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Factors behind the Freight Rates in the Liner Shipping Industry

Nikola Kutin (), Zakaria Moussa () and Thomas Vallee ()
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Nikola Kutin: LEMNA - Laboratoire d'économie et de management de Nantes Atlantique - IEMN-IAE Nantes - Institut d'Économie et de Management de Nantes - Institut d'Administration des Entreprises - Nantes - UN - Université de Nantes - IUML - FR 3473 Institut universitaire Mer et Littoral - UBS - Université de Bretagne Sud - UM - Le Mans Université - UA - Université d'Angers - CNRS - Centre National de la Recherche Scientifique - IFREMER - Institut Français de Recherche pour l'Exploitation de la Mer - UN - Université de Nantes - ECN - École Centrale de Nantes, National University of Management
Zakaria Moussa: LEMNA - Laboratoire d'économie et de management de Nantes Atlantique - IEMN-IAE Nantes - Institut d'Économie et de Management de Nantes - Institut d'Administration des Entreprises - Nantes - UN - Université de Nantes - IUML - FR 3473 Institut universitaire Mer et Littoral - UBS - Université de Bretagne Sud - UM - Le Mans Université - UA - Université d'Angers - CNRS - Centre National de la Recherche Scientifique - IFREMER - Institut Français de Recherche pour l'Exploitation de la Mer - UN - Université de Nantes - ECN - École Centrale de Nantes

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Abstract: 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.

Keywords: Freight rates; Container trade; Shipping; Vector Autoregressive Model (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-tre
Date: 2018-07-03
Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-01828633
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