Sea and Beyond’s ICS tutorship video series on Economics of Sea Transport is a comprehensive, chapter-wise guided learning program designed to help candidates develop a complete understanding of how economic principles govern global shipping markets. Delivered by Capt. Abhishek Nair, the videos combine theoretical clarity with practical shipping applications, real trade case studies, and structured exam preparation to ensure candidates are fully equipped to understand and apply economic concepts in maritime contexts as well as perform confidently in ICS examinations.
The course progresses logically—from core economic principles to advanced shipping market economics, port and trade infrastructure, macroeconomic influences, and finally structured exam answer guidance.
Chapter-wise Overview of the Video Modules
Chapter 1: Introduction to Economics and Its Application to Shipping
This chapter establishes the foundation by introducing the core principles of economics and their relevance to shipping. Candidates will understand how individuals and markets make decisions under conditions of scarcity, the interaction between economic agents, and the distinction between microeconomics and macroeconomics. The chapter connects these fundamental principles directly to shipping market behaviour and commercial decision-making.
Key learning outcome: Build a conceptual base to understand how economic forces influence shipping markets.
Chapter 2: Market Fundamentals and Market Structures
This chapter introduces how markets function, focusing on demand and supply, price determination, and market equilibrium. Candidates will learn about different market structures including competitive markets, monopolies, oligopolies, and monopolistic competition, with specific reference to shipping industry structures.
Key learning outcome: Understand how freight rates and shipping markets are influenced by demand-supply dynamics and market competition.
Chapter 3: Elasticity and Freight Market Behaviour
This chapter explores price elasticity of demand and supply and how these influence shipping freight markets. Candidates will learn how freight rates respond to changes in cargo demand, vessel availability, and market conditions. Real shipping freight curve examples are used to illustrate market responsiveness.
Key learning outcome: Understand market sensitivity and freight rate volatility.
Chapter 4: Factors of Production in Shipping
This chapter explains the role of land, labour, capital, and entrepreneurship in shipping. It examines real shipping challenges such as crew shortages, shipyard capacity constraints, capital investment cycles, and the role of technological innovation and investors in shaping shipping supply.
Key learning outcome: Understand the economic drivers behind fleet growth, labour availability, and shipping capacity.
Chapter 5: Demand and Supply of Shipping Services
This chapter focuses specifically on shipping demand and supply mechanisms, including derived demand for shipping based on global commodity trade. Candidates will learn about tonne-mile demand, fleet supply dynamics, vessel construction, scrapping decisions, and the influence of global economic indicators.
Key learning outcome: Learn how shipping demand is created and how fleet supply adjusts over time.
Chapter 6: Dry Bulk Shipping Market Economics
This chapter provides a detailed analysis of dry bulk shipping markets, including major commodities such as iron ore, coal, and agricultural cargoes. It examines global trade flows, vessel categories, economies of scale, voyage cost structures, and operational decision-making such as voyage planning and lay-up decisions.
Key learning outcome: Understand the economics of bulk cargo transportation and dry bulk fleet operations.
Chapter 7: Tanker Market Economics
This chapter focuses on crude oil, product tanker, chemical, and LNG shipping markets. Candidates will learn about global tanker trade flows, vessel segmentation, cost economics, freight rate determination, and major global case studies such as US shale exports and evolving energy trade patterns.
Key learning outcome: Develop a comprehensive understanding of tanker shipping economics and global energy trade dynamics.
Chapter 8: Container Shipping and Liner Market Economics
This chapter explains the unique economics of liner shipping, including oligopolistic market structures, shipping alliances, vessel sharing agreements, network economics, pricing strategies, and economies of scale. It also examines cost structures, port access limitations, and commercial pricing strategies.
Key learning outcome: Understand liner shipping business models, alliance economics, and container freight pricing strategies.
Chapter 9: Port Economics and Trade Infrastructure
This chapter explores the economic role of ports, canals, and trade infrastructure. Candidates will learn about port ownership models, port revenue streams, canal pricing models (Suez and Panama), congestion pricing, and infrastructure investment decisions. It explains how ports function as critical enablers of global shipping trade.
Key learning outcome: Understand the economics of ports, trade infrastructure, and maritime logistics systems.
Chapter 10: Global Trade, Macroeconomics, and Financial Systems
This chapter connects shipping markets with global macroeconomic systems. It explains international trade flows, the role of global institutions such as WTO and G20, currency exchange rates, balance of payments, inflation, and trade balances. Candidates will understand how macroeconomic developments influence shipping demand and freight markets.
Key learning outcome: Develop a macro-level perspective on shipping’s role in global trade and economic systems.
Chapter 11: Exam Preparation - Past Paper Solving and Answer Writing Guidance
This chapter focuses on developing candidates’ exam writing skills through detailed solutions to past ICS examination questions. It includes guidance on answering theoretical and analytical questions such as:
- Derived demand in shipping
- Freight rate equilibrium determination
- Barriers to entry in liner shipping
- Absolute advantage and cost theory
- Port ownership models and their economic implications
Candidates will learn how to structure answers clearly, use diagrams effectively, and present analytical responses expected in ICS exams.
Key learning outcome: Build confidence and competence in answering ICS exam questions effectively.
Chapter 12: Advanced Exam Preparation and Applied Question Solving
This chapter provides additional exam preparation through recent question paper discussions and applied economic analysis. Topics include:
- Price discrimination in liner shipping
- Supply and demand models applied to ship management
- Break-even freight rate calculations
- Elasticity of supply in shipping
- Lay-up decision economics
- Trade protectionism and its impact on shipping and global trade
This chapter helps candidates apply theoretical knowledge to real exam scenarios and develop strong analytical writing skills.
Key learning outcome: Master exam-oriented thinking and practical application of shipping economics.
Overall Outcome of the Tutorship Video Series
Upon completion of this video course, candidates will:
- Develop a strong conceptual understanding of shipping economics
- Understand freight market behaviour and global trade dynamics
- Apply economic principles to real shipping scenarios
- Analyze dry bulk, tanker, and container shipping markets
- Understand port economics and trade infrastructure
- Interpret macroeconomic impacts on shipping
- Confidently answer ICS examination questions with structured, analytical responses
This tutorship series ensures that candidates not only understand the ICS syllabus thoroughly but also develop the commercial awareness and analytical thinking required for a successful career in the shipping industry.
Capt. Abhishek Nair
Capt. Abhishek Nair is a maritime and ports technology leader with over 20 years of experience across command at sea, chartering, port operations, and digital transformation in the global shipping industry. He holds a Master’s degree in Maritime Economics & Logistics from Erasmus School of Economics, Rotterdam, and is a published author focused on future fuels and decarbonization. He is a Fellow of the Institute of Chartered Shipbrokers and an Associate Fellow of The Nautical Institute. His interests and focus lie in the future of shipping, chartering, port operations, and the integration of emerging technologies to drive decarbonization and operational excellence. He has spearheaded digital transformation projects in key global hubs that delivered measurable efficiency gains and lasting positive change. He takes an active interest in mentoring junior professionals, sharing insights and learnings from his own career to guide emerging talent in the maritime sector. His teaching approach is structured, engaging, and grounded in years of problemsolving at sea and ashore—designed to prepare students not just for exams, but for impactful careers in the industry.
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Price:
₹ 14999
Language:
English
Length:
12:00:00
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12 Sections . 26 lectures . 10h 31m total length
19 min
1.1 Introduction to Ecomonics, Ten Principles of Economics
Introduction to Economics, Objectives of the tutorial, Ten Principles of Economics, How people make decisions, How people interact, how economy works as a whole, Micro/Macro economics, Applications of these principles with examples
22 min
2.1 Types of Market, Law of Demand, Normal vs inferior goods
Market Fundamentals, Types of Markets, Market Structure, Competitive, Oligopoly, Monopoly, Monopolistically competitive, Law of demand, Normal vs inferior goods
Demand curve, Supply curve, movement of these curves, Equilibrium,
26 min
3.1 Price Elasticity, Elastic demand scenarios, Inelastic demand
Market fundamentals continued, Price Elasticity, Elastic demand scenarios, Inelastic demand, Elasticity Supply, Various curves, Supply & Demand examples with scenarios,
Shipping Freight curves, Recap of previous lessons,
30 min
4.1 Factors of Production, Land, Labour, capital, Entrepreneurship
Factors of Production, Land, Labour, capital, Entrepreneurship, Application in Shipping, Scarcity of land, Labour factor (shortages), Capital factor affecting Shipping, Investors in Sea trade, Tech innovators, relevant examples, Another scenario of Crew Shortage, Fleet capital cycles-Shipyard orders, Summary
30 min
5.1 Demand & supply of shipping, Derived demand for shipping
Demand & supply of shipping, Derived demand for shipping, GDP and GNP, Economic indicators, Essential reading recommendations, Measuring shipping demand, Tonne-miles, Elasticity in shipping demand, Global shipping fleet, Consideration for effective supply of a commodity, Newbuilding, scrapping and resale of vessels,
Examples of supply and demand, Summary of the chapter
19 min
6.1 Dry bulk trade, Demand for goods, Iron Ore, Coal
Dry bulk trade, Demand for goods, Iron Ore, Coal, Export/Import mapping, Case study-India’s Iron ore trade, Coal trade flows, Other commodities flow, Dry bulk ships categorization, Case study 2- Brazil’s Iron ore supremacy,
23 min
6.2 Case study, Cost Structure
Case study- Brazil’s Soyabean surge, Dry bulk shipping supply structure, Economies of scale-Advantages, Cost structure- Capex, Opex, Voyage costs, Voyage Estimations, Worked example for Voyage estimation, Decision to Lay-up vessel,
25 min
7.1 Tanker market structure, Demand for liquid cargo
Tanker market structure, Demand for liquid cargo, Import/Export centers,Crude and refined products
Case study 1- US Shale revolution,
Case Study 2- Turning India from importer to exporter, Special chemicals trade flow,
Case study-Jurong Island
LNG trade flows, Case study- Japan’s Energy Pivot
24 min
7.2 Tanker vessels categorization, Product Type segmentation
Tanker vessels categorization, Product Type segmentation, Supply structure, Advantages & Applications, Tanker ownership profile-Greece dominance, Examples of economies of scale-Evolution of tankers, Cube to square law, Worldscale rates for freights, ESG & Carbon credit Integration,
23 min
8.1 Oligopolistic markets-Container trades, Understanding demand
Oligopolistic markets-Container trades, Understanding demand, Large number of commodities, Shipper Behavior, container tradelanes, East west trade routes, South-south-north lanes,
Regulatory evolution, Conferences & alliances of companies,
22 min
8.2 Vessel sharing agreements (VSA’s), Anti-trust exemption
Vessel sharing agreements (VSA’s), Anti-trust exemption, HHI index, VSA economics, Slot scarcity,
Service competition, Port access monopoly/ limitations, Positive effects of large alliances, Network reliability
21 min
8.3 Shipping cost structure, Fixed vs Variable, Hub & Spoke optimization
Recap of previous chapters, Shipping cost structure, Fixed vs Variable, Hub & Spoke optimization, Facility location, Averaging with scale/size, Cost spreading, Scale threshold, Optimal ship size, operational constraints, Port Infra limits, Network Alignment,
19 min
8.4 Berthing time economics, Flag registration cost implications
Berthing time economics, Flag registration cost implications, FOC vs National registry, Tonnage tax, Key barriers, Examples for tonnage tax comparison, cost vs quality trade off, Premium pricing, Digital switching cost, Oligopoly control,
17 min
8.5 Pricing mechanisms, Base Freight, Surcharge
Pricing mechanisms, Base Freight, Surcharge, Spot market volatility, Examples for reference, Price discrimination and profitability,
High price vs high volume structures, Optimal strategy scenario, Inflection point, comparison of 3 different strategies, Key Takeaways
25 min
9.1 Fundamentals to real assets, Trade enablers-Ports
Recap till chapter 8, connect fundamentals to real assets, Trade enablers-Ports, canals and waterways, Port revenue by cargo types, Box ships vs bulk ships advantage, Port efficiency & cost relationship, Port investment decisions, equipment cost, connectivity expansion investment,
19 min
9.2 Port tariff structure, container vs bulk pricing
Port tariff structure, container vs bulk pricing, Tanker/liquid bulk pricing, Niche cargoes like cars,
Cross subsidy economics, Multiplier effect,
Case study 1-Mine-Rail-Port integration,
28 min
9.3 Canal economy- chokepoints-monopoly power
Canal economy- chokepoints-monopoly power, Suez canal revenue model, Panama canal model, capacity limitations, Congestion pricing, Queue economics,
Port ownership structures, Service ports, Tool ports, Landlord port, Fully Privatized ports, Public vs private port ownership
28 min
10.1 Global Trade & Macro Finance, Trade flows
Global Trade & Macro Finance, Trade flows, Inter industry trade, Intra Industry Trade,
Role of WTO, core functions as an organization, Trade liberalization, Impact on shipping, Trade boom & Tariff threat,
22 min
10.2 WTO’s role continued, Red sea disruption
WTO’s role continued, Red sea disruption and WTO response, Recent challenges faced,
Role of G8/G7, Shipping related core functions, Policy alignment, Role of G20 body, G7 & G20 partnership,
38 min
10.3 Currency exchange rate, Supply/demand/equilibrium
Currency exchange rate, Supply/demand/equilibrium, Spot rate vs forward rate, USD domination, Rate determination, Demand & Supply curve, Free floating rates, regulated/managed float rates, Fixed/pegged rates, Currency depreciation, currency fluctuations, Impact on imports/exports, examples for currency fluctuations, Balance of payments, Current accounts, Capital Accounts, Financial account,
Trade deficit, Trade surplus, Trade balance, Interest rate differentials, Inflation rates, economic performance, Case study
27 min
11.1 Nov 2024 paper solving
Answers writing guidance, Nov 2024 paper solving
Que 1: Compare & contrast advantages of private and public port ownership
Que 2: Explain a) theory of Absolute advantage, b) Long run cost
Que 3: Explain the term Derived demand in the context of shipping (detailed explanation)
36 min
11.2 Equilibrium Freight rate and concept of utility in shipping industry
Que 4:Explain how the “Equilibrium Freight rate” is determined.
Que 5: Explain the concept of “utility” as it applied to the shipping industry
28 min
11.3 Liner Trade, economic impacts of Tariffs, Bulk cargo market analysis
Que 6: Discuss barriers to entry which may occur in the liner trades.
Que 7: Examine the economic impacts of Tariffs, using a graph to support your answer.
Que 8: Bulk cargo market analysis for Iron Ore//Grain//Thermal Coal//Bauxite
26 min
12.1 May 2025 paper solving
Answers writing guidance,May 2025 paper solving
Que 1- Discuss about trade protections like Tariffs influence on World GDP
Que 2- Explain Price discrimination in Liner Trades.
13 min
12.2 Grain market, Supply demand model, Break even model
Que 3- within Grain market, identify 4 major cargoes, typical cargo size, routes, use world map.
Que 4- Understanding Supply demand model, critical to ship management success, use a diagram to elaborate.
Que 5- Explain how the Break even model is used to determine Min Freight Rate.
21 min
12.3 Elasticity of supply, Lay-up decision
Que 6- Explain the concept of “Elasticity of supply”
Que 7- Explain key demand factors that influence a Lay-up decision
Que 8- Briefly Explain these topics- Protectionism, Marginal cost, Equilibrium Freight rate, Free Trade
Using essential, contextual information.
Successful completion of this course will earn you a certificate of completion from Sea and Beyond. This certificate will be emailed to you and you could also share and show it on LinkedIn Please click on the button below to purchase the certificate.
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