This paper examines volatility as a measure of risk in the dry-bulk ship market. In particular, it compares volatility estimates between time-charter and spot rates. Volatility is also compared between different sizes of dry-bulk vessels. It is found that time-charters are more volatile than...

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...

Financing shipping related investment projects has always been a focal area of debate and research within the international maritime industry since access to funding can determine the competitiveness of a capital-intensive business as well as its success or failure under adverse market...

This paper investigates the short-run forecasting performance, in the relatively new and fairly unresearched futures market of Greece. Forecasts from univariate (ARIMA) and multivariate (VAR, VECM and SURE-VECM) linear time-series models indicate that cash returns can be more accurately...

This paper examines the hedging effectiveness of the FTSE/ATHES-20 and FTSE/ATHEX Mid-40 stock index futures contracts in the relatively new and fairly unresearched futures market of Greece. Both in sample and out of sample hedging performances using weekly and daily data are examined,...

The objective of this paper, in recognition of the strategic significance of the ship registration decision, is to provide a theoretical framework that helps explain the interaction of factors that influence the decisions to register a 'flag of convenience.' This highlights the risk-return...

The focus of this paper is the review the empirical work in the area of shipping finance, which deals with the companies in the shipping sector that have made the decision to resort to the capital markets in order to finance their activities. The paper is concerned with the performance of listed...

This paper investigates whether bond, issuer, industry and macro-specific variables account for the observed variation of credit spreads' changes of global shipping bond issues before and after the onset of the subprime financial crisis. Results show that conclusions as to the significant...

This paper proposes a credit scoring model for the empirical assessment of default risk drivers of shipping bank loans. A unique dataset, consisting of the credit portfolio of a ship-lending bank is used to estimate a logit model with two-way clustered adjusted standard errors, ensuring robust...

The purpose of the paper is to investigate the impact of the introduction of Forward Freight Agreement (FFA) trading on spot market price volatility in panamax 1, 1A, 2, and 2A trading routes of the dry-bulk shipping industry. The main concern about the impact of derivatives trading emanates...