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 examines volatility as a measure of risk in the world tanker market for second hand ships. In particular, it models and compares time varying risks between different size vessels. The recently developed class of Autoregressive Conditional Heteroskedasticity (ARCH) models are utilised...

The aim of this paper is to investigate the relative risks involved in owning and operating tanker vessels of different sizes in world spot and time-charter (TC) markets. Cointegrating Error Correction ARCH models are used to model spot and TC rates for each ship size and the associated time...