We explore the relationship between the returns of 64 dry bulk shipping company stocks’ prices and the main 15 commodities that bulk carriers transport. Using a principal component analysis to reduce the dimensionality of the commodities dataset and a panel estimator, we find that a change in...

We employ the vessels that comprise the dry bulk segment of the maritime industry and examine how market sentiment affects the herding behavior of shipping investors in a real asset market. Our results show that the behavioral aspect of investing, measured through intentional and unintentional...

We investigate and quantify the relationship between agricultural commodities and ocean-going freight rates, using a weekly dataset from 2010 to 2019 and a Vector Error Correction Methodology. The results are firstly supportive of the view that vessel classes are highly interconnected, and...

This paper investigates whether dynamic volatility spillovers across shipping freight markets can be explained by a comprehensive set of indicators capturing shipping investors’ sentiment. The results of this study reveal that an increase of the ratio of second-hand vessel price over...

This paper examines the existence of dynamic volatility spillovers within and between the dry-bulk and tanker freight markets by employing the multivariate DCC-GARCH model and the volatility spillover index developed by Diebold & Yilmaz (2009, 2012). This methodology is invariant to ordering the...

We employ a cointegration setup to explore route-specific off-equilibrium deviations related to Covid-19 that have affected clean (petroleum products) and dirty (crude oil) tanker freight rates, over and above the expected macroeconomic reactions. We find that the additional deviation caused by...

We explore, for the first time in the literature, how the revenues of ship management companies respond to macroeconomic exogenous shocks. Using data for ship-management companies in Cyprus, we find evidence that a demand shock has the largest impact on revenues, exhibiting an almost one-for-one...

We examine the impact of port congestion on containership freight rates. Our results show that port congestion has a positive and significant effect on containership freight rates. However, a 1% increase in port congestion in North America or Europe has an effect of approximately 0.5% on...

This paper examines whether the inclusion of oil price shocks of different origin as exogenous variables in a wide set of GARCH-X models improves the accuracy of their volatility forecasts for spot and 1-year time-charter tanker freight rates. Kilian's (2009) oil price shocks of different origin...