We estimate intentional and unintentional herding in the dry-bulk, ocean-going segment that spans from August 1998 to January 2020 and measure how this can impact vessel orders. As the results suggest, while intentional herding has a large effect on the orders of the newbuilding vessels, the...

We present, for the first time in the literature, empirical estimates of the supply and demand curves for the ocean-going dry bulk sector, using a three-stage least squares methodology. Furthermore, we augment these functions with sentiment, which appears to have a positive and significant...

We explore the relationship between the returns of 45 dry bulk shipping company stock prices and the main 15 commodities that bulk carriers transport. Using a principal component analysis to reduce the dimensionality of the commodities dataset and a panel methodology, we find that a change in...

We employ a cointegration setup to explore route-specific off-equilibrium deviations related to Covid-19 that have affected clean (petroleum products) and dirty (crude oil) tanker freight rates, over and above the expected macroeconomic reactions. We find that the additional deviation caused by...

We explore, for the first time in the literature, how the revenues of ship management companies respond to macroeconomic exogenous shocks. Using data for ship-management companies in Cyprus, we find evidence that a demand shock has the largest impact on revenues, exhibiting an almost one-for-one...

This paper studies the behaviour of shipping investors following an unexpected shock in the freight rates, while accounting for costs (fuel), and the macro environment (stock prices and trade). The estimates firstly confirm the existence of a long-term relationship between the macroeconomic...