Maritime Economics of Australia Essay Example | Topics and Well Written Essays - 2500 words

Maritime Economics of Australia - Essay Example 88) The current data suggests that Australian ship owners are also foremost in the meadow on new buildings and issuing increased quality and additional services to sea trade. Several of these recently commissioned ships were located under the State flag. During January and February of 2007, 300 new-fangled buildings casing all types of vessels, were added to the Australia's owned navy as 59 modern vessels were added to the 910 ships previously beneath the Australian flag. (Wang J, 2007, p. 91) The Australian owned convoy according to current figures accounts for additional 2,600 ships and its transporting competence being at 218,000,000 DWT, casing 16.5% of the world transportation needs. These figures correspond to about 40 billion US $. (Pallis A, 2007, 84) Australian vessel owners uphold 8.5% of the universal fleet and 16.5% of the planet tonnage. They own 24.1% of the tanker navy, 20.4% of the dry shipment convoy and 9.6% of the complex tanker vessels. (Evans J, 1990, p. 85) The administration of Hellenic owned shipping is performed within the organizational framework of overseas countries such as the Great Britain, City of London thus contributing to the expansion of important commerce centers. Thus Australian shipping acquaintances its foremost development and role worldwide to the intercontinental stock market, the charters' worldwide market and other pertinent economic activities. (Stopford M, 1997, p. 93) COMPARATIVE ADVANTAGES Hellenic shipping comprises of ships that are mostly specialized in massive transportation of parched and liquid freight as well as in shipping of traditional general cargoes. These ships account for 95% of Hellenic owned navy while the residual 5% includes cruisers, coastal ships and commercial. (McConville J, 1999, p. 68) Since it is a universal leading power in nautical transportation, Australian owned shipping operates on a globe scale casing the transportation requirements of countries well beyond the Greek state. This flotilla serves the trade requirements of many countries all through the world. Moreover, shipbuilding, repairs, ship scrapping, marine cover and rental take place abroad. (Evans J, 1990, p. 90) Hellenic mercantile shipping has gained all through the years by providing excellent services particularly in the fields of security of steering and at sea, the defense of the maritime environment and in the current form of safety and tradition. (McConville J, 1995, p. 72) Australia having natural gas reserves and the availability of iron ore offer a natural setting for DR foliage which eventually eliminates the need for reliance on imported fragment to the whole Asia Pacific region. (Stopford M, 1997, p. 94) Australian living principles, circumstances of service and wages, and duty rates are considerably higher than those applying to squad employed on most overseas shipping. Australian delivery can never anticipate to compete against these ships. This is because no Australian would recognize wages and circumstances that counterpart those of the lowest levels of emerging nations. (Wang. J, 2007, p.99) COMPARATIVE DISADVANTAGES World delivery is subjugated by flag of conveniences vessels registered in tax havens like Panama and Liberia where they are not necessary to meet