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
Accepted author manuscript, 789 KB, PDF document
Available under license: CC BY-NC: Creative Commons Attribution-NonCommercial 4.0 International License
Final published version
Research output: Contribution to Journal/Magazine › Journal article › peer-review
Research output: Contribution to Journal/Magazine › Journal article › peer-review
}
TY - JOUR
T1 - The dynamics of fleet size and shipping profitability
T2 - the role of steel-scrap prices
AU - Andrikopoulos, A.
AU - Merika, A.
AU - Merikas, A.
AU - Tsionas, M.
N1 - 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
PY - 2020/11/16
Y1 - 2020/11/16
N2 - 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.
AB - 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.
KW - Containers
KW - dry bulk
KW - ship recycling
KW - tankers
KW - vector autoregressive models
U2 - 10.1080/03088839.2020.1735007
DO - 10.1080/03088839.2020.1735007
M3 - Journal article
VL - 47
SP - 985
EP - 1009
JO - Maritime Policy and Management
JF - Maritime Policy and Management
SN - 0308-8839
IS - 8
ER -