Maritime Investment Appraisal and Budgeting

Stefan Albertijn, Wolfgang Drobetz and Max Johns
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Stefan Albertijn: Baltic Exchange Ltd.
Max Johns: German Shipowners’ Association (Verband Deutscher Reeder, VDR)

Chapter 13 in The International Handbook of Shipping Finance, 2016, pp 285-313 from Palgrave Macmillan

Abstract: Abstract Shipping has always been a volatile business, one that is tightly linked to the business cycle. However, the recent global financial and economic crisis that started in 2008 is unprecedented. Industry revenues followed booming world trade fairly closely up until mid-2008, with the ClarkSea index of freight rates reaching its peak at the end of 2007. As the global financial crisis deepened in 2008, the index dropped almost 85 % by April 2009. The market values of vessels followed freight rates down, with the Clarkson Second Hand Price Index falling roughly 40 % during the same period. Since then, freight rates and vessel prices have remained low and are still far below the pre-crisis levels.

Keywords: Cash Flow; Capital Asset Price Model; Free Cash Flow; Credit Spread; Transaction Price (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-46546-7_13

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DOI: 10.1057/978-1-137-46546-7_13

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