1. Fully analyze 3 Characteristics of shipping market cycles by the use of a graph. (8) 2. In a shipping cycle there are risks that are involved, Discuss the risks management in a bulk shipping. (4) 3. Discuss why the demand for ships change quicker than the supply of ships. (4) 4. Discuss the key influences on supply and demand in the shipping market model. (4) 5. Discuss why the shipping demand curve/function is steep. (4) 6. Discuss the variables that the ship-owner's decision to supply vessels have direct impact on. Provide examples. (6)