This chapter concentrates on the US high-yield bond market as a source of finance for shipping companies. In particular, the anatomy of the US shipping high yield bond market is described in Section 21.2, and the advantages and disadvantages of high-yield bonds for shipping companies are...

This chapter concentrates on the US equity capital market as a source of finance for shipping companies and gives an overview of this market, since it is the largest of its kind. In addition, it discusses important issues for the shipping companies that utilize this market for financing and the...

We examine whether investors herd in their decision to order new or scrap old vessels in the drybulk market. Our paper is seminal as herd behavior in the shipping markets has not been previously investigated. We decompose herding into unintentional and intentional, and test for herd behavior...

This paper uses a binary logit model to predict the probability of default for high yield bonds issued by shipping companies. Our results suggest that two liquidity ratios, the gearing ratio, the amount raised over total assets ratio, and an industry specific variable are the best estimates for...

This paper investigates factors that can explain the dynamics of yield premia on seasoned high yield bonds of shipping companies. Our analysis utilises 40 seasoned high yield bonds offered by 32 shipping companies between April 1998 and December 2002 and a set of microeconomic, macroeconomic...

This paper examines the extent that public information, available prior to the initial public offering of shipping companies, is only partially incorporated in the final offer price set by the underwriters. The sample includes 51 shipping US initial public offerings that took place in the period...

The aim of this paper is to present evidence, for the first time, about the relationships of global macroeconomic sources of risk with shipping stock returns internationally, for the period 1989:12–1998:3. For this purpose, a sample of 36 shipping companies (listed in 10 stock exchanges...