Maritime Economics Essay Example | Topics and Well Written Essays - 2250 words

Maritime Economics - Essay Example Maritime economics refers to the business of shipping which is considered to be quite intriguing. The shipping industry which marked its commencement with the transportation of cargoes has been witnessing increased significance owing to the related advantages and prospects in the field of international development (Cullinane, 2011). Shipping is considered to be a service based industry that is believed to grant the sustenance with regard to the global trade. The subject of maritime economics is believed to have developed and grown based on the study that is supposed to relate to the past record of shipping, for instance contractual understanding relating to shipping as well as trade (Talley, 2012). Performance evaluation indicators are considered to be essential in order to gauge the operating competence with regard to the shipping industry. It is regarded as essential to draw attention to the condition related to operation performance with the intention of further enhancing the performance. There has been stated to remain available numerous kinds of indicators for the reason of using them for assessing the results attained by the shipping companies or the seaports. The prevailing indicators are believed to be of great use owing to their easy computability with the help of the accessible information. The application of the indicators would enable the evaluation of the performance of a particular shipping company and ascertain the degree of contentment of the obtained results. The performance indicators is learnt to gauge the performance of the shipping companies in sectors like tanker, offshore, container, dry bulk and other miscellaneous sectors (Trujillo & et. al., 1999). It needs to be mentioned in this regard that the indicators related to performance measurement is not regarded as structured, comprehensive or constant. The indicators that are used to gauge the performance of the shipping companies is done with the