Economy can be defined as the production and consumption of goods and services and the supply of money in the market. It can also be defined as the process or system by which goods and services are produced, sold and bought in the market. Monopoly is a market characterized by a single seller selling a unique product in the market. It is rare to find pure monopolies operating in practice in the real world. In this market, the seller neither faces competition nor has any close substitutes of the products.
Today, container shipping is the dominant way of transporting general cargo by sea. The transport provider receives a full container from the shipper and delivers the full container at destination. It is also known as FCL (Full Container Load).The transport provider never physically sees the cargo that the shipper has stuffed into the container. It handles only the container. • Shipper is the party who delivers goods for shipment • (Seller,
When we add the purchase price of different assets we bought at different periods of time inside the statement of financial position, we are actually adding diverse values. Since the book of accounts does not account for inflation, the accounting data in the accounts book does not show the true and fair value of the financial status of the company. Other than that, monetary measurement concept allows us to know only the information related to monetary value from the accounts book or statement of financial position. We cannot get the information which are not in monetary unit from accounts book or financial statements. For example, we cannot determine whether the company have good or bad employers and employees by looking at the accounts book or statement of financial positions.
He further puts two questions- How should the expression “place on board” be interpreted? Does it include the stowing and trimming of the cargo on board? As per my understanding the main reason for abolishing ship’s rail as risk transfer point is that the traders used the term FOB incorrectly, instead of more appropriate FCA, when the goods were containerised. This misapplication could result in complications in situations where goods are damaged during loading. ‘The use of "FOB" originated in the days of sailing ships.
They discussed about free markets and exchange yet in reality the business sectors were not free at all as the Asian shippers couldn’t contend with British traders on equivalent terms. The merchants in Asia had a long custom. Indeed, even in the past they were highly ambitious, extremely cautious. They had the knowledge of local circumstances. Even when it was merely a matter of trade they were often able to out-do the British brokers and shippers.
Banking crisis: This type of crisis occurs because of bank runs which occurs when several customers withdraw their deposits at the bank almost simultaneously. As banks lend the money deposited with them under the fractional-reserve banking system, they do not have sufficient funds to repay all deposits shall they be requested at the same time; this leads to the bank being insolvent which will have a cascading effect and will turn into a systemic bank run, where bank runs will have a widespread reach and affect several banks. A typical example of this phenomenon was the run on the Bank of The United States in 1931. 2. Speculative bubbles and
Most of these charters are of a single voyage nature, as trading patterns do not encourage round voyage trading. The owner of the vessel receives one payment derived by multiplying the tons of cargo loaded on board times the agreed upon freight rate expressed on a per-ton basis. The owner is responsible for the payment of all expenses including voyage, operating and capital costs of the vessel. Chartering on a single voyage or a trip charter basis may be referred to as spot chartering activity. A "contract of affreightment" relates to the carriage of multiple cargoes over the same route and enables the COA holder to nominate different ships to perform the individual sailings.
The principle is ‘one ship, one cargo’, though we cannot be too rigid about this. Several different bulk cargoes may be carried in a single ship, each occupying a separate hold or possibly even part of a hold in a traditional ‘tramping operation’, though this is less common than it used to be. A shipper with bulk cargo to transport can approach the task in several different ways, depending on the cargo itself and on the nature of the commercial operation—his choices range from total involvement by owning his own ships to handing the entire job over to a specialist bulk shipper. There are two main types of bulk cargo liquid bulk and dry
Assets merchandise can be transported into littler boats for transport to ports that do not permit bigger load ships. The cargoes are loaded individually, it can load neither in intermodal containers nor in bulk as with oil or grain. There is different break bulk cargo, which can be transported in bags, boxes, crates, drums or barrels. It is more essay and time-consuming to load and unload than container cargo. Additionally, it has numerous products which shipped as break bulk.
The cargo is delivered to regional centres such as Hong Kong or Jamaica (the largest transhipment port in the Caribbean) by deep sea bulk and liner vessels and provides a port to port service to neighbouring ports. Short sea shipping is much different to deep sea or inter-regional shipping. Smaller vessels are used in this market because some port cannot support very large ships such as a VLCC and because trips are so short, trading in this market requires great organizational