Factors behind the Freight Rates in the Liner Shipping Industry
Résumé
This paper analyses the relationship between the China Containerized Freight Index (CCFI), Containership Earnings, Fleet Development, bunker price and Global Economic Activity. The Markov-switching Vector Autoregressive model has been applied by assuming the existence of two regimes. The first one is characterized by low and volatile freight rates, while the second one is more stable with high earnings and high freight rates. Three major cycles in the liner shipping industry have been identified. Moreover, by applying the Impulse Reponses Function, we have estimated the reaction of the freight rates following an increase of 1% of the other variables in the model.
Domaines
Economies et financesOrigine | Fichiers produits par l'(les) auteur(s) |
---|
Loading...