Introduction to shipping markets. Shipping Economics: content and modern trends. General division of markets: bulk shipping, scheduled voyages/liner shipping. Bulk shipping markets: traditional and specialised. The economic idiosyncrasies of bulk shipping: nature of the demand, demand function and price elasticity of demand for bulk shipping services. Supply, technological constraints and elasticity of supply of bulk shipping services. Cyclical fluctuations in bulk shipping and the role of exogenous factors: Historic overview, time lags and supply adaptation, models and forecasting problems in shipping. Understanding market structures and competition in bulk shipping: Competition and competitiveness; the role of cost in competitive shipping markets of new technologies and the new institutional context. International Division of Labour in shipping and the Vernon product cycle, changes in the regulatory framework, the case of the Greek fleet. Competitiveness in bulk shipping in a new framework: Quality shipping, forms of co-operation, new technologies and challenges for market forms. Investment strategies: History, prospects in the new maritime framework; the case of Greek-owned shipping. “Bulk shipping future”. The nature and the economic structure of liner shipping. The historical evolution of liner shipping. The structure of liner shipping costs. Pricing policies and rate-making in liner shipping. Competition and regulation in liner shipping. Passenger shipping.