The freight rates and second hand prices in the dry bulk market seem to be stationary. By unit root tests, an … classical shipping market that indicate stationary in freight rates, which is not the case if the freight rates follow a random …

model to show that indeterminacy of the equilibrium path in the would market can occur. Under certain conditions in terms of … factor intensities, there are multiple equilibrium paths from the same initial distribution of capital in the world market …