Nobody downloaded yet

Minimising the risk in shipping operation. A Case study comparing two shipping lines (Maersk and NYK) - Essay Example

Comments (0) Cite this document
In reality the marine industry accounts for close to five percent of the world’s entire economy. Better said, without the international shipping industry international trade…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER95% of users find it useful
Minimising the risk in shipping operation. A Case study comparing two shipping lines (Maersk and NYK)
Read TextPreview

Extract of sample "Minimising the risk in shipping operation. A Case study comparing two shipping lines (Maersk and NYK)"

Download file to see previous pages The risk of piracy has continued to dominate the list of shipping risks for most organisations, sometimes superseding other risks in terms of frequency of occurrence, and the intensity of loss or/and liability. As a direct result of piracy, the costs of operating shipping lines have significantly increased. Insurance costs for sea vessels, for example, have continuously soared to greater heights while vessels are required to install certain security features to help reduce the risk of loss resulting from piracy. Owing to the importance assigned to the shipping industry in international trade, and considering the risks it faces, it would only be wise to consider finding ways of mitigating the effects of such risks or altogether eliminating them. This work is dedicated to the analysis of piracy as a main shipping risk and is aimed at coming up with strategies and techniques for combating this specific risk.
According to the International Maritime organisation (IMO), approximately 90 percent of the world’s trade is transported by the international shipping industry. Transportation of bulk raw materials and manufactured goods, and intercontinental trade would practically be impossible without international shipping. Better said, without the international shipping industry, one half of the world would ultimately freeze while the other half would starve.
Under close analysis, ships are high value and sophisticated assets. Merchant ships in their annual operations generate income in excess of 380 billion USD dollars in freight rates alone. In reality, this accounts for about five percent of the world’s entire economy. This percentage no shows how vital the industry contributes to investors, governments, employees, organisations and by extension the global economy. In this sense, it is important for all stakeholders to join forces and ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
(“Minimising the risk in shipping operation. A Case study comparing two Essay”, n.d.)
Minimising the risk in shipping operation. A Case study comparing two Essay. Retrieved from
(Minimising the Risk in Shipping Operation. A Case Study Comparing Two Essay)
Minimising the Risk in Shipping Operation. A Case Study Comparing Two Essay.
“Minimising the Risk in Shipping Operation. A Case Study Comparing Two Essay”, n.d.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Minimising the risk in shipping operation. A Case study comparing two shipping lines (Maersk and NYK)

Shipping Industry assessing their field of specialisations, then evaluate capability gaps, and design trainings for this purpose. This process is done to ensure maximisation on the use of the ageing manpower and to reduce the risk of accidents and disaster caused by human errors. 2. Provide a better incentive package (consultancy fees, etc) to encourage the ageing workforce not to leave the industry but serve as support service unit 3. Create reserve manpower among the existing workforce ready to replace the ageing workers once they graduate or qualify into the support force. Through the IMO, or a consortium of shipping companies, training and skills upgrading of reserve marine officers shall be developed and...
4 Pages(1000 words)Assignment

Minimizing Risks in Shipping Lines

...DISSERTATION PROPOSAL A completed copy of this form must be returned to the GMI Office by Friday 15 May 2009 at the latest in the year of of the Dissertation so that the proposal can be officially approved. PERSONAL DETAILS NAME OF STUDENT: Title of proposed Dissertation (This is a preliminary title only - the wording may need to be amended as the Dissertation research progresses) Minimizing risks in Shipping lines. Subject of research (Please briefly elaborate on the title by defining the main focus of your proposal) The risks in Shipping industry are assessed, evaluated and suitable techniques, methods and tools are studied and new strategies or techniques are suggested that can be implemented... in the...
3 Pages(1212 words)Thesis Proposal

Shipping Strategies in Transportation

...that direct shipping represents the most efficient mode of moving goods (Hanley 2003). But increasingly, this is not the case due to a number of converging factors. First, this has to do with the fact that in order to support traffic on a certain route, ports need to be of certain size. Moreover, with direct shipping, routes and scheduling have become very complex, and that complexity has led to inefficiencies. Ports that are able to create mechanisms to improve efficiency in this environment will gain a greater share of the market. An examination of the shipping volumes at major ports conducted by Hanley (2003) shows that a very significant proportion of the...
6 Pages(1500 words)Essay

Shipping Law

...Shipping Law Case Study: (a) Advise Jordan whether anyone has liability for the damage to his goods. He is concerned that he may not be able to sue anyone, as he was not given a bill of lading in respect of the goods. Shipping documents exists to facilitate international trade. Therefore it is logical to first consider the sales agreement itself. This contract describes the goods to be shipped, it provides for the price to be paid and the method of payment, and either expressly or by implication it provides who bears the risk at each stage of...
12 Pages(3000 words)Essay

Shipping Laws

...on the carriage of Goods by Sea. 1978). The case of the Giannis NK (1994) which throws light on the physical dangers posed by cargo is next taken up for study. It relates to a cargo of groundnuts on board a ship which became swarmed with Khapra beetles, rendering it not only unfit for consumption, but also became a threat to other cargoes also. The ship had to be quarantined which further, delayed its onward voyage. Subsequently, only two options were available for the affected cargo, constituting both groundnuts and also other affected cargoes. Either it had to be jettisoned or it had to be send back to the country of its origin. After consultations,...
14 Pages(3500 words)Essay

Major Container Shipping Lines of Singapore and Port Klang

...Singapore and Port Klang have become in recent years highly competitive, with respect to the container trade, within their region. Explain what is meant by competitive advantage and discuss the nature of competition between regional ports. Using the ports of Singapore and Port Klang as examples evaluate the role of major container shipping lines and how they have influenced competition between these two ports. Advantages and meaning of regional port competition Port competition is self-explanatory, as it is a competition between different ports and the port companies themselves. This is known as intra-port or inter-port competition. This creates competition between multiple division...
7 Pages(1750 words)Research Paper

Assessment Aim: To examine how shipping Company (Maersk) have responded to the slowdown in the global economy since 2008

...-land with entry to Kuwait and Bahrain ( CUDAHY, 2006, 68-79).. Diversification Another area where Maersk has explored was diversification of business area so that they do not dwell on one area thus spreading the risk and reducing impact of the economic meltdown on the event that of one or two of business segment suffer the menace (TENOLD, IVERSEN, & LANGE, 2012, 47-53). This has ensured spread of risk hence on the event of economic slowdown they are not affected much; the area that Maersk they have really invested in as diversification is container terminals, as well as shipping, tanker and ferry transportation, submersible drilling...
4 Pages(1000 words)Essay

Shipping markets

...REPORT COMPARING THE MARKET STRUCTURES OF CRUDE OIL TANKER SHIPPING AND CONTAINER LINER SHIPPING By: Presented Introduction This report provides an informed economic analysis of the market structure of the crude oil tanker shipping and container liner shipping markets, based on current data. A container liner ship assumes specific routes of operation, unlike tramp ships which do not follow specific routes of operation. A crude oil tanker is a merchant ship whose primary function and design is transportation of oil and related, unprocessed products (Dyer, 2013). Analysis of Data In this section, I have applied a time-response model to determine a predictive model for seaborne trade volumes. Apparently, data indicates growing trade... of...
7 Pages(1750 words)Essay

Shipping Modes

...Shipping Modes In addition to upfront shipping costs, consumers need to consider other factors while selecting their shipping mode.The following are the factors to consider 1. Type of products 2. Speed 3. Convenience 4. Capacity 5. Tracking ability Speed is a significant aspect to consider before selecting the shipping mode. The significance of speed comes when the customer enters into mind since they require products at different times. It is relevant that the shipping mode bears the capacity to respond to the needs of the customers on the other end by maintaining the right speeds. Many customers require goods as early as possible thus a business that is...
1 Pages(250 words)Essay

Perishable shipping

...laboratories among others. Documented records of stability data are also required by federal regulations especially when setting up a cold chain management framework. Other records that federal regulations require include geographical information, the loading and shipment time interval, the contingency plans in cases of delays, and the conditions that dictate unanticipated events. These regulations dictate that all contracts should contain provisions in which handling guidelines for every finished and bulky product is incorporated (Viscusi 1993). PoliciesAffecting the Movement of Unsaleable Seafood Products Since shipping costs form a main part of cost to these companies, they will consider whether...
3 Pages(750 words)Research Paper
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Minimising the risk in shipping operation. A Case study comparing two shipping lines (Maersk and NYK) for FREE!

Contact Us