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The Relationship Between Commodity Prices and Freight Rates in the Dry Bulk Shipping Segment : A Threshold Regression Approach

Melas, Konstantinos D. - 2020

In the current paper, we examine the existence of possible threshold relationships in the commodity price – freight rate nexus, under or over which the relationship between the two changes. Using the first lag of the commodity price change as the threshold variable, we find that, in the case...

Persistent link: https://www.econbiz.de/10012836278

Sentiment Augmented Supply and Demand Equations for the Dry Bulk Shipping Market

Melas, Konstantinos D. - 2020

We present, for the first time in the literature, empirical estimates of the supply and demand curves for the ocean-going dry bulk sector, using a three-stage least squares methodology. Furthermore, we augment these functions with sentiment, which appears to have a positive and significant...

Persistent link: https://www.econbiz.de/10012823485

COVID-19 and the Energy Trade : Evidence from Tanker Trade Routes

Michail, Nektarios; Melas, Konstantinos D. - 2021

We employ a cointegration setup to explore route-specific off-equilibrium deviations related to COVID-19 that have affected clean (petroleum products) and dirty (crude oil) tanker freight rates, over and above the expected macroeconomic reactions. We find that the additional deviation caused by...

Persistent link: https://www.econbiz.de/10013238667

How Long Do We Keep Up With the Joneses? Herding Time Horizons in the Dry Bulk Shipping Markets

Michail, Nektarios; Melas, Konstantinos D. - 2021

We estimate intentional and unintentional herding in the dry-bulk, ocean-going segment that spans from August 1998 to January 2020 and measure how this can impact vessel orders. As the results suggest, while intentional herding has a large effect on the orders of the newbuilding vessels, the...

Persistent link: https://www.econbiz.de/10013238762

Buy Together, but Recycle Alone : Sentiment-Driven Herding Behavior in Oceanic Dry Bulk Shipping

Melas, Konstantinos D.; Michail, Nektarios - 2021

We employ the vessels that comprise the dry bulk segment of the maritime industry and examine how market sentiment affects the herding behavior of shipping investors in a real asset market. Our results show that the behavioral aspect of investing, measured through intentional and unintentional...

Persistent link: https://www.econbiz.de/10013242751

Dynamic Volatility Spillovers and Investor Sentiment Components Across Shipping Freight Rates

Melas, Konstantinos D.; Panayides, Photis; Tsouknidis, … - 2021

information within the dry-bulk and tanker segments; while an increase in the ratio of price to earnings and the ratio of the … number of vessels sold over the number of vessels of the global fleet also trigger an increase of the economic information … players as they reveal novel mechanisms of the transmission of economic information within the segments and across the sub …

Persistent link: https://www.econbiz.de/10013248216

Quantifying the Relationship Between Seaborne Trade and Shipping Freight Rates : A Bayesian Vector Autoregressive Approach

Michail, Nektarios; Melas, Konstantinos D. - 2021

We employ a Bayesian Vector Autoregressive methodology, to counter the issue of data availability, and explore the relationship between seaborne commodity trade and freight rates. Our results show three important insights: first and foremost, the quantity of seaborne commodity trade has a strong...

Persistent link: https://www.econbiz.de/10013250889

Can commodity prices affect the stock market returns of dry bulk shipping companies?

Michail, Nektarios; Melas, Konstantinos D. - 2021

We explore the relationship between the returns of 64 dry bulk shipping company stocks’ prices and the main 15 commodities that bulk carriers transport. Using a principal component analysis to reduce the dimensionality of the commodities dataset and a panel estimator, we find that a change in...

Persistent link: https://www.econbiz.de/10013321748

Shipping Markets in Turmoil : An Analysis of the COVID-19 Outbreak and Its Implications

Michail, Nektarios; Melas, Konstantinos D. - 2020

In the current study, we examine, for the first time in the literature, the impact of exogenous effects in the shipping industry by employing data from the recent COVID-19 pandemic outbreak and explore the reactions of freight rates for dry bulk, clean, and dirty tankers. Our results, using both...

Persistent link: https://www.econbiz.de/10014092283

Market Interactions Between Agricultural Commodities and the Dry Bulk Shipping Market

Michail, Nektarios; Melas, Konstantinos D. - 2020

We investigate and quantify the relationship between agricultural commodities and ocean-going freight rates, using a weekly dataset from 2010 to 2019 and a Vector Error Correction Methodology. The results are firstly supportive of the view that vessel classes are highly interconnected, and...

Persistent link: https://www.econbiz.de/10014099248