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| Foreword | |
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| A Truly Challenging Industry: Shipping Company Strategies | |
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| Historical Background | |
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| Macro Issues | |
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| Turbulent Conditions | |
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| Leif Hoegh & Co. | |
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| A.P. Moller-Maersk | |
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| The Strategic Challenge | |
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| Shipping Company Strategies: A Model | |
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| Trade-Specific Impacts on the Major Shipping Markets | |
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| Coal | |
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| Steel and Iron Ore | |
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| Grain | |
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| Crude Oil | |
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| Shipping Rate Forecasting-Marsoft Example | |
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| Financial Markets | |
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| Technological Developments in Ship Building and Ship Design | |
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| Conclusion | |
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| Commodity-Based Shipping: Playing the Market | |
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| Market View | |
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| The Classic Shipping Segments | |
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| Tanker Markets | |
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| Bulk Carrier Markets | |
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| Container Markets | |
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| Liner Shipping | |
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| Shipowners' Classic Responses-Play the Markets | |
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| Chartering | |
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| Purchase and Sale of Ships | |
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| Withholding Capacity | |
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| Operations and/or Asset Play | |
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| Understand the Market Better | |
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| The Marsoft Example | |
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| Doing Good Even Better | |
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| Risk | |
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| Hedging Instruments | |
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| Some Successful Protect and Extend Strategies | |
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| The Torvald Klaveness Group | |
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| Norden | |
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| Frontline | |
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| Teekay Shipping Corporation | |
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| Beyond This-"Live With" Commoditization | |
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| Conclusion | |
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| The Drive toward Non-Commodity Segments | |
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| Industry Structure Impacting the Demand Side | |
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| Demands for Larger "Packages" of Ship Services | |
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| Integration of Several Value Chain Segments | |
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| The Investment Size per Ship as a Barrier to Entry | |
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| Non-Commodity Business Growth | |
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| Build | |
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| Leverage | |
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| Transform | |
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| Distinctive Innovative Competences | |
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| Industry Structure | |
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| Highly Specialized Shipping Businesses | |
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| Industrial Chemicals Shipping | |
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| The Specialized Drinks Segment | |
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| The Cruise Business | |
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| Liquefied Natural Gas (LNG) | |
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| Further Examples of Niche Strategies | |
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| I. M. Skaugen | |
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| Farstad Shipping | |
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| TMT | |
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| The Torvald Klaveness Group | |
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| Leif Hoegh & Co. | |
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| Conclusion | |
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| Portfolio Strategies | |
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| The Classic Portfolio Model Applied to Shipping | |
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| Stock Picking | |
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| Index-based Portfolios | |
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| A Portfolio Management Work Station | |
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| Executive Dashboard | |
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| Cash Flow Dashboard | |
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| Portfolio Dashboard | |
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| Performance Dashboard | |
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| Performance versus Budget Dashboard | |
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| A "New" Portfolio Model Based on Developing Several Business Platforms Proactively | |
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| Very Long Term Time Horizons | |
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| A Newbuilding Scenario | |
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| Political Risk and the Portfolio Strategy | |
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| Examples of Portfolio Strategies | |
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| Predominantly Commodity-Oriented: Norden | |
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| Frontline | |
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| Mix of Commodity and Niche: The Torvald Klaveness Group | |
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| Farstad | |
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| I. M. Skaugen | |
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| Teekay | |
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| Niche: Leif Hoegh | |
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| Conclusion | |
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| Organizational Issues | |
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| Relevant Prerequisites for Shipping Organizations | |
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| The Know-How Base | |
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| Ability to Change | |
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| Keeping It Simple and Focused | |
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| Lowest Possible Cost Provider | |
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| Network-Type Organizations | |
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| Customer Centric Business Principles: How to Achieve Customer Focus | |
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| Oldendorff Carriers | |
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| I. M. Skaugen | |
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| Norden | |
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| Torvald Klaveness Group | |
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| A. P. Moller-Maersk | |
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| A High Performance Business Culture | |
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| See Business Opportunities Not Yet Obvious to Others | |
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| "Meeting Places" between "Problems" and "Solutions" | |
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| More Experimentation | |
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| More Systematic Learning | |
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| Juxtapose Traditional and Radical Business Views | |
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| Fight "Not Invented Here" | |
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| The Need for "Internal Entrepreneurs" | |
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| The CEO and the Board of Directors | |
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| Diversify out of Shipping-Or Not | |
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| Success Stories | |
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| Less Successful Diversifications | |
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| Conclusion | |
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| The Future of the Industry | |
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| Unattractiveness for Public Firms | |
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| Family Firms: Succession Planning, Professionalism | |
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| Family Members with Different Risk Profiles | |
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| The Need for Capital | |
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| Strategic Alliances | |
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| The Stock Market: "Steel" vs. Shares | |
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| Change and Stability | |
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| Three Key Evolutionary Forces | |
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| Physical Assets | |
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| Organization | |
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| The Business Model | |
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| Shaping the Shipping Company of the Future | |
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| Short Term and Long Term | |
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| Local and Global | |
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| Commodity and Niche | |
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| Intuition and Discipline | |
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| Conclusion | |
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| References | |