More Essay Examples on Economics Rubric Maritime economics deals with the rules of supply and demand in the shipping market comprised of ship owners, bankers, brokers and shipbuilders whose combined action solves the complex task of transporting cargo by sea. The study of maritime economics is related to world economy because shipping is an international industry. Shipping of goods by the sea is related to the global economic activity because a change in political situation in one part of the world or a hike in oil price leads the ship owner to consider substantial changes in the shipping market. Several shipping fortunes were made out of political unrest that led to the closure of the Suez Canal.
The Southeast Asian SeafarersPolynesiansand Northern European Vikings concurrently developed oceangoing vessels and depended heavily upon them for travel and population movements prior to AD. In addition, it was the safest way to transport commodities. This scaled down version of the instrument used by astronomers served as a navigational aid to measure latitude at sea, and was employed by Portuguese sailors no later than The first use of a magnetized needle for seafaring navigation in Europe was written of by Alexander Neckhamcirca AD.
Around AD, the pivot-needle dry-box compass was invented in Europe, its cardinal direction pointed north, similar to the modern-day mariners compass. There was also the addition of the compass-card in Europe, which was later adopted by the Chinese through contact with Japanese pirates in the 16th century.
The oldest known map is dated back to 12, B. This is believed to have begun in the region of the middle east. Countries that were predominantly Christian during the middle ages placed east at the top of the maps in part due to Genesis,"the lord god planted a garden toward the east in Eden".
The portolan was the first map that labeled North at the top and was drawn proportionate to size. Landmarks were drawn with great detail. Medieval ships and Medieval European maritime culture Various ships were in use during the Middle Ages.
The Junk ship design popularized by the Chinese was both innovative and adaptable. The ships were clinker-builtutilizing overlapping wooden strakes. The knaara relative of the longship, was a type of cargo vessel. It differed from the longship in that it was larger and relied solely on its square rigged sail for propulsion.
The cog was a design which is believed to have evolved from or at least been influenced by the longship, and was in wide use by the 12th century. It too used the clinker method of construction.
The caravel was a ship invented in Islamic Iberia and used in the Mediterranean from the 13th century. It could be either square rigged Caravela Redonda or lateen rigged Caravela Latina.
The carrack was another type of ship invented in the Mediterranean in the 15th century. It was a larger vessel than the caravel. Arab age of discovery[ edit ] Main article: Islamic geography The Arab Empire maintained and expanded a wide trade network across parts of AsiaAfrica and Europe.
Islamic geography and navigational sciences were highly developed, making use of a magnetic compass and a rudimentary instrument known as a kamalused for celestial navigation and for measuring the altitudes and latitudes of the stars.
When combined with detailed maps of the period, sailors were able to sail across oceans rather than skirt along the coast. According to the political scientist Hobson, the origins of the caravel ship, used for long-distance travel by the Spanish and Portuguese since the 15th century, date back to the qarib used by Andalusian explorers by the 13th century.
Maritime trade was used to link the vast territories that spanned the Mediterranean sea to the Indian ocean. The Arabs were among the first to sail the Indian ocean. Sea trade enabled the distribution of food and supplies to feed entire populations in the middle east. Long distance sea trade imported raw materials for building, luxury goods for the wealthy, and new inventions.
Hanseatic League[ edit ] Maasilinna shipwreck from circa was discovered in and is now presented in Estonian Maritime Museum. This ship was used in the 16th century in the Baltic Sea. Hanseatic League The Hanseatic League was an alliance of trading guilds that established and maintained a trade monopoly over the Baltic Sea, to a certain extent the North Sea, and most of Northern Europe for a time in the Late Middle Ages and the early modern period, between the 13th and 17th centuries.
Exploratory trading adventures, raids and piracy had occurred earlier throughout the Baltic see Vikings — the sailors of Gotland sailed up rivers as far away as Novgorodfor example — but the scale of international economy in the Baltic area remained insignificant before the growth of the Hanseatic League.
Visbyone of the midwives of the Hanseatic league indeclined to become a member. Visby dominated trade in the Baltic before the Hanseatic league, and with its monopolistic ideology, suppressed the Gotlandic free-trade competition.
By the late 16th century, the League imploded and could no longer deal with its own internal struggles, the social and political changes that accompanied the Reformationthe rise of Dutch and English merchants, and the incursion of the Ottoman Turks upon its trade routes and upon the Holy Roman Empire itself.
During the Age of the Ajuranthe Somali sultanates and republics of MercaMogadishuBarawaHobyo and their respective ports flourished. They had a lucrative foreign commerce with ships sailing to and coming from ArabiaIndiaVenetia PersiaEgyptPortugal and as far away as China.
In the 16th century, Duarte Barbosa noted that many ships from the Kingdom of Cambaya in what is modern-day India sailed to Mogadishu with cloths and spicesfor which they in return received goldwax and ivory. Barbosa also highlighted the abundance of meatwheatbarleyhorsesand fruit on the coastal markets, which generated enormous wealth for the merchants.
The rise of the 19th century Gobroon Dynasty in particular saw a rebirth in Somali maritime enterprise.Shipping of goods by the sea is related to the global economic activity because a change in political situation in one part of the world or a hike in oil price leads the ship owner to consider substantial changes in the shipping market.
The economic margins in shipping are very tight and obviously a ship owner is going to try to keep costs as low as possible. And satellite Internet access, which is what you have on a ship, is. China Ocean Shipping (Group) Co.
(COSCO) is one of the largest liner shipping companies serving companies all over the world. It is a government-owned company.
Founded in April with a registered capital of billion Yuan in Beijing, COSCO is now a billion-yuan corporation specializing in shipping and modern logistics. Shipping has been an important human activity throughout history, particularly where prosperity depended primarily on international and interregional trade.
In fact, transportation has been called one of. Shipping refers to the physical procedure of transporting freights, products goods and loads by sea, and sometimes by land or air. On the other hand, container shipping refers to the sing transportation of good using homogeneous re-sealable conveyance boxes from one place to another, by sea, land or air.
How the Shipping Container Made the World Smaller and the World Economy Bigger, published by Princeton University Press (see of a highly automated system for moving goods from anywhere to anywhere, with a minimum of cost and complication.
The container made shipping cheap CONTAINER SHIPPING AND THE ECONOMY Stimulating Trade and.