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Information flow between revenue and stock exchanges: An empirical research on liner shipping companies

Açık Abdullah, Baran Kasapoğlu Esra, Ayaz İlke Sezin

Journal of Sustainable Development of Transport and Logistics

2021

Vol. 6, No. 1

81--89

The aim of this research is to test the volatility spillover between the stock values of the major liner shipping companies in the world and the freight indices measuring the freight revenues in the container market. The dataset in the study consists of 9 stock values of the top 10 biggest liner companies in 2018 and 3 container freight indices on weekly basis covering the period between 05.11.2010 and 06.07.2018. Volatility spillovers have been determined to some companies' stock values from some container freight indices, and the most influential freight index has been determined as New ConTex. Moreover, some volatility spillovers from some companies' stock values to freight indices have been also determined. These results suggest that some stock investors position their portfolios in the market according to the flow of information from freight indices while some investors position by following macro variables.

Connections between the Dry Bulk Freight Index and the Cyclical Economic Activity of the G7 Countries

Wagner N.

Logistics and Transport

2015

Vol. 25, No. 1

71--82

The article analyses the connections between the dry bulk freight market and the economic activity of certain countries. The objective was to confirm the existence of a similar cyclical nature for the Baltic Dry Index and main indicators of the business cycle of the G7 countries. The applied macroeconomic variables were: the real GDP and the industrial production index. In examination a spectral analysis was used. The discovered identical periodicities were analyzed in terms of time relations. It was demonstrated, that the cyclical part of the BDI (periodicity of 13.1 and 15.3 quarters) either leads or is coincident with the indicators of the business cycle. The global financial crisis in 2008-2009 showed that the behaviour of freight indices was similar to stock exchange indices and macroeconomic variables in advanced economies. It is worth to observe shipping market because higher values of freight indices could anticipate increasing demand for sea trade and economic growth.