The role of the modern shipping market in the global economy

The global economy is developing at an unprecedented rate. Shipping markets are important players in the process of globalisation through their roles in trade and production processes. However , the shipping market lags behind that of the global economy. This paper argues that shipping markets are in need of modernization in order to become efficient and to enhance the welfare of both ship – owners and traders. The paper identifies obstacles to the modernization of shipping markets, suggests measures to overcome these obstacles and adopts a multidisciplinary financial economics framework to study the complex characteristics of a modernized shipping market.