In this lesson Dr. Max Johns explains the basic economics of shipping. Dr. Johns is professor at HSBA Hamburg School of Business Administration for Maritime Affairs and Business Development and senior advisor for labour and social affairs at VDR – German Shipowners’ Association. Previously he had worked for 15 years as VDR’s communications director and managing director. Dr. Johns was spokesperson for the shipowners at the ILO's special tripartite committee on the MLC, 2006 in May 2022.