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http://dx.doi.org/10.5394/KINPR.2022.46.4.385

Analysis of the Factors Influencing the Ocean Freight Rate  

Kim, Myoung-Hee (Division of Maritime Business and Economics, Korea Maritime & Ocean University)
Publication Information
Journal of Navigation and Port Research / v.46, no.4, 2022 , pp. 385-391 More about this Journal
Abstract
In this study, a multivariate time series analysis was conducted to identify various variables that impact ocean freight rates in addition to supply and demand factors. First, we used the ClarkSea Index, Clarksons Average Bulker Earnings, and Clarksons Average Tanker Earnings provided by the Shipping Intelligence as substitute variables for the dependent variable, ocean freight. The following ndependent variables were selected: World Seaborne Trade, World Fleet, Brent Crude Oil Price, World GDP Growth Rate, Industrial Production (IP OECD) Growth Rate, Interest Rate (US$ LIBOR 6 Months), and Inflation (CP I OECD) through previous studies. The time series data comprise annual data (1992-2020), and a regression analysis was conducted. Results of the regression analysis show that the World Seaborne Trade and Brent Crude Oil P rice impacted the ClarkSea Index. Only the World Seaborne Dry Bulk Trade impacted the Clarksons Average Bulker Earnings, World Seaborne Oil Trade, Brent Crude Oil Price, IP, and CP I on the Clarksons Average Tanker Earnings.
Keywords
ocean freight; seaborne trade; fleet; macroeconomic factor; time series; regression;
Citations & Related Records
Times Cited By KSCI : 2  (Citation Analysis)
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