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    Rights statement: This is an Accepted Manuscript of an article published by Taylor & Francis in Maritime Policy and Management on 02/03/2020, available online:https://www.tandfonline.com/doi/full/10.1080/03088839.2020.1735007

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The dynamics of fleet size and shipping profitability: the role of steel-scrap prices

Research output: Contribution to Journal/Magazine › Journal article › peer-review

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<mark>Journal publication date</mark>16/11/2020
<mark>Journal</mark>Maritime Policy and Management
Issue number8
Volume47
Number of pages25
Pages (from-to)985-1009
Publication StatusPublished
Early online date2/03/20
<mark>Original language</mark>English

Abstract

We discover that in each shipping segment the price of scrap, earnings, and the fleet size are jointly determined. Deploying a Vector Error Correction model, we find that international steel-scrap prices explain ship scrap prices, but the price of nickel, crude oil, and seaborne trade have an even higher positive explanatory power on them. This dependence is mainly attributed to the economic nature of the major ship-breaking countries: they are all emerging economies, heavily relying on steel as well as nickel in their development process. 

Bibliographic note

This is an Accepted Manuscript of an article published by Taylor & Francis in Maritime Policy and Management on 02/03/2020, available online:https://www.tandfonline.com/doi/full/10.1080/03088839.2020.1735007