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An Analysis of the Relationship between Market Rates and the Profits of Tramp Shipping  

Choi, Young-Jae (부산대학교 대학원 경제학과)
Kim, Hyun-Sok (부산대학교 경제학부)
Chang, Myung-Hee (한국해양대학교 해운경영학부)
Publication Information
Journal of Korea Port Economic Association / v.31, no.2, 2015 , pp. 55-67 More about this Journal
Abstract
This study analyzes the relationship between shipping profit and market return in the tramp trade from January 2000 to October 2014. First, we carry out the causality test and find a causal relationship between the studied variables. Second, the estimates from the Johansen cointegration test show that shipping profit is cointegrated with market return, which implies that a long-run relationship exists among the variables. The empirical results thus imply that shipping firms need diverse risk management strategies.
Keywords
Bpi; Secondhand Ship Prise; Bunker Price; Libor; Granger Causality; Cointegration;
Citations & Related Records
Times Cited By KSCI : 4  (Citation Analysis)
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