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2 2021

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Hierarchical modelling of volatility spillovers in ship demolition markets

Açik Abdullah

Scientific Journal of Gdynia Maritime University

2021

nr 117

7--19

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.

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.