Abstract
VNF’s statistical data shows a remarkable resilience of inland navigation in France during the recession. Yet at least part of the profession is in crisis: the independent barge operators are now likely to be close to bankruptcy. The small independent barge owners who are the key players in the fully liberalized spot market since 2000 bear the brunt of low prices resulting from a destructive competition which is exacerbated in recession. Transaction costs associated with this new institutional environment exacerbate this procyclical behaviour detrimental to the entire profession. Based on insights from transaction costs economics, the article assesses the conditions of efficiency of voyage charter in the spot market. It analyses these costs through a transactional review of the history of the voyage charter modalities and thereby leading to recommendations to improve organization and efficiency of this market segment.
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