Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/12697
Title: An empirical model of the bulk shipping market
Authors: Lun, YHV 
Quaddus, MA
Keywords: Shipping markets
Fleet size
Freight rate
Freight market
Bulk shipping
Second-hand ships
New ships
Scrap ships
Ship prices
Seaborne trade
Demolition market
New vessels
Empirical modelling
Issue Date: 2009
Publisher: InterScience
Source: International journal of shipping and transport logistics, 2009, v. 1, no. 1, p. 37-54 How to cite?
Journal: International journal of shipping and transport logistics 
Abstract: There are four markets in shipping, namely the freight market that trades sea transport, the second-hand market that trades used ships, the new building vessel market that trades new ships and the demolition market that deals with scrap ships. These four shipping markets are closely associated. This study aims to provide insights into the four shipping markets and to explain how these markets affect one another by empirically testing the relationships among the key variables of bulk shipping - prices of ships (in new building market, second-hand market and demolition market), fleet size, freight rate, and seaborne trade. The study results show that seaborne trade significantly affects fleet size, while fleet size is also affected by freight rate. On the other hand, freight rate has a significant impact on ship prices, i.e., new building, second-hand and scrap vessel prices. Based on the findings, a regression equation is developed to predict fleet size. Theoretical and practical implications of the bulk shipping market model are also discussed in this study.
URI: http://hdl.handle.net/10397/12697
ISSN: 1756-6517
EISSN: 1756-6525
DOI: 10.1504/IJSTL.2009.021975
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