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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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Freight Markets in the Global Container Shipping – Their Dynamics and Its Impact on the Freight Rates Quoting Mechanism

Grzelakowski A. S.

TransNav : International Journal on Marine Navigation and Safety of Sea Transportation

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2018

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Vol. 12, no. 4

721--726

EN

The main subject of research involves the global freight market in the sector of container shipping, and in particular the mechanism for setting up freight rates. The aim of research is to identify and analyse the features and characteristics typical of this market, resulting from the character of market mechanism, as well as to indicate factors which determine market fluctuations and evaluate its impact for the carriers and shippers. Moreover, the causes and effects of fluctuations in effective demand and potential supply in the sector of freight market were identified in terms of their impact on freight rates. The analysis includes three main types of container markets, existing today on a global scale, and characterizes the strategies and modes of behaviour of global container operators undertaking activity on these markets. By applying the theory of mass random service and queueing theory to examine the container freight market mechanisms the method of freight rates short-term forecasting was presented which can be used as an instrument for taking decisions in the sector of global maritime logistics.

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Transport morski jako ważny element międzynarodowego handlu węglem

Lorenz U., Grzelak M.

Polityka Energetyczna

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2005

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T. 8, spec.

283-296

PL

W 2004 r. na świecie przewieziono drogą morską około 6,5 mld ton ładunków, z czego przewozy węgla stanowiły ponad 10% (666 mln ton). Węgiel jest najważniejszym suchym ładunkiem masowym w handlu morskim, zarówno w świecie, jak i w Polsce. W międzynarodowym handlu węglem aż 95% obrotów realizowanych jest drogą morską. W artykule przedstawiono pozycję węgla na rynku przewozów morskich, podano informacje o rodzajach statków oraz stanie floty (światowej i polskiej). Zanalizowano powody zmian stawek frachtowych w ostatnich latach, podano również ocenę perspektyw dla rozwoju rynku frachtowego w najbliższym okresie.

EN

In 2004, total cargo of 6 500 million tons was transported by see and in this amount the share of coal was over 10% (666 Mt). Coal is the most important dry bulk cargo of sea-borne trade, both in the world and in Poland. As much as 95% of coal traded internationally is transported by sea. Paper presents the position of coal in sea-borne trade and gives some information on types of ships, and the status of world- and Polish fleet. Reasons of freight rates changes during last years have been analysed and the assessment of prospects of freight market development has been also given.