Title
The financialization of the port and terminal industry : revisiting risk and embeddedness
Author
Faculty/Department
Institute for Transport en Maritime Management (ITMMA)
Publication type
article
Publication
London ,
Subject
Economics
Source (journal)
Maritime policy and management. - London, 1997, currens
Volume/pages
38(2011) :2 , p. 191-213
ISSN
0308-8839
ISI
000294754700005
Carrier
E
Target language
English (eng)
Full text (Publishers DOI)
Affiliation
University of Antwerp
Abstract
The paper explores the evolving relationship between the port and terminal industry and the financial sector. Since the financial industry has taken an active role in global economic affairs, understanding global trade and transportation requires more than ever a perspective about financial issues and their impacts on transport operations. Paradoxically, the recent analytical emphasis on the strategies of port operators has rarely focused on one of the fastest and most radical changes ever to affect the maritime and port industries. The paper argues that through the lenses of financial issuesfinancializationa unique dimension of the maritime industry can be understood. It analyses how a changing pattern in risk perception has supported a bubble in the period 2002 to 2008 and how financial interests in the industry have repositioned themselves since the start of the economic crisis in 2008. The analysis demonstrates how since then, the financial sector isreluctantlyrediscovering the risks that are part of the maritime industry, notably those related to business cycles.
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