Modelling the investment decision of the entrepreneur in the tanker sector: choosing between a second-hand vessel and a newly built one

It is often the case that the investor in the shipping sector faces the dilemma of investing in a second-hand vessel or building a new one. This happens because an active second-hand market for almost all kinds of vessels exists. We argue that one of the prime considerations for the investment decision should not be the price of the vessel per se, second-hand (SH) or newly built (NP) but

• ?(a)?the relative price ratio (SH/NP) second-hand price over the new building price and

• ?(b)?the movement of this ratio.

We investigate the determinants of this ratio across different vessel sizes in the tanker sector and show that it can be used as an effective tool in investment decision as well as in asset appraisal.

We employ monthly data between 1995 and 2006 for four different ship sizes–VLCC, Suezmax, Aframax and Handysize–and implement an error correction model.

The investment decision depends on a number of risk and return variables as well as the perceived speed of adjustment of the price ratio to its equilibrium level.

Overall we claim that the cyclicality of the shipping sector together with expectations formed by the agents operating in it (the entrepreneur, the ship-owner and the broker), determine the movement of the ratio and hence the decision of the entrepreneur.     

Risk analysis for RoPax vessels

The paper presents the results of a recent risk analysis study for RoPax vessels, carried out as part of the activities of the SAFEDOR Integrated Project. The objective of this study was to investigate the causes of hazards during RoPax operation and quantify, to the extent possible, their frequencies and consequences. Potential scenarios initially identified and prioritised during a Hazard Identification (HAZID) session were used in the process.     

Formulating and solving the network design problem by decomposition

The optimal transportation network design problem is formulated as a convex nonlinear programming problem and a solution method based on standard traffic assignment algorithms is presented. The technique can deal with network improvements which introduce new links, which increase the capacity of existing links, or which decrease the free-flow (uncongested) travel time on existing links (with or without simultaneously increasing link capacity). Preliminary computational experience with the method demonstrates that it is capable of solving very large problems with reasonable amounts of computer time.     

邦德座驾 电影中的一抹“亮色”

相信很多人都注意到了,在007系列电影中,詹姆斯·邦德最常开的座驾应该是Aston和Lotus。当然,这些可不是唯一的007座驾,从1953年第一部007电影《诺博士》(Dr.No)开始,詹姆斯·邦德的每一部座驾可谓都是大众瞩目的焦点。在接下来的时间里,我们将为您重点介绍那些出神入化、帮助这位英国特工完成任务的超级"帮手"。     

水泥混凝土路面的现场碎石化处理

本主要介绍在北美正在处于应用和研究阶段的旧水泥混凝土路面的现场碎石化处理技术。根据水泥混凝土路面的损坏类型和严重程度，在技术上可以有几种不同的修复方法。作为一种重建方法，现场碎石化处理技术适合于大面积严重损坏的或失去结构承载力的水泥混凝土路面。目的之一是消除沥青混凝土加铺面的无法扼制的反射裂缝。这一技术在北美工程项目中不断使用的同时，仍在不断完善研究总结。国内有许多旧混凝土路面，包括机场跑道，量多面广，年久失修，有许多路面可以用现场碎石化加加铺层来重建。笔借助本与国内同行交流一些有关这一修复技术的心得，使得这一技术在国内得以被正确地认识和使用。     

纽约州交通局的桥梁检查计划

在过去20年里,纽约州交通运输部(NYSDOT)已对全州1.74万公路桥梁的桥梁状况的检查和评价计划进行了管理和监督.该计划的首要目标是确保纽约的桥梁保持结构和运营安全,数据收集和报告是为桥梁所有者提供评估桥梁的状态和维护需求的主要信息来源.本文概述了纽约州交通部的桥梁检查和评价计划,包括项目范围、主要要求和特点、资源和数据应用.     

船舶遭劫持与船员国籍的非关联性探析

文中在分析索马里海域状况和索马里海盗袭击商船的历史和现状的基础上,对国际海事组织(IMO)和国际海事局(IMB)提供的有关索马里地区调查数据进行了分析,尤其是对被海盗所劫持船舶的船员构成作了详细的分析,并由此证明船员国籍和船舶劫持之间是否存在某种关系,船员是否会因为种族或者文化的原因更容易(或不容易)成为索马里海盗的受害者等。论文的研究为认识海盗的真实原因和采取对海盗的打击和预防措施提供了依据。     

The assessment of market efficiency in the shipping sector: a new approach

The aim of this paper is to use an alternative measure of the efficiency of the different shipping industries, i.e. VLCC/ULCC (250000dwt), Suezmax (140000dwt), Aframax (80000dwt), which are the main carriers of crude oil, and Handymax (40000dwt), which carries the vast majority of clean (oil) products. The results of the theoretical analysis confirm that, under pure expectations theory, the larger vessels demonstrate higher volatility, as measured by the standard deviation, than the smaller vessels, thereby supporting the proposition that period freight rates do indeed appear to be perfect foresights of the future spot rates.     

Investor herding behaviour in globally listed shipping stocks

ABSTRACT

This study undertakes one of the first empirical attempts to investigate and contribute a set of innovative findings to investor herding behavior and herding spillover effects in globally listed shipping company stock returns. Distinguishing between OECD and Non-OECD markets, herding behavior is tested on a diversified set of shipping companies traded in international equity markets, over different business cycle phases, financial crises, and external shocks. A set of dynamic models, well established in the relevant behavioral finance literature, is implemented. Empirical evidence indicates investor herding behavior in shipping stock returns and herding spillover effects between different shipping sectors, albeit not robust in all cases. These challenging findings can have a material impact on efficient investment and financing decisions of shipping market players.     

Marina inventory and berthing supply projections: Mississippi's Gulf Coast

Abstract

The location as well as pace of marina development is a major issue in current coastal zone management. The supply and demand for marinas providing certain services in specific locations are growing and must be met. At the same time the environmental integrity of the coastal zone must be maintained against the many possible impacts of marina development. Compounding these problems from the view of both the developer and coastal zone manager is the absence of necessary data and accepted methodologies for estimating future supply needs for marine berthing. This paper describes a multi‐focii approach to the establishment of an information base and marina supply projections for the Mississippi Gulf Coast. Data on existing marina types, services, and facilities are obtained via fieldwork; future marina slip supply needs are estimated using a combination of several techniques and data sources. The study serves two purposes. First, it initiates the basis for improved management of marina development on Mississippi's Gulf Coast. Second, on a more theoretical level, it stimulates research toward developing and validating supply and demand projection techniques for marinas.