During this module, students will learn the factors affecting supply of ships and the distinction between effective and prospective supply. They will evaluate fleet productivity and the factors affecting it. Students will find out the factors affecting demand of ships in the three major markets of bulk, tanker and liner shipping with particular focus on market structure, economic development, trade routes, average haul, and natural and political events. Moreover, they will appreciate supply and demand elasticity and define the connection with freight changes and also shipping operating costs and economies of scale. They will examine interrelation between freight rates, ship values and chartering options. Finally, they will learn shipping cycles theories and proposed investment decisions.