한국항해항만학회지 (Journal of Navigation and Port Research)

  • 제46권3호
  • /
  • Pages.289-296
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  • 2022
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  • 1598-5725(pISSN)
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  • 2093-8470(eISSN)
한국항해항만학회 (Korean Institute of Navigation and Port Research)
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유가와 벌크선 운임의 상관관계 분석에 관한 연구

The Inter-correlation Analysis between Oil Prices and Dry Bulk Freight Rates

  • 안병철 (한국해양대학교) ;
  • 이기환 (한국해양대학교 해양경영경제학부) ;
  • 김명희 (한국해양대학교 해양경영경제학부)
  • Ahn, Byoung-Churl (Graduate School of Korea Maritime & Ocean University) ;
  • Lee, Kee-Hwan (Division of Maritime Business and Economics, Korea Maritime & Ocean University) ;
  • Kim, Myoung-Hee (Division of Maritime Business and Economics, Korea Maritime & Ocean University)
  • 투고 : 2022.06.08
  • 심사 : 2022.06.29
  • 발행 : 2022.06.30
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초록

본 연구의 목적은 유가와 벌크선 운임의 상관관계 및 영향력을 검증하는 것이다. 탄소배출 감축을 위해 석유의존도를 줄이고 친환경연료 선박의 개발이 추진되고 있지만, 현재의 진행상황으로 볼 때, 상당한 시간이 필요할 것으로 보인다. 반면, COVID 19 팬데믹 및 러시아의 우크라이나 침공에 따른 유가 변동성이 커지고 있다. 해운업에서 연료비용이 큰 비중을 차지하고 있으므로, 유가가 운임에 어떠한 영향을 주는지 점검이 필요하다. 유가 변수로 Brent, Dubai, WTI 그리고 운임변수는 BDI, BCI, BPI로 2008년 10월부터 2022년 2월까지 월별 데이터를 사용하였다. VAR(Vector Autoregressive) 모형을 이용한 상관관계 분석에서 BDI에 대한 충격반응 분석은 WTI가 가장 큰 영향을 미쳤고, 그 다음으로 두바이유, 브렌트유 순으로 차이를 보였다. 예측오차 분산분해 분석결과는 BDI에 대해 WTI, 두바이유, 브렌트유 순으로 설명력의 차이를 보였다. 선종별로 차이는 있으나, 대체로 WTI와 두바이유가 설명력이 높았다.

The purpose of this study was to investigate the inter-correlation between crude oil prices and Dry Bulk Freight rates. Eco-friendly shipping fuels has being actively developed to reduce carbon emission. However, carbon neutrality will take longer than anticipated in terms of the present development process. Because of OVID-19 and the Russian invasion of Ukraine, crude oil price fluctuation has been exacerbated. So we must examine the impact on Dry Bulk Freight rates the oil prices have had, because oil prices play a major role in shipping fuels. By using the VAR (Vector Autoregressive) model with monthly data of crude oil prices (Brent, Dubai and WTI) and Dry Bulk Freight rates (BDI, BCI and (BP I) 2008.10~2022.02, the empirical analysis documents that the oil prices have an impact on Dry bulk Freight rates. From the analysis of the forecast error variance decomposition, WTI has the largest explanatory relationship with the BDI and Dubai ranks seoond, Brent ranks third. In conclusion, WTI and Dubai have the largest impact on the BDI, while there are some differences according to the ship-type.

키워드

참고문헌

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