Determinants of vessels’ fixtures allocation over contracts of different duration and global economic uncertainty

Manolis G. Kavussanos, Stergiani (Stella) A. Moysiadou and Dimitris Tsouknidis

Maritime Policy & Management, 2026, vol. 53, issue 2, 161-182

Abstract: This paper proposes a methodological framework to investigate the decision of economic agents to allocate vessel fixtures between ‘short,’ ‘medium,’ and ‘longer-term’ contracts and reveal the economic forces that drive decisions and the risk preferences of the participants in these markets. A unique database of individual vessel fixtures in the dry-bulk sector of the maritime industry is utilized. Application of the methodology to the data shows that relative freight rates of ‘short,’ ‘medium,’ and ‘longer-term’ contracts and the global ‘economic sentiment’ are the driving forces in the choice of the vessel fixture duration. An economic uncertainty index is introduced for the first time, which is able to capture the global ‘economic sentiment’ in the markets. This is found significant in driving decisions in this international industry, which is affected by global geoeconomic and political events. Specifically, it is shown that periods of high economic risk lead dry-bulk market participants to opt for relatively shorter, over longer-term, vessel fixtures.

Date: 2026
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DOI: 10.1080/03088839.2025.2491813

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