The effect of environmentally differentiated port fees to shipping companies’ environmental investments

The pressure has grown to develop cost-effective emission reduction strategies in the Baltic Sea. The forthcoming stringent regulations of the International Maritime Organization for reducing harmful emissions of shipping in the Baltic Sea are causing increasing expenses for the operators. A market-based attitude towards pricing of economic incentives could be seen as a new approach for a successful application for the additional emission reduction of nitrogen oxides (NOx). In this study the aim is to understand the phenomenon of environmentally differentiated port fees and its effects on shipping companies’ emission reduction investments. The goal is to examine empirically the real-life effects of the possible environmental differentiated port fee system and the effect of environmentally differentiated port fees on NOx reduction investments in the Baltic Sea. The research approach of this study is nomothetical. In this study research questions are answered by analyzing the broad database of the Baltic Sea fleet. Also the framework of theory is confirmed and plays an important role in analyzing the research problem. Existing investment costs of NOx emission reduction technology to ship owners are estimated and compared to investment costs with granted discounts added to the cash flows. The statistical analysis in this study is descriptive. The major statistic examination of this study is the calculation of the net present values of investments with different port fee scenarios. This is done to investigate if the NOx technology investments could be economically reasonable. Based on calculations it is clear that the effect of environmentally differentiated port fees is not adequate to compensate the total investment costs for NOx reduction. If the investment decision is made only with profitability considerations, sources will prefer to emission abatement as long as incomes from the given subsidy exceeds their abatement costs. Despite of the results, evidence was found that shipping companies are nevertheless willing to invest on voluntary emission abatement technology. In that case, investment decision could be made with criteria of, for example, sustainable strategy or brand image. Combined fairway and port fee system or governmental regulations and recommendation could also function as additional incentives to compensate the investment costs. Also, the results imply that the use of NPV is not necessarily the best method to evaluate environmental investments. If the calculations would be done with more environmental methods the results would probably be different.

The Janus-faced City: A Sensory History of the London Blitz 1940–1941

The city of London was, during the years of 1940–1941, a city under fire. The metropolis seemed to have two faces, like the Roman deity Janus: the face of the daylight hours, so normal, and yet so deceiving in its false quietness – and at nightfall, the city turned, and the face of it was the face of the devil himself, transforming London into a living inferno. This thesis examines the sensescapes of the Blitz, through the diaries and memoirs written of that time. The primary sources consist of seven different diaries, two autobiographies, and four research volumes that contain multiple diary- and memoire entries, mostly from the Mass Observation Archives and from the Imperial War Museum. The sensory approach is a new orientation in the field of history – it studies the five senses in their cultural contexts, interpreting the often subtle ways in which the senses affect into society, politics, culture, and class hierarchies, to name only but few. The subject of the sensory history of war is a theme widely unexamined: this thesis contributes to this frontier field by unveiling the sensorium of the London bombings, comparing the differences between the halves of nychtemeron, and examining how the Blitz was communicated by the writers as a lived, bodily experience. This study reveals the very different sensory worlds in which the Londoners lived, during a time that is often described with the mythical solidarity that was thought to exist between the people. The reality of the homeless, working class, and poor were in the foul smelling tubes, poor law -dated rations, and in the smoking ruins of East End – the contrast was massive reflecting it to the luxury hotels and restaurants of the upper classes, opportunities for evacuation, sheltering possibilities, and overall comforts of life.