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EPM785 Module Specification
EPM785 Module Specification
MODULE SPECIFICATION
KEY FACTS
OUTLINE
Rationale
This module focuses on the economic and financial environment within which maritime industries operate, in
particular organizations that own, operate or manage shipping. Senior managers need to understand the
economic and financial framework that drives this competitive and volatile industry.
Aims
The aim of the module is to analyse the employment of ships in the bulk and liner shipping freight markets and
management accounting for the measurement of profit, control and planning of organizations.
Indicative Content
This module will enable students to interpret the economic characteristics of shipping markets and to make
management decisions relating to contracts, operations and finance in the employment and deployment of
ships through the use of contemporary case exercises. This is complemented by the study of management
accounting as a tool for evaluating the performance of maritime organizations and as a basis for determining
future strategies.
ECONOMICS
1. The role of shipping in global supply chains.
2. The bulk freight markets and contracts of employment.
3. Bulk ship voyage planning and estimating.
4. Liner shipping trades and markets.
5. Container ship routeing and fleet deployment.
6. Container ship costing and pricing.
7. Freight market risk management.
FINANCE
8. Review of financial management.
9. Measurement of worth of an organization.
10. Depreciation and tax considerations.
11. Cost effectiveness analysis.
12. Break-even sensitivity and risk analysis.
13. Decision models.
Key themes:
ECONOMICS
- Appraise the role of shipping in global supply chains.
- Assess the economics of the bulk and liner freight markets.
- Evaluate the operational and financial features of freight/hire contracts used in shipping.
- Plan a voyage to achieve operational outcomes and estimate surplus.
- Propose solutions to minimize freight market risk.
FINANCE
- Interpret the outcomes of financial policies and their impacts on other resources within a company.
- Apply the methods of financial accounting for the measurement of profit, planning and control.
Skills
ECONOMICS
- Analyze a shipping market report and assess the prospects for ship employment.
- Critically analyze maritime transport scenarios and develop solutions based on this analysis.
- Solve a ship deadweight/capacity problem, plan a voyage and ship schedule.
- Formulate a voyage estimate to determine costs, revenues and surplus.
- Prepare a professional report to acceptable business standard using standard software.
FINANCE
- Evaluate financial performance of organizations to assess robustness and viability.
- Develop strategies for effective financial control of organizations.
- Apply financial techniques to acceptable accountable standards.
- Develop proposals for the strategic development of organizations appropriate to the maritime industries.
The module is assessed by an unseen examination and written responses to set coursework tasks.
The coursework involve problem solving in which theory is used to understand practice. There is an
emphasis on clear communication and demonstration of reasoning process.
Assessment Criteria are descriptions of the skills, knowledge or attributes students need to demonstrate in
order to complete an assessment successfully. Grade-Related Criteria are descriptions of the skills, knowledge
or attributes students need to demonstrate to achieve a certain grade or mark in an assessment. Assessment
Criteria and Grade-Related Criteria for module assessments will be made available prior to an assessment
taking place. Your module leader will provide you with more information.
Following an assessment, you will be given your marks and feedback in line with the Assessment Regulations
and Policy.
In order to pass the module and acquire the associated credit, a student must complete or be exempted from
the assessment component(s) and achieve an aggregate Module Mark of 50%.
The Module Mark shall be calculated from the combined mark of Examination weighted at 50% with a
minimum mark of 50% and the combined mark of Coursework weighted at 50% with a minimum mark of 50%.
The student is required to pass the coursework and exam components.
Module assessment
Coursework Coursework 50 50 No
Exam Exam (Unseen) 50 50 No
READING LIST
ECONOMICS
Branch, A.E. (2009). Global Supply Chain Management and International Logistics. London: Routledge
Christopher, M. (2005). Logistics and Supply Chain Management. London: FT Prentice Hall
Collins, N. (2001). The Essential Guide to Chartering & the Dry Freight Market. London: Clarkson Research
Studies
Coulson, E. (1991). A Guide for Tanker Brokers. London: Clarkson Research Studies
Dicken, P. (2007). Global Shift. London: Sage Publications
Drewry (2006). Risk Management in Shipping. London: Drewry Publications
Gorton, L et al. (2009). Shipbroking & Chartering Practice. London: Informa
Grammenos (Ed.) (2010). The Handbook of Maritime Economics & Business, London: Informa
Stopford, M. (2009), Maritime Economics. London: Routledge
UNCTAD (2009). Review of Maritime Transport 2009. Geneva: UNCTAD
Wood, P. (2000). Tanker Chartering. London: Witherby.
FINANCE
Atril, P & McLaney, E (2005). Management Accounting for Decision Makers. Harlow: Financial Times/Prentice
Hall.
Britton, A & Waterson, C (2006). Financial Accounting. Harlow: Financial Time/Prentice Hall.
Drury, C. (2005). Management Accounting for Business. London: Thomson Learning.
Elliott, B & J (2005). Financial Accounting & Reporting. Harlow: Financial Time/Prentice Hall.
Periodicals
Containerisation International (monthly)
Fairplay (weekly)
Journal of Maritime Economics & Logistics (quarterly)
Lloyd’s List (daily)
Maritime Policy & Management (quarterly)