Abstract
Due to the volatility of freight rates and vessel values, shipping is generally considered an industry in which the risks of doing business are substantial.1 One reflection of this riskiness is the fact that fortunes can be made, and lost, extremely quickly in the shipping sector. This chapter discusses how shipowners in Norway, which for more than a century has been one of the world’s leading maritime nations, have dealt with the question of business risk in a historical perspective.
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Notes
M. G. Kavussanos and I. D. Visvikis (2006) Derivatives and Risk Management in Shipping ( Livingston: Witherby Seamanship International ), pp. 27–31.
A. N. Kizer (1871) Den norske skipsfarts 0konomi ( Kristiania: P.T. Mallings Forlagsboghandel ), p. 28.
See C. Brautaset (2002) ‘Norsk Eksport 1830–1865’ (unpublished PhD thesis. Bergen: Norwegian School of Economics and Business Administration).
See H. W. Nordvik (1985) ‘The Shipping Industries of the Scandinavian Countries, 1850–1914’, in L. R. Fischer and G. R. Panting (eds) Change and Adaptation in Maritime History -– The North Atlantic Fleets in the Nineteenth Century (St. John’s: Maritime History Group), pp. 117–48, for the best concise introduction to this period.
L. R. Fischer and H. W. Nordvik (1986) ‘From Broager to Bergen: The Risks and Rewards of Peter Jebsen, Shipowner, 1864–1892’, Sj0fartshistorisk Årbok 1985, pp. 56–7.
B. Dannevig (1971) Grimstad Sj0farts Historie ( Grimstad: Grimstad kommune ), p. 239.
Quotes from L. R. Fischer and A. M. Fon (1992) ‘The Making of a Maritime Firm: The Rise of Fearnley and Eger, 1869–1917’, in L. R. Fischer (ed.) From Wheel House to Counting House: Essays in Maritime Business History in Honour of Professor Peter Neville Davies (St John’s: IMEHA), pp. 308 and 316.
Quotes from H. W. Nordvik (1992) ‘Entrepreneurship and Risk-Taking in the Norwegian Shipping Industry in the Early Part of the Twentieth Century: The Case of Lauritz Kloster, Stavanger’, in Fischer (ed.) From Wheel House to Counting House, pp. 326 and 347.
H. With Andersen (1991) ‘Laggards as Leaders: Some Reflections on Technology Diffusion in Norwegian Shipping, 1870–1940’ in K. Bruland (ed.) Technology Transfer and Scandinavian Industrialisation ( New York: Berg ).
S. Tenold (2007) ‘Norway’s Interwar Tanker Expansion–A Reappraisal’, Scandinavian Economic History Review, 55, 3, pp. 244–61.
S. Sturmey (1962) British Shipping and World Competition, new edition 2010 (St John’s: IMEHA ), p. 220.
M. Porter (1983) ‘The Oil Tanker Shipping Industry’, in M. Porter (ed.) Cases in Competitive Strategy ( New York: The Free Press ), p. 57.
P. Lorange and V. D. Norman (1973) ‘Risk Preference in Scandinavian Shipping’. Applied Economics, 5, p. 1.
See also V. D. Norman (2012) ‘A Future for Nordic Shipping?’, in S. Tenold, M. Iversen and E. Lange (eds) Global Shipping in Small Nations ( London: Palgrave Macmillan ).
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© 2012 Stig Tenold
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Tenold, S. (2012). Risks and Rewards: The Business of Norwegian Shipping. In: Harlaftis, G., Tenold, S., Valdaliso, J.M. (eds) The World’s Key Industry. Palgrave Macmillan, London. https://doi.org/10.1057/9781137003751_13
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DOI: https://doi.org/10.1057/9781137003751_13
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