 Dry bulk shipping and the evolution of maritime transport costs, 1850–2020David Jacks and Martin Stuermer Australian Economic History Review, 2021, vol. 61, issue 2, 204-227 Abstract: We provide evidence on the dynamic effects of fuel price shocks, shipping demand shocks and shipping supply shocks on real dry bulk freight rates in the long run. We first analyse a new dataset on dry bulk freight rates for the period from 1850 to 2020, finding that they followed a downward but undulating path with a cumulative decline of 79%. Next, we turn to understanding the drivers of booms and busts in the dry bulk shipping industry, finding that shipping demand shocks strongly dominate all others as drivers of real dry bulk freight rates in the long run. Furthermore, while shipping demand shocks have increased in importance over time, shipping supply shocks in particular have become less relevant. Date: 2021 Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:bla:ozechr:v:61:y:2021:i:2:p:204-227 Ordering information: This journal article can be ordered from Access Statistics for this article Australian Economic History Review is currently edited by Stephen L Morgan and Martin Shanahan More articles in Australian Economic History Review from Economic History Society of Australia and New Zealand Contact information at EDIRC. |
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