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Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
The international shipping industry can be divided into four closely related shipping markets, each trading in a different commodity: the freight market, the sale and purchase market, the newbuilding market and the demolition market. These four markets are linked by cash flow and push the market traders in the direction they want.
A nation's shipping fleet (variously called merchant navy, merchant marine, or merchant fleet) consists of the ships operated by civilian crews to transport passengers or cargo from one place to another. Merchant shipping also includes water transport over the river and canal systems connecting inland destinations, large and small.
Supply and demand stacked in a conceptual chain.. A supply chain is a complex logistics system that consists of facilities that convert raw materials into finished products and distribute them [1] to end consumers [2] or end customers. [3]
FOB (free on board) is a term in international commercial law specifying at what point respective obligations, costs, and risk involved in the delivery of goods shift from the seller to the buyer under the Incoterms standard published by the International Chamber of Commerce. FOB is only used in non-containerized sea freight or inland waterway ...
The Merchant Marine Act of 1920 is a United States federal statute that provides for the promotion and maintenance of the American merchant marine. [1] Among other purposes, the law regulates maritime commerce in U.S. waters and between U.S. ports.
The word stevedore (/ ˈ s t iː v ɪ ˌ d ɔːr /) originated in Portugal or Spain, and entered the English language through its use by sailors. [3] It started as a phonetic spelling of estivador or estibador (), meaning a man who loads ships and stows cargo, which was the original meaning of stevedore (though there is a secondary meaning of "a man who stuffs" in Spanish); compare Latin ...
"Packet" can mean a small parcel but, originally meant a parcel of important correspondence or valuable items, for urgent delivery. [3] The French-language term "paquebot” derives from the English term "packet boat," but means a large ocean liner. Poster advertising a packet service, Greenock, Scotland to New York, 1823