Natural potential of maritime economy: essential features and valuation

Abstract

The growth of unsatisfied needs and gradual decline of natural resources on the continents will inevitably lead the mankind to the coasts of the World Ocean with its natural potential being enormous up to the present day. That is why the author has systematized and described the essence of its key elements: natural conditions and natural resources. Consequences of the careful use of natural resources as part of the state policy are revealed. Favorable natural conditions for the development of the maritime economy in Ukraine are highlighted. Top-priority measures to be taken to achieve this goal are outlined. Furthermore, there is a detailed review of the approaches and methods for the valuation of the marine natural potential, namely, the cost method, successful efforts method, rental method, rates and norms method, and lost profit method. The paper also demonstrates the areas of their application and limitations to their use.