Dry Bulk Shipping and the Evolution of Maritime Transport Costs, 1850-2020

David Jacks and Martin Stuermer

No 28627, NBER Working Papers from National Bureau of Economic Research, Inc

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 analyze 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.

JEL-codes: E30 N70 R40 (search for similar items in EconPapers)
Date: 2021-03
New Economics Papers: this item is included in nep-ene, nep-his and nep-tre
Note: DAE
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Citations: View citations in EconPapers (8)

Published as David S. Jacks & Martin Stuermer, 2021. "Dry bulk shipping and the evolution of maritime transport costs, 1850–2020," Australian Economic History Review, Economic History Society of Australia and New Zealand, vol. 61(2), pages 204-227, July.

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Related works:
Journal Article: Dry bulk shipping and the evolution of maritime transport costs, 1850–2020 (2021)
Working Paper: Dry Bulk Shipping and the Evolution of Maritime Transport Costs, 1850-2020 (2021)
Working Paper: Dry Bulk Shipping and the Evolution of Maritime Transport Costs, 1850-2020 (2021)
Working Paper: Dry Bulk Shipping and the Evolution of Maritime Transport Costs, 1850-2020 (2020)
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