The International Handbook of Shipping Finance is a one-stop resource, offering comprehensive reference to theory and practice in the area of shipping finance. In the multibillion dollar international shipping industry, it is important to understand the various issues involved in the finance of...

About the Editors -- Book Chapter Reviewers -- Preface -- Contents -- About the Contributors -- List of Abbreviations -- List of Figures -- List of Tables -- 1: Shipping Markets and Their Economic Drivers -- 1.1 An Introduction to Shipping -- 1.1.1 The Maritime Value Chain -- 1.1.1.1 Ship Owner...

The lead-lag relationship in both returns and volatilities between spot and futures markets has been investigated extensively in the financial economics literature. Only a limited number of such studies have appeared on forward markets, primarily due to the lack of easy access to empirical data....

This paper compares the behaviour of shipping and shipping-related company stock returns to reveal whether systematic risk differs from the average in the market and across sub-sectors of the maritime industry. Following an extensive collection of information through a postal questionnaire...

The aim of this paper was to investigate the validity of the Efficient Market Hypothesis in conjunction with Rational Expectations in the formation of dry bulk ship prices over the period January 1976-December 1997. Tests for market efficiency include those of orthogonality and unpredictability...

In an industry that is characterized by highly volatile prices, seasonality, strong business cycles, cyclicality and capital intensiveness, risk management is extremely important. Ship-owners and charterers face enormous risks, which emanate from fluctuations in freight rates, bunker prices,...

This article investigates the unbiasedness hypothesis of futures prices in the freight futures market. Being the only market whose underlying asset is a service, it sets it apart from other markets investigated so far in the literature. Cointegration techniques, employed to examine this...