The value of virtually any contract or asset in bulk shipping depends primarily on the stochastic dynamics of the forward freight rate curve. In the absence of a liquid and transparent market for forward freight agreements, the dynamics of the forward freight rate curve must be derived from the...

This paper examines the efficiency and predictive power of implied forward shipping charter rates. In particular, we examine whether implied forward 6-month time-charter rates, which are derived through the difference between time-charters with different maturities based on the term structure...

The purpose of this paper is to investigate the dynamics of forward freight rate dynamics. We specify our model in a Heath--Jarrow--Morton framework. This model was originally developed for interest rate markets and, in subsequent work, the model has been applied to various commodity markets. We...