Professional Documents
Culture Documents
E j00084
E j00084
ISBN: 978-960-337-080-2
Copyright 2008
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1996 73,3 75,1 68,5 81,3 77,2 67 67,3 71,6 90,3
1997 79,4 81 78,5 86 84 73,9 73,9 78,5 86,6
1998 86 88,8 87,2 92,8 81,1 79,1 82,1 86,6 91,9
1999 90,2 89,5 92,2 95,9 89 86,4 89,7 90,6 99,9
2000 100 100 100 100 100 100 100 100 100
2001 107,9 109,6 108,1 108,1 106,8 106,1 104,4 105,4 101,1
2002 117,8 122,5 120,3 114,8 116,1 113,5 110 115,1 105
2003 127,1 137,88 131 120,9 127,2 116,8 114,5 127,4 109,1
2004 135 149,4 140,1 127,4 135,3 122,7 119,3 137 112,1
2005 143 158,8 146,9 131,5 144,1 129,9 125,6 145 113,3
2006 158,5 182,1 176,1 138,5 149,3 134,2 147,7 152 116,3
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2000-06 2005 2006 2000-06 2005 2006
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(United Nations Review of Maritime
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, 2.1.1, -
, , 1970-2006. 2.1.2
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25
2.1.1
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( )
( )
1970 1442 1124 448 2566
1980 1871 1833 796 3704
1990 1755 2253 968 4008
2000 2163 3821 1288 5983
2006 2674 4742 1828 7416
: UNCTAD1
2.1.2
2006, .
7415.5 1990.8 683.0 4741.7 7460.4 1940.9 683.5 4836.0
2683.1 100.0 187.3 2395.8 4323.0 1207.4 349.6 2766.0
202.6 108.4 43.3 50.9 50.2 4.3 2.8 43.1
4529.6 782.4 452.4 2294.8 3087.2 729.2 331.1 2026.9
791.7 477.4 53.1 261.2 305.9 54.5 33.5 217.9
1052.5 284.0 102.1 666.4 311.6 71.3 52.4 187.9
2678.8 1016.7 297.1 1365.0 2457.4 603.4 238.7 1615.3
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%
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36.2 5.0 27.4 50.5 57.9 62.2 51.1 57.2
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61.1 89.5 66.2 48.4 41.4 37.6 48.4 41.9
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: UNCTAD.
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1964, (UNCTAD), -
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26
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1970 2006
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28
>1.000 GT
1.000dwt 1.200.000
1.000.000
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15,668
14,480
600.000
13,840
13,342
400.000
(dwt)
13,305
200.000 13,039
12,916 12,707
12,905 12,646 12,462
(dwt)
0
2002 2003 2004 2005 2006 2007
:
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. 2.2.
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( 1 2007 dwt ).
250
225
200
175
150
125
100
75
50
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1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006
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32,0
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28,0
26,0
24,0
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: UNCTAD
. 2.3.
(dwt)
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1
(ton-miles):
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Bulk Carriers (double-
hull),
5.000 dwt (MARPOL 73/78) (. 2.4).
31
. 2.4. . 2.4.
(Bulk Sugar Carrier). (Bulk Cement Carrier).
. 2.4. . 2.4.
(Bulk Salt Carrier). (Bulk Bauxite Carrier).
. 2.4.
(Double-hull).
32
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(Bunkering Tanker). (Wine Tanker).
33
. 2.4. . 2.4.
(L.N.G. Carrier). (L.P.G. Carrier).
. 2.4. . 2.4.
(Container Ship). (Vehicle Carrier).
. 2.4. . 2.4.
(Fish Carrier). (Refrigerated Vessel).
34
. 2.4. . 2.4.
roll-on, (
roll-off (Ro-Ro Ships). Lift-on, Lift-off (Lo-Lo Ships).
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35
off, , , -
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. 2.4. . 2.4.
,
(ulk/il Carrier). (Ore/Bulk/Oil).
36
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(Ore/Coal Carrier). (Passenger/Container).
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, ,
, (Passenger/Cargo). (Train/Vehicle Ferry).
37
. 2.4. . 2.4.
(Pipe Laying Barge). (Cable Laying Vessel).
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(Repair Ship). (Icebreaker).
. 2.4. . 2.4.
(Salvage Vessel). (Antipollution Vessel).
. 2.4. . 2.4.
(Pipe Carrier). (Oceanographic Vessel).
38
. 2.4. . 2.4.
- (Tug/Fire Float). - (Drilling Vessel).
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Calcutta, : houamshar, : Noumea, Pagoumene.
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(, ).
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2006),
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2.6.7 : , , -
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(booking note), .
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(. 178).
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1, (names of consignee & shipper),
(loading & unloading ports), ,
2,
(number of bill of ladings),
3 (terms & conditions of the carriage of goods).
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4 .
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Protection & Idemnity Clubs .
2
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47
,
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2.6) (letter of indemnity), -
. 2.6.
.
INT GROUP A
STANDARD FORM LETTER OF INDEMNITY TO BE GIVEN IN RETURN FOR DELIVERING CARGO WITHOUT PRODUCTION
OF THE ORIGINAL BILL OF LADING
48
5. As soon as all original bills of lading for the above cargo shall have come into our possession, to deliver the
same to you, or otherwise to cause all original bills of lading to be delivered to you, whereupon our liability
hereunder shall cease.
6. The liability of each and every person under this indemnity shall be joint and several and shall not be
conditional upon your proceeding first against any person, whether or not such person is party to or liable
under this indemnity.
7. This indemnity shall be governed by and construed in accordance with English law and each and every person
liable under this indemnity shall at your request submit to the jurisdiction of the High Court of Justice of
England.
Yours faithfully
For and on behalf of
[insert name of Requestor]
The Requestor
: www.skuld.com
.
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, .
2.7 (tankers).
2.7.1 .
, , ,
, ( ),
. ,
, L.N.G. (
), L.P.G. ( ) Chemicals,
, , ,
...
,
. , -
, .
Ultra Large Crude Carriers (ULCC), 320.000 dwt,
Handys, 50.000 dwt
, Product Carriers.
, Panamax, 60.000 dwt 80.000
dwt ,
.
, . -
, , , ,
...
50
, . -
,
.
12.000 , ... 6.000 -
, 5.000 1.
-
, -
, -
. , ,
.
, -
.
2.7.2 .
, -
. ,
,
. , -
,
.
, -
1954 FRA (Average Freight Rate Assessment),
.
dwt
General Purpose (GP) 10.00024.999 dwt
Medium Range (MR) 25.00044.999 dwt
Large Range 1 (LR-1) 45.00079.999 dwt
Large Range 2 (LR-2) 80.000159.999 dwt
Very Large Crude Carrier* (VLCC) 160.000319.999 dwt
Ultra Large Crude Carrier** (ULCC) 320.000549.999 dwt
* , .
** , .
, , -
, ,
. Panamax,
, Post Panamax,
1
BP ,
2007.
51
, Aframax,
AFRA Suezma,
. -
.
dwt
Product Tanker 10.00060.000 dwt
Panamax 60.00080.000 dwt
Post Panamax 75.00090.000
Aframax 80.000120.000 dwt
Suezmax 120.000200.000 dwt
VLCC 200.000315.000 dwt
ULCC 315.000550.000 dwt
, -
. 1970 1979,
332 . dwt , 1980 1989,
27,8 % , 239 . dwt. ,
13,89 % 1995, 2000,
, 293,2 . dwt.
2.7.3 .
,
, ,
.
, -
,
. , -
,
. ,
, , -
O.P.A. 901, ,
, .
,
, .
,
, , -
.
, -
1
1990, ..., -
, O.P.A. 90 (Oil Pollution Act). ,
. .
52
, , ,
,
. , -
.
2.8 .
2.8.1 .
,
. -
, .
,
,
.
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.
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.
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.
53
-
, , -
, ... .
,
.
, , -
,
, .
, . ,
Messageries Maritime
.
,
.
,
. , ,
/ , 1907,
. , -
, ,
,
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, ,
. , 24
, Reppen,
. 1923,
(Svenska Orient Linen),
.
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, , ,
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, .
, -
, . ,
- , . -
,
.
70,
. ,
, 1974, -
.
, ..., 1945,
.
, , . , .
.
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, . ,
54
,
. , , ,
.
,
, .
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.
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.
, -
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3.1 .
, ,
, .
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,
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.
, .., -
,
.
.. . ..,
, . ,
,
, , .
(Management Companies) -
.
, , , .... -
,
... ,
56
, : ,
, ,
, ,
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, .., ,
, , -
.
, -
, -
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,
.
.
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. 3.1.
.
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3.2 .. .
..,
,
, .
,
. ,
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, -
, . ,
,
57
. .. -
,
.
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, :
) (Chartering Department).
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,
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.
-
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.
.
-
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) .
,
, (stores).
,
-
.
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, .., ,
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,
.
58
) .
, , -
, ...
, , -
.
. ..,
, ,
.
, ,
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, ,
-
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. -
(dry docking), (special
surveys), .
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, .. :
.
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.
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.
.
. -
(Hull & Machinery),
(Protection and Indemnity Club)
(War Risk).
, (claims) .
-
,
59
, , , -
,
.
.
, ,
.., -
, .
,
...
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, -
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.
-
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.
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.
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, , -
.
.
, , : Marketing,
,
.., . , -
,
60
& TMHMA
MARKETING
TMHMA
. 3.3.
.
, , ,
. , ,
,
, .
3.4 ...
(. 2.6.6), ..
,
, .
, ..
,
, .
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, .
, -
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-
, -
.
1
. . , . & , 2003.
61
, ,
.
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,
UNCTAD.
..,
, . -
,
,
. , , -
, . .. , -
1.
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.
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,
,
, (management),
, -
.
3.5 ...
(, , , ..),
...
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,
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,
2.
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().
()
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.
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) .
-
, 3.
-
1
, (
. . 5.5).
2
/ , . 2, . 55-56.
3
/ , . 2, . 56-57.
62
. , ,
.
1.
) (....).
( ).
.... :
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.
.
.
.
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959/79, ..
,
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.
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1
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2
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3
, , . , . 12-16.
4.1 .
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4.1.1 .
,
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64
)
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:
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) (-
).
) (..
).
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-
65
, . ,
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.
4.2 .
,
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4.3 .
, -
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66
, . ,
,
.
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-
.
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, (scrap).
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.
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67
4.4 .
4.4.1 .
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68
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) .
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:
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.
69
:
,
(liquefied natural gas) (liquefied petroleum gas). -
.
: , -
, .
,
, -
. ,
, .
: ,
. ,
,
.
) .
. -
.
, :
:
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. :
Capesize, 120.000 dwt, -
, ,
. Capesize -
.
Panamax, 80.000
dwt
. , -
. ,
, -
,
, cross trading.
, Handysize,
50.000 dwt.
: ,
,
. , ,
, -
.
,
, ,
. ,
( 33%).
, . ,
:
Ultra Large Crude Carriers ULCC, ,
500.000 dwt.
70
4.6 .
, :
) ,
.
) ,
71
,
.
) , ,
.
) - ,
.
,
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.
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72
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.
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73
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.
(515 )
( 50 ) (.
4.8):
) .
) .
)
) .
,
, , -
. , ,
,
, . 4.8 ,
1947-1995.
. 4.8.
.
74
120
7 8 9 10 11 12
1945-51 1951-57 1957-66 1966-75 1975-88 1989-96
100
80
60
40
20
1951 1982 1990 1992
1973
1956-7 Yom
1967 - -
K Kippur
0
1947 1950 1953 1956 1959 1962 1965 1968 1971 1974 1977 1980 1983 1986 1989 1992 1995
. 4.8.
1947-1995.
5.1 .
H .. -
, .
. ,
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,
.
-
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.
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76
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50 . , ,
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77
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5.3.1 .
, , .
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)
.
.
5.3.2 .
.
78
(q) ,
. , ,
.
1:
) ().
-
. ,
: () -
().
:
() = () + ()
) () ().
.
() ().
:
() = () + ()
: () = ()/q
) ().
,
. :
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5.3 [ (), -
(), ()]
.
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.
5.3 :
() ()
, .
() ,
() . ()
, .
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1
. , , . . , 2001, . 102-106.
79
. 5.3.
.
.
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,
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5.3.
() -
, .
5.3 :
) 1 1, -
1.
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2, 1
, 2.
)
, 1.
) 2. -
2 . 3, -
1, 4.
, , ,
80
1
2
1
3
0 1 2 3
. 5.3.
.
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1, 2 2.
-
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3.
.
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.
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.
5.3.3 .
,
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:
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81
-
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,
specific1, . -
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),
specific (..
).
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-
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1
specific , -
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82
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5.5 .
,
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.
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.
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.
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.
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.
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...
,
, , .
..,
..,
(scope). ,
-
.
(density).
hub-and-spoke .
.
,
, .
.. ,
83
. .
5.6 .
, , -
: , ,
, , -
, .
, -
,
. ..
, ,
.
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, .
5.6.1 .
,
. , ..,
, . , ..
:
) : , , -
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(, , , ), -
, , , .
) -
(staff costs), , ...
) (hull machinery, pand 1, ).
) (maintenance and repairs program).
) .
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.
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), ,
.
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) .
.
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84
5.6.2 .
, ,
.
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).
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.
, .
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365
. , -
.
-
. -
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, 6%
15
, :
) -
. (initial cost) 30 . $
(running cost) 30 . $, :
6% ,
30 . $ 6% = 1.8 . $ 5 = 9 . $
: = 30 . $ 9 . $ = 21 . $.
) 15 27 . $
3 . $.
..
, (), -
. ,
.
, ,
.
: ,
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( ).
5.6.3 .
..
[ . 5.3.2()].
85
5.7 .
.. :
) , .
) , .
) ,
...
) , .. ,
) , .. .
5.7.1 (manning cost).
25% 50%
:
) (crew policy),
.
40% -
,
, ,
-
.
) (safe manning). -
, -
,
.
, -
(regular wages), (over time), -
, , -
, (long service payment,
7 ), (extras)
, .. -
, , ... ,
, -
( 3,75 ),
.
:
(),
(), (),
, -
,
() ().
-
.
.
5.7.2 .
(cost of fuel oil for main engine),
86
.
/ .
, ' ,
.
-
:
) (special survey of hull) .
) (special survey of machinery
and electrical equipment) .
) , (dry docking survey), 2,5
.
) (tail shaft inspection) , (boiler
survey) .
,
,
. ,
.
,
.
5.7.4 .
20% 40% .
-
(Hull & Machinery insurance),
, , , , , -
,
. 3/4
,
.
-
,
, .
.
,
. -
, ,
. , ,
,
. -
, -
.
. (freight
insurance premiums) . -
(loss of higher insurance premiums)
(time charter) -
. , :
) .
) .
88
) .
) .
)
) .
P & I Clubs (Protection & Indemnity Associations) , -
.
(advance calls) , -
( . P & I Clubs)
.
(additional calls). -
,
P & I Clubs, . P & I Clubs ,
.
:
) .
) .
) , .
) 1/4
.
) .
) , , -
.
) .
) ,
) .
5.7.5 .
(voyage estimation) -
.
.. ,
.
BIMCO (Baltic and International Maritime Council), -
.
:
) (port dues) -
, ,
.
) (pilot fees), -
,
.
, ,
.
-
.
,
89
(pilot ship).
,
,
.
) (dockage) -
.
) (mooring, unmooring, shifting),
-
.
) (tug fees),
.
,
.
) , (canal dues).
. -
.
(SCNT Suez Canal Net Tonnage)
, (SDRs) ,
,
.
SDR/SCNT (Suez Dolar Rates/Suez
Canal Net Tonns).
USD /PCNT (Panama Canal Net Ton). -
,
.
) (agency fees), -
, A, , ,
, , , ,
...
5.7.6 .
, .. (loading), (discharging), (stowage),
(trimming), (lashing), (unlashing)
, ... , ,
, (cost for
preparation for holds), (cargo claims),
...
1:
CHCvs = Lvs + Dvs + Cvs + Ovs
:
CHC (cargo handling cost).
L (cargo loading cost).
C (cargo claims).
1
. , . , . , , . 2002, . 114.
90
-
-
TOKOI
MARKETING
, -
. ,
.
6.1 .
, , -
, .
-
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92
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6.2.1 .
,
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. ..,
,
,
.
,
. -
, -
. , ,
, ,
, -
,
.
,
93
, -
, 40/40/20
, UNCTAD, 1964,
1983. , antitrust ...
,
, ,
, .
6.2.2 .
(unitization) -
(containerization),
(containerships)
, -
.
, .., -
,
trusts. , ..
,
, .
,
, ,
. ,
(tweendeckers).
.. , , -
.
, -
, -
.
, .
, ,
.
6.3 .
, ,
.
,
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, . -
,
, .
, ,
,
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6.4 .
, -
.
94
, -
.
,
,
.
, , .
, ( -
) ,
, ... , -
.
7.
7.1 .
-
, (...).
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.
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( ),
.
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.
, .
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,
.
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.
, .
, ,
, ,
, .
, ,
96
..., , -
, ... .
, , ,
, 14,1% , -
1.455 ,
..., . ,
,
, .
7.2 .
,
, 70% .E.,
. 2006, , 110
. ,
3.153 , 167,2 . dwt.
20% .
15,5% -
dwt, 21,7%
20,4% -
.
90% .
, ,
, ..,
,
.. . , -
. ..,
25.000
. ,
.. , 25%
.
. 7.2
,
, 1995-2001.
. ,
.
.
, 2005
13,3 , -
, 250.000
.
-
, . ,
, ,
. , ,
. , ,
97
1995
29.434.695
2001
1996 28.687.240
27.507.109
2000
26.401.716
1997
25.288.452 1998
25.224.543 1999
24.833.280
. 7.2.
( . dwt) 1995 2001.
,
.
,
. -
.
-
95%
(cross-trade).
, , -
.
,
.
, -
, -
.
54%, 31%
.
,
,
2006 14,32 . , -
,
, ,
.
, ... -
. ,
2007, 17 ,
7,6 ..., -
.
, ..
, .
98
, , -
5% .
,
... , .
, . -
, .
, .. , -
,
.
, -
. ,
, ,
, , 16%
.
, -
, -
, , ,
, . ,
,
.
,
,
, -
, ,
.
8.
8.1 .
.
.
.
,
, ,
-
, .
, -
:
) , -
. ..
.
) ,
. .. .
) , -
.
.
.
,
, .
:
) .
)
, .
, .
) . ,
, .
,
.
) , -
.
-
..
100
8.2 .
, -
.
, ,
, ...
,
. -
, , , ,
... 70%
.
-
. , -
. cabotage.
.
, .
, -
, .
:
) .
) .
, -
,
. ,
.
(.
)
. .. -
, .. . ,
,
40% .
.
, . -
, ,
...
, ,
1998 5.000 . 1998,
. , cabotage
,
.
. 2007
4-1, 5-1
6-1, .
. -
.
101
.
, ...
, , -
.
8.3 .
, , .
8.3.1 .
.., .
.
. ..
. , ,
.
Leadership 2015.
2002 . -
.
.. -
.
, ,
.
8.3.2 .
,
. -
:
) .
) .
) .
) .
) .
) .
) .
8.3.3 .
. ,
-
.. .
:
)
.
) -
( ), -
.
) .
102
) .
8.4 .
..
. -
.
,
.
.
, -
. [ -
(embarkment) (disembarkment)]
. .
,
.
,
.
,
, .
, ,
, , ..,
.
8.5 .
8.5.1 .
,
.
, ,
. .
-
.
.
.
,
, .
.
,
.
-
.
.
. ,
103
, .
. , , ..
.
.
.
, , ,
.., -
.
.
..
... ,
.
.., , ,
.
.
. -
.
.
, ,
. -
.
8.5.2 .
(conferences)
,
1.
-
:
) .
.
.. ,
.
) . -
, .
)
, -
,
.
-
.
.
1
. . , . 319.
104
. -
,
.
.
-
.
,
,
( -
). -
.
8.6 .
, , , ,
. ,
, , -
... ,
, , -
, .
(flag ship), ,
. ,
,
.
-
(....), :
, -
, , ,
.
- ,
, ,
. , -,
, -
, , , ...
(flag of convenience), ,
-
, ,
.
, (open
registry flags), -
, .
-,
,
,
.
, -
105
. ,
, ,
, . ,
,
. ,
, ... ,
,
.
, , ,
,
.
, ,
, , -
,
, .
, ,
,
, , ,
.
, 2006, ,
, , .
, - , ,
, ,
, -
. , 2005,
93.026 dwt , 8,2%
. , 2006 22,7%
218,3 . dwt, 171,6 . dwt
1.
8.6.1 .
-
,
, ,
.
,
(1958) 5, -
2.
,
o
. -
,
, ,
, ,
, , ...
1
: Greek Shipping News, http://www.mediashipping.gr, (22.01.2007).
2
. . : , 2003, . 191.
106
, -
, ,
1. , -
, .
, ,
. , -
. , -
, ,
,
,
, .
, ,
. , -
,
.
1
Prestige,
2002,
. (. The Hellenic Radio, www.ert.gr, news in greek
20.11.2002).
9.
9.1 .
, , -
.
, (
), ,
.
,
.
.., ,
. -
,
.., ,
.
..,
,
.
, .. -
, . , -
, -
, ,
1.
, . ,
,
. , ,
, -
. , . ,
.. .
,
, -
,
.
, , -
.
1
. . : , 2003.
108
, , -
, ,
, , 1.
, ,
, .
, ,
. ,
, , -
,
,
.
, ,
2.
,
,
.
, , -
, 3, -
, 2006.
, ,
.
.. , 4. ,
, .
2002 , cabotage,
. , -
,
cabotage ,
, .
9.2 (cabotage).
,
5. ,
, .
cabotage,
, -
, .. ,
,
-.
1
, .
2
, 2
, , , 5 1996, . 103-119.
3
. , . , , . , 2002, . 182.
4
, : -
, 2005.
5
, , , . . , -
, 1997, . 193-206.
109
, ..,
cabotage - , . -
, .
,
cabotage. , -
,
, cabotage
,
1. ,
.
cabotage .
1989,
, . 4055/
86,
-,
. cabotage , -
2.
. 12 1992, -
3.
.., cabotage
. , -
.
cabotage 01.01.1999. , -
, 01.01.2004. ,
.
, ,
. -
( 9.1), :
) 01.01.1995: cabotage -
. -
650 , -
.., .
) 01.01.1997: 650 ,
.
) 01.01.1998: -
-
, .
) 01.01.1999: 650 ,
(-
, , ).
) 01.01.2004: -
1
. : cabotage, , 3
, 1999.
2
. , . , , . . , 2002.
3
3577/92 .
110
-
1.
9.1
.
1 1995
1 1997
(, )
650 GT 1 1998
1 1999
: . , & .
,
...
.., .
,
, ,
( ) ..,
.
cabotage, -
. -
..,
,
- . :
) -
, .
) .
) ,
,
.
) .
cabotage,
. , -
,
. -
, .
, .. -
,
.. . ,
, -
.
1
. : cabotage, , 3 -
, 1999.
111
,
30 , 2006,
(17.05.2006). , ,
, , -
( ), :
) ,
.
) (-
) 300 ..
,
, .
cabotage, -
..,
.
, , -
, ,
. ,
( ) , -
, ,
.
,
, -
, 1 ( )
9.2:
9.2
( ).
1
, : -
, 2005.
112
.
10.
10.1 .
..
:
) .
...
, ...
, .
) .
.
) .
, .. -
, .. .
, -
.., .
10.1.1 .
, ,
...
,
.
, -
.. .
,
.
.
,
.
.
20 -
. (volatile
Market). , .
-
, 19811987
60%. ,
114
...
( ). ,
19851999 10.1 10.1,
.
300
250
200
150
100
50
0
1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
1985 = 100
: Lloyds Shipping Economist, Shipping Statistics Yearbook 1999, ISL, . 186.
. 10.1.
( ).
60 38/4.500 dwt
60/70.000 dwt
50 120/150.000 dwt
40
. US $
30
20
10
0
1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
: Shipping Statistics Yearbook 1999, ISL, . 109.
. 10.1.
(dwt).
-
. 1
:
) (market risk).
.
.
1
Drewry, Shipping Finance, A High Risk-Low Return Business?, April 1996 p. 49.
115
) (risk timing). -
, ,
,
.
) (trading risk).
,
.
) O (technological risk).
, 18-24 ,
.
) (political risk).
.
) (macroeconomic risk). -
.
) (exchange rate risk). -
( , , ..) ...
N.E..
10.1.2 .
-
, .
-
. H ,
.
(lenders
risk), -
(investors risk).
) .
.
-
. , -
:
( )
.
warrants, -
.
, -
.
.
,
(, ).
,
.
, -
,
. ,
116
. ,
.
.
, .
80, -
.. .
90 .. ,
.
, -
1994.
.. -
, , ,
. , .. -
.
..
:
.
.
.
.
.
, -
.
,
1980 ,
.
..
. -
. ,
.. ,
.
, -
. ,
.
.
, -
,
.
-
... ,
,
. ,
..,
. ,
.. ,
117
, .. ,
, .
) .
.
1950 -
1960,
. , -
.
.
-
.
,
.
1974
, ....1,
, .
1974 , 1990
80% ,
8,5 , 7,5%, -
2.
....,
.
-
.
. ,
, .. .
..
, , ... ,
,
, , .
, -
.
, .
-
, 70 80.
.
. -
,
,
.
, -
. -
1
.
2
J. E. Sloggett (1998) Shipping Finance, Fairplay, pp. 21-24.
118
.., ,
,
.
.
,
(, , ..),
.
, .. .
, 100 , -
, , -
, , , .
-
. 70 -
50%, 70 60% 65%
.
40% 60% 60% 80%,
2 12 . , -
, ..
.
-
. -
,
.
:
. , -
, .
. -
...
. , ..
( )
.
(mezzanine finance).
.
, .
.
$ ... :
(spread),
0,5 % 3,5%
,
Libor.
3 6 .
X .
.
,
.
119
.
, -
,
, .
-
, , -
, . -
, .
,
.. .
.
Securitisation.
securitisation , :
-
,
.
.
( -
) -
.
.
. ,
,
. ,
, -
( ).
-
.
Forfaiting.
-
-
. -
, forfaiting
leasing.
forfaiting . -
, .
, -
.
forfaiter, -
. forfaiter
,
120
.
, , -
,
(.. ),
, ,
forfaiting ...
(leasing).
..
. , ,
, ..
.
, ..
. -
, .
.
,
. ,
, -
,
. ,
, -
, .
,
, ,
, . -
,
15-20 .
. , ..,
.
, -
.
-
(cash flow).
, , . -
. , -
10 ,
.
.
,
.
, .
, ,
121
.
.
. , ..,
. ,
, ,
, .
(private placements).
-
-
... ..
,
.
-
.
,
,
.
10.2 .
,
, ,
,
1.
:
) (pay-back period).
) (rate of return).
:
) (net present value).
) (internal rate of return).
) (required freight rate).
10.2.1 .
) .
, (recoupment period)
(pay-back period) -
,
. , -
. ,
, (
) ():
1
. , , . . , 2001, . 306.
122
() = /
, :
5.000.000 $ 1.200.000$.
6.000.000 $ 1.500.000 $.
7.000.000 $ 1.700.000 $.
:
+
100
100
100
-
.
, -
. ,
,
.
, -
,
1.
.
, , -
. :
A -
.
.
.
, -
.
-.
) .
(%)
.
, .
,
:
+
1 = 100
+
1
J. E. Sloggett (1998) Shipping Finance, Fairplay, pp. 36.
123
, -
.. 2:
2 = 100
3 = 100
2 2.
.. , 50.000.000 $.
.. 120.000.000 $. ,
: 120.000.000 $ - 50.000.000 $ = 70.000.000 $.
20 , 3.000.000
$ . , 3.000.000/50.000.000 100%
= 6%. , N.E.
,
,
.
. , -
:
.
,
, .
N.E., , ,
, , -
.
. , -
.., ,
,
.
(Discounted Cash Flow).
10.2.2 (DCF).
, ,
.
.
. 0 ()
, , ..
,
. , -
,
( ). 100
100 5 .
, -
124
, ,
. ( 1 5)
, 0.
,
,
. ,
- .
,
, , . -
. -
.
, 100.000 , 10%,
110.000 , :
100 + [ (10/100) 100] 100 x (1 + 10 / 100).
, 121.000 ..
110 + [ (10/100) 110] ..
, , , o -
n i, n
(..) (Future Value):
.. = (1+i)n
(..) :
.. = (1+i)-n
(1+i)n (compounding factor), -
(1+i)-n 1/(1+i) (discounting factor).
10.2.
i ( 1 i1, 2 i2,
.. ) :
.. = (1+i1) (1+i2) (1+in)
A :
(1+i)n
Ko Kn
0 1 2 3 .......... n-1 n
(1+i)-n
. 10.2.
.
125
(DCF), -
,
. ,
,
.
-
.
:
(Net Present Value NPV).
(Internal Rate of Return IRR).
) (..).
, -
.
1 , -
.
, :
( K )0 ( K )1 ( K )2 ( K )n
K..A. = + + 2
+ ....
1 1+ i (1 + i) (1 + i)n
: = (.. ),
=
( , , ..),
i = ,
n = .
... :
n
K..A. = [.. ( ) .. ( -
1
) .. ( )]
... ( )
,
.
,
.
... , 0
, ,
. . ...
1
, -
.
.
126
. ,
.
...
1.
.. 100.000.000 $ -
7 . 7 80.000.000 $.
5.000.000 $
15.000.000 $, ,
5%.
:
( cash flow),
.
0 1 2 3 4 5 6 7
1. -100 80
2. -5 -5 -5 -5 -5 -5 -5
3. 15 15 15 15 15 15 15
4. (12+3) -100 10 10 10 10 10 10 90
5.
(5%) 1 0,952 0,907 0,864 0,823 0,784 0,746 0,711
... 14.730.000 $,
.
(1+i)- i = 0,05, (1,05)-.
1,05-3 1/1,053 = 0,864 (
10.2.1 ).
,
10.000.000 $ ( ). , -
. 10.000.000 $
9.070.000 $ 7.460.000 $.
. -
, -
. 5%.
15%,
, ... , (... = 28.310.000 $)
,
.
10.2.1
(1+i)-n.
T
0 1 2 3 4 5 6 7
1. -100 80
2. -5 -5 -5 -5 -5 -5 -5
3. 15 15 15 15 15 15 15
4. (12+3) -100 10 10 10 10 10 10 90
5.
(15%) 1 0,870 0,756 0,658 0,572 0,497 0,432 0,376
...
. ,
, .. 1.
.
... -
. ... 10.000.000 $ 30.000.000 $,
. -
-
. ...,
... ,
, ..
. ,
... .
-
.
2.
.. 50.000 dwt 20.000.000 $,
5 5 $ .
300.000 $ , 10%
600.000 $. 5
11,5 . 6
15.000.000 $. 10% .
.
= 50.000 dwt 5 11,5 = 2.875.000 $
... , -
, ..
.
1
. , , , . , 2006, .
52-58.
129
0 1 2 3 4 5 6
1. 15.000.000 10.000.000
2.
300.000 330.000 363.000 399.300 439.230
3. 600.000 600.000 600.000 600.000 600.000
4. 2.875.000 2.875.000 2.875.000 2.875.000 2.875.000
5.
15.000.000 1.975.000 1.945.000 1.912.000 1.875.700 1.835.770 10.000.000
(1-2-3+4)
6. -
1 0,909 0,826 0,751 0,683 0,620 0,564
(10%)
7. 15.000 000 1.795.455 1.607.438 1.436.514 1.281.128 1.139.869 5.644.739
8. ... 2.094.857
... -
. ..
, ...,
.
:
.
.
.., 6 ,
.
$ (10% )
/ 0 1 2 3 4 ...
1000 350 500 400 550 407,59
2000 300 700 600 1200 121,64
3000 600 900 1200 2000 556,86
1000 500 600 700 476,33
700 200 300 500 250 276,16
1600 600 700 500 100,38
. . 1 0,909 0,826 0,751 0,683
... , , , ,
. ..
0 7.700.000 $ ... 1.838.590 $.
5.000.000 $, -
;
, ..
-, ...
130
/ 0 (. ).
...
K - O =
0
.
:
.. 0 -
407,59 1000 0,408 2
121,64 2000 0,061 5
556,86 3000 0,186 4
476,33 1000 0,476 1
276,16 700 0,395 3
100,38 1600 0,063 6
-
5.000.000 $ 0 . , ,
(100%) 2.700.000 $. 1.300.000 $ (5.000.000 $
2.700.000 $) ( 43,3%) .
... ...
( ) .
0 %
..
(000 $)
1000 100% 476,33
A 1000 100% 407,59
E 700 100% 276,16
3000 43,33% 241,29
B 2000 0
5.000.000 $ 0, ...
1.401.370 $ 1.838.590 $, .. .
) (...).
(...) (yield)
,
, ... .
, (r) :
( K )0 ( K )1 ( K )2 ( K )n
K..A. = + + 2
+ ....
1 1+ r (1 + r) (1 + r)n
r (i),
(r>i).
131
r (i),
(r<i).
, -
r, r>i.
... .
.
,
, .
, ... -
. ,
. , -
.
... -
.
, ...
, .. ... 25% 20.000 $ ... 15%
30.000 $;
, ...,
, .. ,
, .
... -
2,
. ,
...
1 .
, ...
, -
...
... (
10.2.1) ...
:
K..A.1
E..A. = E..A.1 + ( E..A.1 E..A.2 )
K..A.1 K..A.2
:
...1 ...,
...2 ...,
K...1 ... ...1, ,
K...2 .. ...2, .
2 .
...
,
K=
132
-
, , ...
, .
, -
.
, 1
, 18% 15% , . -
, 8%
6% , .
. ,
, .
. , -
...
...
, -
... ...
.
10.2.3 (....).
( )
(Required Freight RateRFR)1. ....
,
-
. :
n
.A. ( )+.A. ( )
.A.E.N. =
1
...., .
.
,
. ,
,
, .
,
-
. ,
. .... -
,
. ,
.
1
. , , , . , 2006,
. 65.
133
10.2.4 (...) -
(...).
... ... -
. -
, -
. ,
. ,
...
... ; -
,
. :
) ... , ...
. -
... .
,
.
20.000 $ 200.000 $, -
5%. ... 6.000 $ ... 15%,
... 50.000 $ ... 14%. ... .
,
.
) ...
,
. ... , ... ( -
). ,
.
. -
.
, , .. .
... ,
.
) ...
, ...
.
50.000 $ ... 20%. ...
, 5%. ...
, 20%.
;
) -
, ... . ... -
,
... .
) ...
. ,
:
0 1 2 3
700.000 343.000 343.000 343.000
1.200.000 552.000 552.000 552.000
134
10% :
... ...
22% 139.082
18% 157.038
350.000
300.000
250.000 B
200.000
..
150.000
100.000
50.000
0
4% 8% 12% 16% 20 %
-50.000
... , ...
.
.
.
12% ... ... .
12% ... ...
, ... ... . -
.
... .
0 1 2 3
1.200.000 552.000 552.000 552.000
700.000 343.000 343.000 343.000
(-) 500.000 209.000 209.000 209.000
... .
(incremental cash flow) (-),
... ... 12%
10%. (
-) . ...
... .
12%
, .
... .
...
... -
.
11.
11.1 .
,
,
, .
( -
, ..),
.
. ,
- 1.
, ,
. , -
, .
, ,
(..).
,
.. , 2.
, ,
.
,
3.
, ,
:
) :
(, ..).
( ).
.
...
( ).
.
) T :
1
, , 2006, . 6.
2
, , . 1.
3
/ , , . 17.
136
, , ..
.
.
, ,
. -
,
1.
, , .
,
. , ,
.
,
. -
,
, .
, ,
. , -
. ,
, ,
. , ,
,
. , , ,
.
( , , ).
, ,
,
.
, -
, (....), -
.
..,
. .. , -
, ....,
.
, .. , -
2.
11.2 (...).
, ... Master General
AccountGA.
,
1
. , , . 27.
2
, , . 2.
137
..., ..,
. , ...
.
... . , -
, ,
.... , , ... -
, /,
(online) ...
, ... , -
, ..
. .. ...
, .
...
... ,
, ,
.
11.2.1 ....
... , -
, , ...
(. 11.3.1, . 142). ...
:
) .
(. 11.3.2 11.3.3, . 143-144)
(.. -
, 1, ..).
) .
(. 11.3.4, . 145),
...
....
..
... ,
(. 11.3.5, . 146).
.
) .
(. 11.3.6, . 147)
.
) .
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1
(spare).
138
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142
11.3.1
...
PORT OF
VESSEL : :
REDISTRY
:
MASTERS GENERAL
:2
ACCOUNT
:2
MASTER:
:
DURATION
MONTHS 1 DAYS 0
OF MGA:
1 0
...:
MOVEMENTS
312 408
:
13 0,00 16 24,00
143
11.3.2.
(Stores and Repairs).
0,00
8/4/2008
8/4/2008 300 $ 1,5 200,0
31/1
8/4/2008
8/4/2008 150 $ 1,5 100,0
38/1
144
11.3.3.
(Sundries).
SUNDRY PAYMENTS
Voucher Exch.
DATE PORT DETAILS Currency AMOUNT
No Rate
. . .
0,00
5/4/2008 231/1 20 $ 1,5 13,3
5/4/2008 122/2 10 $ 1,5 6,6
5/4/2008 312/3 30 $ 1,5 20,0
145
11.3.4.
(Provisions Paid by Master).
Value of Provisions
Voucher Exch.
DATE PORT DETAILS purchased in Currency AMOUNT
No Rate
Foreign Currency
. . .
11.3.5.
(Provisions).
PROVISIONS
Amount -
100
6000
TOTAL - 9100
Value of Provisions at close of voyage
6100
3000 718
3000
4,20
11.3.6.
(Wages Account).
Owners
Serial Monthly Bonusses Col.Agr. Extra TOTAL NAT and other
FULL NAME Rank Period of Service Vacation Victualling
No Wages Per Allowances Payments WAGES contributions
Month
10
..
..
Net Tax on Victualling Paid
Officers Tax Compensations P.N.O. Crew Tickets Crew Balances
Earnings Compensation days By
Debit Credit
.. .
...
11.3.7.
(Pay).
M/V M.G.A.2 No.3
- ACCOUNT OF WAGES
ONOMA NAYTIKOY /
NAME OF SEAMAN RATING
.
MONTHLY
10.000,00
WAGES EURO.
01/04 30/04 1
Wages begin Wages end Months Days
EURO EURO
10.000
Gross wages for the above period
1.105
Less deductions
- NET WAGES 8.895,00
,
Overtime Hours per hours
BONUS
VARIOUS
EXTRA
DAYS ASHORE
EXTRA
VACATION MONTHLY
P/ACC.
- TOTAL EARNINGS 8.895,00
- ADVANCES EURO
CALLS BY PHONE
CARDS
ALLOT.
ALLOT.
ALLOT.
CASH (1)
CASH (2)
CALLS BY MINI-M
CIGAR.MARLBORO
CIGAR.ASSOS
ADVANCES ex-ARAN 3.000,00
VARIOUS
VARIOUS
VARIOUS
CASH OVER CREW
- TOTAL ADVANCES
- FINAL BALANCE EURO 8.895,00
I received the amount of the above final balance of:
The above account is correct
In settlement and I absolve the Captain and Owners of all obligations
In connection with my pay to the above date.
- Master 30--08
On the
151
11.3.8.
(Summary of Account).
PAYMENTS
Amount
BALANCE IN MASTERS FAVOUR FROM MASTERS GENERAL ACCOUNT No
. . 1 1000
1. SUNDRY PAYMENTS
( ) 39,9
, ( ) 300
3. PROVISIONS
100
4. MEDICAL
, 20
...
Owners Bonusses
1320
3560
Extra Payments
3200
Vacation
900
1470
171003,90
152
11.3.9.
(Medical).
. . .
0,00
11.3.10.
.
Currency Amount
Cigarettes on Board
1000
Spirits on Board
1000
Cash on Board
1000
90709,9
Total - 93709,90
LESS
80294
...
TOTAL
13415,90
154
COLLECTIONS
Voucher
DATE PORT DETAILS Currency Exch. Rate Amount
No
. . .
Officers Tax
.. 1085
P.N.O.
... 120
Crew Tickets
200
... 13415,9
TOTAL
27570,90
1. (. 156)
2. (. 166)
3. (. 178)
4. ( 2960/2001) (. 180)
5. :
(. 184)
(. 185)
(. 186)
(. 187)
(. 188)
156
1
N X (ime Charter).
157
158
159
160
161
162
163
164
165
166
2
(Bare Boat Charter).
167
168
169
170
171
172
173
174
175
176
177
178
3
(Bill of Lading).
179
180
4
2960/2001 265/22-11-2001
'
'
12
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184
5
.
IMO General Declaration
Arrival Departure
1.1 Name and type of ship 2. Port of arrival/departure 3. Date - time of
1.2 IMO number arrival/departure
1.3 Call sign
4. Flag State of ship 5. Name of master 6. Last port of call/Next port of call
7. Certificate of registry (Port; date; number) 8. Name and contact details of ships agent
12. Brief particulars of voyage (previous and subsequent ports of call; underline where remaining cargo will
be discharged)
Attached documents
(indicate number of copies)
19. Crew List 20. Passenger List 21. The ships requirements in terms of
waste and residue reception facilities
IMO Cargo Declaration
B/L 6. Marks and Nos. 7. Number and kind of packages; 8. Gross weight 9. Measurement
No.* description of goods or, if available,
the HS code
Convention on Facilitation of International Maritime Traffic
IMO
FAL
Form
2
*
Transport document No.
Also state original ports of shipment in respect to goods shipped on multimodal transport document or through bills of
lading.
186
IMO Crews Effects Declaration
Page No.
1.1 Name and type of ship 2. Effects ineligible for relief from customs duties
1.2 IMO number and taxes or subject to prohibitions or restrictions*
1.3 Call sign
IMO
FAL
Form
4
8. Date and signature by master, authorized agent or officer
*
e.g. wines, spirits, cigarettes, tobacco etc.
187
A
IMO Ships Stores Declaration
Page No.
Arrival Departure
IMO
FAL
Form
3
MARKS &
NUMBERS NUMBER
BOOKING/ PROPER FLASH STOWAGE
CONTAINER AND KIND UN PACKING SUBSIDIARY MARINE MASS (kg)
REFERENCE SHIPPING CLASS -POINT EmS POSITION
ID. NO(s). OF NUMBER GROUP RISK(S) POLLUTANT GROSS/NET
NUMBER NAME (IN C,c.c.) ON BOARD
VEHICLE REG. PACKAGES
NO(s).
.. - . , . & ,
2003.
.. , , , 2007.
.. , , . & , 2000.
. , , . . , 1988
. , . , . , . ,
2002.
. . , Management , . , 2004.
. . , ,
. , 2001.
. . , . , , ,
2002.
/ , , . , 2000.
. , , , -
2007.
. , , . , 1988.
. , , . , 1994.
,
2 , , 5 -
1996.
3 -
, 1999.
. , . . , , . , -
2003.
. , . , 2001.
. , .
, 2002.
. , ,
2006.
. , . -
, .. , , 1997
,
: ,
, 2005.
, , . , 1990.
Drewry, Shipping Finance, A High Risk-Low Return Business?, April 1996 p. 49.
J. E. Sloggett,(1998) Shipping Finance, Fairplay, pp. 21-24.
(United Nations Conference
on Trade and Development): www.unctad.org
: www.yen.gr
.... : www.statistics.gr
(World Trade Organization) : www.wto.org
International Union of Marine Insurance: www.iumi.com
Lloyds Marine Intelligence Unit: www.lloydsmiu.com
BP Global: www.bp.com
International Maritime Organization: www.imo.org
: http://europa.eu
. . . . . . . . . . . . . . . . . . . . . . . . . . . . .9
1.1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10
1.2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10
1.3 . . . . . . . . . . . . . . . . . . . . . . . . . .14
1.4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15
1.5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15
1.6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15
1.7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17
1.8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18
1.9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18
2.1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .23
2.1.1. ( / ) . . . . . . . . . . . . .26
2.2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .27
2.3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .29
2.4 . . . . . . . . . . . . . . . . . . . .30
2.5 (tramp shipping) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .38
2.5.1 (, ,
, ) . . . . . . . . . . . . . . . . . . . . . .39
2.5.2 . . . . . . . . . . . . . . . . . . .40
2.5.3 (tramp ships)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .40
2.6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .42
2.6.1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .42
2.6.2 . . . . . . . . . . . . . . . . . . . . . . . . . . .42
2.6.3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .43
2.6.4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .44
2.6.5 . . . . . . . . . . . . . . . . . . . . .44
2.6.6 . . . . . . . . . . . . . . . . . . . . . . . . . . . .45
2.6.7 : , ,
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .46
2.7 (tankers). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .49
2.7.1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .49
2.7.2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .50
2.7.3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .51
2.8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .52
2.8.1 . . . . . . . . . . . . . . . . . . . .52
191
3.1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .55
3.2 .. . . . . . . . . . . . . . . . . . . . . . . . . .56
3.3 .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .59
3.4 .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .60
3.5 .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .61
4.1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .63
4.1.1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .63
4.1.2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .64
4.2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .65
4.3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .65
4.4 . . . . . . . . . . . . . . . .67
4.4.1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .67
4.4.2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .67
4.5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .68
4.6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .70
4.7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .71
4.8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .72
5.1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .75
5.2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .75
5.3 . . . . . . . . . . . . . . . . . . . .77
5.3.1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .77
5.3.2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .77
5.3.3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .80
5.4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .81
5.5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .82
5.6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .83
5.6.1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .83
5.6.2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .84
5.6.3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .84
5.7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .85
5.7.1 (manning cost) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .85
5.7.2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .85
5.7.3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .86
5.7.4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .87
5.7.5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .88
5.7.6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .89
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .91
192
6.1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .91
6.2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .92
6.2.1 . . . . . . . . . . . . . . . . . . . . .92
6.2.2 . . . . . . . . . . . . . . . .93
6.3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .93
6.4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .93
7.1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .95
7.2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .96
,
8.1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .99
8.2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .100
8.3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .101
8.3.1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .101
8.3.2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .101
8.3.3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .101
8.4 . . . . . . . . . . . . . . . . . . . . . . . . . . .102
8.5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .102
8.5.1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .102
8.5.2 . . . . . . . . . . . . . . . . . .103
8.6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .104
8.6.1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .105
8.7 New uropean Maritime Order G.A.T.T. (General Agreement on Tariffs
and Trade) . . . . . . . . . . . . . . . . . . . . . . . . . .106
9.1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .107
9.2 (cabotage) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .108
10.1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .113
10.1.1 . . . . . . . . . . . . . . . . .113
10.1.2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .115
10.2 . . . . . . . . . . . . . . . . . . . . .121
10.2.1 . . . . . . . . . . . . . . . . . . . . . . . . .121
10.2.2 (DCF) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .123
10.2.3 (....) . . . . . . . . . . . . . . . . . . .132
10.2.4 (...)
(...) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .133
11.1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .135
193