Microeconomic determinants of dry bulk shipping freight rates and contract times |
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Authors: | Amir H Alizadeh Wayne K Talley |
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Institution: | (1) Cass Business School, City University, London, EC1Y 8TZ, UK;(2) College of Business and Public Administration, Old Dominion University, Norfolk, VA 23529, USA |
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Abstract: | While the literature has established macroeconomic determinants of shipping freight (charter) rates, there has been no systematic
investigation of the microeconomic determinants of shipping freight rates. Therefore, the purpose of this paper is to investigate
microeconomic determinants of freight rates in the dry bulk shipping market, using a large sample of individual dry bulk charter
contracts from January 2003 to July 2009. Differences in freight rates across major dry bulk shipping routes, the geographical
distribution of shipping activities around the world, and the duration of the laycan period of shipping contracts are also
investigated. Estimated results suggest that the laycan period and dry bulk freight rates are interrelated and determined
simultaneously. Furthermore, vessel deadweight, age and voyage routes are important determinants of dry bulk shipping freight
rates, while determinants of the laycan period of chartered vessels include vessel age, freight rate level, and freight rate
volatility. |
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