Determinants of the probability of default: the case of the internationally listed shipping corporations

In this study, we use a sample of 192 listed shipping companies and employ a logit model in order to investigate the determinants of the probability of default. We enhance our analysis by isolating not only the cases of company liquidations but also those cases where companies had to change their legal status due to warning liquidity signals. Our key findings are in line with prior research and moreover we depict a changing trend in the marginal effects of relevant variables, on the probability of default. We further show, through an empirical application, how the obtained results can be used in a managerial decision-making process and in a bank credit underwriting process in order to assess the creditworthiness of a shipping company.     

Assessment of cost as a function of abatement options in maritime emission control areas

This paper assesses cost as a function of abatement options in maritime emission control areas (ECA). The first regulation of air pollutions from ships which came into effect in the late 1990s was not strict and could easily be met. However the present requirement (2015) for reduction of Sulfur content for all vessels, in combination with the required reduction of nitrogen and carbon emissions for new-built vessels, is an economic and technical challenge for the shipping industry. Additional complexity is added by the fact that the strictest nitrogen regulations are applicable only for new-built vessels from 2016 onwards which shall enter US or Canadian waters. This study indicates that there is no single answer to what is the best abatement option, but rather that the best option will be a function of engine size, annual fuel consumption in the ECA and the foreseen future fuel prices. However a low oil price, favors the options with the lowest capex, i.e. Marine Gas Oil (MGO) or Light Fuel Oil (LFO), while a high oil price makes the solutions which requires higher capex (investments) more attractive.     

Evaluation of total risk exposure and insurance premiums in the maritime industry

The empirical evaluation of maritime risk exposure is based on the monetary value at risk (MVR) that incorporates individual safety quality data of about 130,000 vessels, insurable values related to various potential damages, and proxies for fractions of values lost at incidents. MVR provides a tool to enhance strategic planning of maritime administrations and insurance providers, which is illustrated by a high level comparison of annual risk exposure with insurance premiums for 2010–2014. The analysis reveals a global annual insurable value of 30.6 trillion USD with associated annual MVR of 38.8 billion USD for very serious and serious incidents. Although oil tankers show the highest risk exposure (1.75 million USD per tanker per year), safety qualities are found to be best for this ship type (1.4% annual incident risk) and worst for container vessels (2.8%). Annual growth rates in total risk exposure are mostly positive with highest value for dry bulk carriers (27.8%), whereas risk exposure tends to decline for pollution of oil tankers (−2.0%) and passenger vessels (−11.3%), and for loss of life of oil tankers (−1.9%) and dry bulk carriers (−1.4%). Comparison across administrative dimensions reveals that most risk exposure lies with old open registries and with beneficial owners and the Document of Compliance companies located in high income countries. Comparison with global insurance premiums suggests reasonably adequate coverage of maritime risks (excluding cargo) with under-insurance of risk by around 5% (about 1 billion USD per year), with some uncertainties remaining for actual loss fractions of the involved damages.     

高油价对长江水上安全的影响

随着燃油成本的提高,航运的成本随着提高,这给航运的经营带来了巨大的压力,船舶在航行中采取违反航行规则来取得效益,这对长江水上安全带来了影响。     

论上海北外滩航运服务功能的拓展

上海国际航运中心的发展和黄浦江的开发为北外滩航运服务功能的拓展提供了契机。本文分析了北外滩航运服务功能历史发展概况和现状 ,阐述了北外滩航运服务功能开发的机遇和挑战、优势和劣势 ,最后提出了北外滩航运服务功能发展的要求和建议。     

航运市场呼唤中国的航运运价指数期货

随着全球一体化与世界经济的迅猛发展，世界范围内的贸易不断扩大，2000年海运物流量达到58．8亿t^[1]。由于航运价格受到许多因素的影响而变化，它的变化对货主、船东与雇船者带来许多不确定的风险，通过航运运价指数期货可以降低航运业的风险，从而保障航运市场的稳定持续发展。     

三峡库区航运人才需求分析与对策研究

三峡库区航运业的发展,衍生了巨大航运人才需求市场,而传统意义上仅仅掌握船舶操纵技术的航运人才已不适应航运经济的发展,航运人才缺乏将是制约库区航运经济发展的瓶颈。本文通过对三峡库区航运业人才需求分析,指出了目前存在的不足,提出了解决办法。     

加快建设东南国际航运中心的对策研究

建设东南国际航运中心可考虑以厦门港为中心,福州港、湄洲湾港、温州港、汕头港为支撑的构架。提出了实现这一设想的9项措施,诸如科学规划统筹发展、加快港口基础建设、提升空港航运功能、促进临港工业发展、完善物流服务体系等。     

天津的城市发展与航运

现代化国际港口大都市首先应该是航运中心。天津的城市发展得益于航运发展。重视航运、发展航运是天津经济建设的前提。航运业发展是现代化国际港口大都市的重要体现。天津腹地辽阔、资源丰富，只要加强海港、河港、运力、货源等的合理配置，一定会带来城市和航运的共同发展。     

高职院校航海类学生职业能力培养探析

文章通过分析《STCW公约》马尼拉修正案中的变化对航海类学生的正反两方面的影响，提出了高职院校航海类学生职业能力培养的对策，对于全方位提升航海类高职生的职业技能具有十分重要的意义。