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The impact of freight rates on ship values: An investigation of major dry bulk carriers

Açik Abdullah

Zeszyty Naukowe Akademii Morskiej w Szczecinie

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2021

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nr 66 (138)

9--20

EN

Many factors affect ship values, but the most important is freight rates. This effect is more dynamic, especially in the dry bulk market, which has characteristics close to a perfectly competitive market. The literature does not provide a complete answer about whether the effects of freight on ship values differ by ship type and age in the market; therefore, this study examined the effect of changes in the freight rates of the main ship types used in the dry bulk market on their values in different age groups. The ship types included in the study are Capesize, Panamax, and Handymax vessels, while the age groups are newbuilds, 5-year-old, and 10-year-old ships. Individual regression models were established and analyses were applied for each category. According to the obtained results, smaller vessels were more affected by changes in freight rates, and the effect of changes in freight rate increased with the age of the ship. Also, the price volatility of smaller ships was lower, while it was higher for older ships. It is hoped that these results may provide comparative results by ship type and guide industry stakeholders in reducing risks.

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Hierarchical modelling of volatility spillovers in ship demolition markets

Açik Abdullah

Scientific Journal of Gdynia Maritime University

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2021

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nr 117

7--19

EN

he offered demolition prices are as important as the freight rates in the market in shipowners' decisions to send their ships for demolition. This study aims to determine the most affected and the most affecting countries in the ship demolition market by examining the hierarchical price movements among the prices offered for demolition in major centres around the world. In this direction, integrated causality in variance, Interpretative Structural Modeling (ISM) and MICMAC (Matrices d’Impacts cross-multiplication appliqúe a classmate) analysis are used. According to the obtained results, the price dependence on Turkey is the lowest, while the price dependence in Bangladesh is the highest. Volatility in the market is spreading to other markets from Turkey. These results are thought to be useful in understanding price behaviour in the ship demolition industry, which is a relatively small market.

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The impact of exchange rate on fisheries production: international evidence from selected countries

Tepe Resul, Kayiran Burhan, Açik Abdullah

Zeszyty Naukowe Akademii Morskiej w Szczecinie

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2020

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nr 63 (135)

87--96

EN

One of the most important factors affecting international trade is exchange rate fluctuations. To date, studies that have analyzed the effect of exchange rates have shown that the effect can vary from sector to sector and from country to country. The fact that this relationship has not been extensively studied in the fisheries industry is the motivation for this study. In this regard, the aim of this study is to determine whether changes in the real exchange rates of countries affect their fisheries production levels. Accordingly, we used the causality test developed by Emirmahmutoglu and Kose (2011), which takes into account both cross-sectional dependencies and heterogeneity. The data set used in this study consisted of 27 annual observations from 38 countries from 1990–2016. The results revealed that changes in the real exchange rate affected fisheries production. This situation shows that changes in exchange rates may affect the international demand for fisheries and serve as a source of motivation for producers.