPOSTOLOU N C, et al. Freight options: Price modelling and empirical analysis [J]. Transportation Research Part E: Logistics and Transportation Review, 2013, 51: 8294.
[48]	BENTH F E, KOEKEBAKKER S. Stochastic modeling of Supramax spot and forward freight rates [J]. Maritime Economics & Logistics, 2016, 18(4): 391413.
[49]	KOEKEBAKKER S, OS ?ADLAND R. Modelling forward freight rate dynamics—empirical evidence from time charter rates[J]. Maritime Policy & Management, 2004, 31(4): 319-335.
[50]	ALIZADEH A H, HUANG C Y, V AN DELLEN S. A regime switching approach for hedging tanker shipping freight rates [J]. Energy Economics, 2015, 49: 44-59.
[51]	BYRKJELAND M N, ERIKSEN T M. Can you hedge dry bulk stock prices using forward freight agreements? A study of risk management in the dry bulk shipping stock market [D]. Bergen: Norwegian School of Economics, 2019.
[52]	BAIRD A J. The economics of container transhipment in Northern Europe [J]. International Journal of Maritime Economics, 2002, 4(3): 249-280.
[53]	GREENWOOD R, HANSON S G. Waves in ship prices and investment [J]. The Quarterly Journal of Economics, 2015, 130(1): 55-109.
[54]	BESSLER W, DROBETZ W, SEIDEL J. Ship funds as a new asset class: An empirical analysis of the relationship between spot and forward prices in freight markets [J]. Journal of Asset Management, 2008, 9(2): 102-120.
[55]	GOULIELMOS A M, PSIFIA M. Shipping finance: Time to follow a new track? [J]. Maritime Policy & Management, 2006, 33(3): 301-320.
[56]	ALIZADEH A H, NOMIKOS N K. Trading strategies in the market for tankers [J]. Maritime Policy & Management, 2006, 33(2): 119-140.
[57]	KYRIAKOU I, POULIASIS P K, PAPAPOSTOLOU N C, et al. Income uncertainty and the decision to invest in bulk shipping [J]. European Financial Management, 2018, 24(3): 387-417.
[58]	ROUSOS E P, LEE B S. Multicriteria analysis in shipping investment evaluation [J]. Maritime Policy & Management, 2012, 39(4): 423-442.
[59]	POULIASIS P K, PAPAPOSTOLOU N C, KYRIAKOU I, et al. Shipping equity risk behavior and portfolio management [J]. Transportation Research Part A: Policy and Practice, 2018, 116: 178-200.
[60]	YIN J B, WU Y J, LU L J. Assessment of investment decision in the dry bulk shipping market based on real options thinking and the shipping cycle perspective [J]. Maritime Policy & Management, 2019, 46(3): 330-343.
[61]	SYRIOPOULOS T, BAKOS G. Investor herding behaviour in globally listed shipping stocks [J]. Maritime Policy & Management, 2019, 46(5): 545-564.
[62]	PAPAPOSTOLOU N C, NOMIKOS N K, POULIASIS P K, et al. Investor sentiment for real assets: The case of dry bulk shipping market [J]. Review of Finance, 2014, 18(4): 1507-1539.
[63]	HALE C, V ANAGS A. The market for second-hand ships: Some results on efficiency using cointegration [J]. Maritime Policy & Management, 1992, 19(1): 3139.
[64]	TSOLAKIS S D, CRIDLAND C, HARALAMBIDES H E. Econometric modelling of second-hand ship prices [J]. Maritime Economics & Logistics, 2003, 5(4): 347-377.
[65]	ADLAND R, JIA H Y. Shipping market integration: The case of sticky newbuilding prices [J]. Maritime Economics & Logistics, 2015, 17(4): 389-398.
[66]	RAJU T B, SENGAR V S, JAYARAJ R, et al. Study of volatility of new ship building prices in LNG shipping [J]. International Journal of e-Navigation and Maritime Economy, 2016, 5: 61-73.
[67]	SYRIOPOULOS T, ROUMPIS E. Price and volume dynamics in second-hand dry bulk and tanker shipping markets [J]. Maritime Policy & Management, 2006, 33(5): 497-518.
[68]	ADLAND R, KOEKEBAKKER S. Ship valuation using cross-sectional sales data: A multivariate nonparametric approach [J]. Maritime Economics & Logistics, 2007, 9(2): 105-118.
[69]	EV ANS J J. An analysis of efficiency of the bulk shipping markets [J]. Maritime Policy & Management, 1994, 21(4): 311-329.
[70]	ANGELIDIS T, SKIADOPOULOS G. Measuring the market risk of freight rates: A value-at-risk approach [J]. International Journal of Theoretical and Applied Finance, 2008, 11(5): 447-469.
[71]	KALOUPTSIDI M. Time to build and fluctuations in bulk shipping [J]. American Economic Review, 2014, 104(2): 564-608.
[72]	W ANG J H, LU J, WEI F, et al. Risk evaluation on extreme volatilities of dry bulk ocean freight market [C]//International Forum on Shipping, Ports and Airports (IFSPA 2008 )-Trade-Based Global Supply Chain and Transport Logistics Hubs: Trends and Future Development. Hong Kong: IFSPA, 2008: 517537.
[73]	DURU O. A multivariate model of fuzzy integrated logical forecasting method (M-FILF) and multiplicative time series clustering: A model of time-varying volatility for dry cargo freight market [J]. Expert Systems with Applications, 2012, 39(4): 4135-4142.
[74]	ZENG Q C, QU C R. An approach for Baltic Dry Index analysis based on empirical mode decomposition [J]. Maritime Policy & Management, 2014, 41(3): 224-240.
[75]	DAI S Y, ZENG Y D, CHEN F E. The scaling behavior of bulk freight rate volatility [J]. International Journal of Transport Economics, 2016, 43(1/2): 85104.
[76]	CHEN Y S, W ANG S T. The empirical evidence of the leverage effect on volatility in international bulk shipping market [J]. Maritime Policy & Management, 2004, 31(2): 109-124.
[77]	LUO M F, F AN L X, LIU L M. An econometric analysis for container shipping market [J]. Maritime Policy & Management, 2009, 36(6): 507-523.
[78]	THEODOSSIOU P, TSOUKNIDIS D, SA VV A C. Freight rates in downside and upside markets: Pricing of own and spillover risks from other shipping segments [J]. J o u r n a l o f t h e R o y a l S t a t i s t i c a l S o c i e t y: Series A (Statistics in Society), 2020, 183(3): 10971119.
[79]	JING L, MARLOW P B, HUI W. An analysis of freight rate volatility in dry bulk shipping markets [J]. Maritime Policy & Management, 2008, 35(3): 237251.
[80]	DIKOS G, MARCUS H S, PAPADATOS M P, et al. Niver lines: A system-dynamics approach to tanker freight modeling [J]. Interfaces, 2006, 36(4): 326-341.
[81]	KA VUSSANOS M G, ALIZADEH-M A H. Seasonality patterns in dry bulk shipping spot and time charter freight rates [J]. Transportation Research Part E: Logistics and Transportation Review, 2001, 37(6): 443-467.
[82]	KA VUSSANOS M G, ALIZADEH-M A H. Seasonality patterns in tanker spot freight rate markets [J]. Economic Modelling, 2002, 19(5): 747-782.
[83]	TVEDT J. A new perspective on price dynamics of the dry bulk market [J]. Maritime Policy & Management, Taylor & Francis Journals, 2003, 30(3): 221230.
[84]	A D L A N D R , J I A H Y , L U J . P r i c e d y n a m i c s i n t h e market for Liquid Petroleum Gas transport [J]. Energy Economics, 2008, 30(3): 818-828.
[85]	KO B W. A mixed-regime model for dry bulk freight market [J]. The Asian Journal of Shipping and Logistics, 2010, 26(2): 185-204.
[86]	ABOUARGHOUB W, MARISCAL I, MARISCAL F, et al. Dynamic earnings within tanker markets: An investigation of exogenous and endogenous structure breaks [J]. American International Journal of Contemporary Research, 2012, 2(1): 132-147.
[87]	MERIKAS A G, MERIKAS A A, POLEMIS D, et al. The economics of concentration in shipping: Consequences for the VLCC tanker sector [J]. Maritime Economics & Logistics, 2014, 16(1): 92-110.
[88]	DAI L, HU H, CHEN F E, et al. The dynamics between newbuilding ship price volatility and freight volatility in dry bulk shipping market [J]. International Journal of Shipping and Transport Logistics, 2015, 7(4): 393.
[89]	POBLACION J. The stochastic seasonal behavior of freight rate dynamics [J]. Maritime Economics & Logistics, 2015, 17(2): 142-162.
[90]	F AN L, ZHANG S, YIN J. Structural analysis of shipping fleet capacity [J]. Journal of Advanced Transportation, 2018, 2018: 3854090.
[91]	REGLI F, NOMIKOS N K. The eye in the sky: Freight rate effects of tanker supply [J]. Transportation Research Part E: Logistics and Transportation Review, 2019, 125: 402-424.
[92]	HAYASHI K. Stationarity of spot freight rates considering supply/demand effect [J]. Journal of Shipping and Trade, 2020, 5(1): 1-9.
[93]	YIN J B, SHI J H. Seasonality patterns in the container shipping freight rate market [J]. Maritime Policy & Management, 2018, 45(2): 159-173.
[94]	SCARSI R. The bulk shipping business: Market cycles and shipowners’ biases [J]. Maritime Policy & Management, 2007, 34(6): 577-590.
[95]	RANDERS J, G ?LUKE U. Forecasting turning points in shipping freight rates: Lessons from 30 years of practical effort [J]. System Dynamics Review, 2007, 23(2/3): 253-284.
[96]	JEON J W, DURU O, YEO G T. Modelling cyclic container freight index using system dynamics [J]. Maritime Policy & Management, 2020, 47(3): 287303.
[97]	CHISTè C, V AN VUUREN G. Investigating the cyclical behaviour of the dry bulk shipping market [J]. Maritime Policy & Management, 2014, 41(1): 119.
[98]	CHEN J H, XUE K, SONG L, et al. Periodicity of world crude oil maritime transportation: Case analysis of Aframax Tanker market [J].Energy Strategy Reviews, 2019, 25: 47-55.
[99]	BERG-ANDREASSEN J A. The relationship between period and spot rates in international maritime markets [J]. Maritime Policy & Management, 1997, 24(4): 335-350.
[100]	GLEN D, OWEN M, V AN DER MEER R. Spot and time charter rates for tankers, 1970-77 [J]. Journal of Transport Economics and Policy, 1981, 15(1): 45-58.
[101]	BEENSTOCK M, VERGOTTIS A. The interdependence between the dry cargo and tanker markets [J]. Logistics and Transportation Review, 1993, 29(1): 338.
[102]	GLEN D R. The market for second-hand ships: Further results on efficiency using cointegration analysis [J]. Maritime Policy & Management, 1997, 24(3): 245-260.
[103]	HSIAO Y J, CHOU H C, WU C C. Return leadlag and volatility transmission in shipping freight markets [J]. Maritime Policy & Management, 2014, 41(7): 697-714.
[104]	XU J J, YIP T L, LIU L. Dynamic interrelationships between sea freight and shipbuilding markets [C]//International Forum on Shipping, Ports and Airports (IFSPA 2008 )-Trade-Based Global Supply Chain and Transport Logistics Hubs: Trends and Future Development. Hong Kong: IFSPA, 2008: 480494.
[105]	DAI L, HU H, ZHANG D. An empirical analysis of freight rate and vessel price volatility transmission in global dry bulk shipping market [J]. Journal of Traffic and Transportation Engineering (English Edition), 2015, 2(5): 353-361.
[106]	RONEN D. The effect of oil price on containership speed and fleet size [J]. Journal of the Operational Research Society, 2011, 62(1): 211-216.
[107]	RONEN D. The effect of oil price on the optimal speed of ships [J]. Journal of the Operational Research Society, 1982, 33(11): 1035-1040.
[108]	SHI W M, YANG Z Z, LI K X. The impact of crude oil price on the tanker market [J]. Maritime Policy & Management, 2013, 40(4): 309-322.
[109]	ZHANG Y. Investigating dependencies among oil price and tanker market variables by copula-based multivariate models [J]. Energy, 2018, 161: 435-446.
[110]	KA VUSSANOS M, VISVIKIS I, DIMITRAKOPOULOS D. Information linkages between Panamax freight derivatives and commodity derivatives markets [J]. Maritime Economics & Logistics, 2010, 12(1): 91-110.
[111]	KA VUSSANOS M G, VISVIKIS I D, DIMITRAKOPOULOS D N. Economic spillovers between related derivatives markets: The case of commodity and freight markets [J]. Transportation Research Part E: Logistics and Transportation Review, 2014, 68: 79102.
[112]	AC? I K A , B A S?ER S ?. Impact of commodity price on freight market considering the 2008 crisis: An investigation of iron ore price and capesize shipping rates [J]. Journal of Maritime Transport and Logistics, 2021, 2(2): 62-71.
[113]	AC? I K A , B A S E R S ?. Asymmetric causality from commodity prices to shipping markets: An empirical research on ISTFIX region [J]. World Review of Intermodal Transportation Research, 2020, 9(1): 47.
[114]	MELAS K D, MICHAIL N A. The relationship between commodity prices and freight rates in the dry bulk shipping segment: A threshold regression approach [J]. Maritime Transport Research, 2021, 2: 100025.
[115]	MICHAIL N A, MELAS K D. Market interactions between agricultural commodities and the dry bulk shipping market [J]. The Asian Journal of Shipping and Logistics, 2021, 37(1): 73-81.
[116]	ALIZADEH A H, MURADOGLU G. Stock market efficiency and international shipping-market information [J]. Journal of International Financial Markets, Institutions and Money, 2014, 33: 445-461.
[117]	GONG Y T, LI K X, CHEN S L, et al. Contagion risk between the shipping freight and stock markets: Evidence from the recent US-China trade war [J]. Transportation Research Part E: Logistics and Transportation Review, 2020, 136: 101900.
[118]	DROBETZ W, GA VRIILIDIS K, KROKIDA S I, et al. The effects of geopolitical risk and economic policy uncertainty on dry bulk shipping freight rates [J]. Applied Economics, 2021, 53(19): 2218-2229.
[119]	ADLAND R, JIA H Y, STRANDENES S. Asset bubbles in shipping? An analysis of recent history in the drybulk market [J]. Maritime Economics & Logistics, 2006, 8(3): 223-233.
[120]	LUN Y H V , Q U A D D U S M A . A n e m p i r i c a l m o d e l o f the bulk shipping market [J]. International Journal of Shipping and Transport Logistics, 2009, 1(1): 37-54.
[121]	MICHAIL N A, MELAS K D. Quantifying the relationship between seaborne trade and shipping freight rates: A Bayesian vector autoregressive approach [J]. Maritime Transport Research, 2020, 1: 100001.
[122]	SUN X L, HARALAMBIDES H, LIU H L. Dynamic spillover effects among derivative markets in tanker shipping [J]. Transportation Research Part E: Logistics and Transportation Review, 2019, 122: 384-409.
[123]	MARSHALL A. Principles of economics: Unabridged eighth edition [M]. New York: Cosimo, Inc, 2009.

Shipping Economics Development: A Review from the Perspective of the Shipping Industry Chain for the Past Four Decades

PDF (PC)

可视化

摘要/Abstract

引用本文

使用本文

参考文献 123

相关文章 0

编辑推荐

Metrics

本文评价