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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 | |