testata inforMARE

20 ottobre 2020 Il quotidiano on-line per gli operatori e gli utenti del trasporto 01:48 GMT+2

11. Intermodality and the Financial Revolution in Shipping

At this stage the importance of the role played by the rise of intermodality, and in particular, the widespread and increasing penetration of containers, in determining the "financial revolution" of the last twenty years in shipping transport can be clearly seen. The traditional methods of financing in the shipping industry - self-financing, state subsidies (for fitting out or for shipyards), bank loans or loans from financial institutions in any event part of the credit system - could not meet the challenge of the massive growth and increasing differentiation of the financial requirements of the present: for example, in relation to the demands deriving from a fleet of growing capacity and advanced technology, from the port plant and equipment, from the fleet of containers (or other cargo units), from the inland terminals, from the logistics, etc. Hence, the need to resort to sources of finance and risk capital outside the sector, from industry to large distribution networks to institutional investors. With the consequent establishment of specialized types of investment companies, the concentration of specialized shipping services on the part of various credit institutes, the setting up of specialist financial consulting enterprises and finance companies in the shipping sector and/or recourse to the stock exchange. And so on.

It is not hard to imagine to what extent all this has influenced the establishment of conditions and modus operandi in the rules of competition in shipping markets.


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