In this paper, we use a logit model to predict the probability of default for Korean shipping companies. We explore numerous financial ratios to find predictors of a shipping firm’s failure and construct four default prediction models. The results suggest that a model with industry specific...

The so-called “Fourth Industrial revolution”, also termed as “Industry 4.0” in the wider literature, is associated with several cutting-edge technologies. Indicative examples in this category are advanced applications like Artificial Intelligence (AI), Big Data Analytics (BDA), Cloud...

The decision making process in strategic shipping financial management consists of three main pillars: investment, financing and operation. Each pillar defines its own sub-universe and constitutes its own market with its own rules. The investment pillar refers to the market for newly built and...

Ziel des Beitrages ist es, die geschäftspolitischen Entscheidungen der Reedereien in dem extrem volatilen Umfeld einer Pandemie, geprägt von regulatorischen und operativen Schwierigkeiten, zu analysieren, um anschließend nachzuvollziehen, wie die gesamte Branche der Containerlinienreedereien...

Decision-making is a prolific research area in the internet era, which has propelled globalization and the virtual elimination of many country border barriers. However, effective decision-making in the shipping industry is a time consuming and often complicated process. Digital evolution has...

The COVID-19 pandemic has augmented pre-existing digitalization and environmental trends. In the maritime industry, one of the marked impacts of the pandemic is how the regard for technology has changed. There is now greater appetite and acceptance of digital solutions across the industry. This...

In this paper, we use a logit model to predict the probability of default for Korean shipping companies. We explore numerous financial ratios to find predictors of a shipping firm's failure and construct four default prediction models. The results suggest that a model with industry specific...

Purpose: Due to climate change the Arctic ice is melting, opening new possibilities for the economical use of the Arctic Ocean. However, the decision for shipping companies to transport freight through Arctic waters is based on many factors. The aim of the research is to develop a...

We estimate the impact of macroeconomic risk factors on shipping stock returns, using a quantile regression (QR) model. We regress the excess return of a portfolio for the container, dry bulk, chemical/gas, oil tanker, and diversified shipping sectors on the world market portfolio excess return,...

The current study explores the asymmetric cost behaviour in US shipping industry. More precisely, it investigates whether various categories of expenses show asymmetric behaviour after increases or decreases in the stream of their revenues and examines the impact of leverage on managers'...

We propose a strategy to trade a portfolio of listed shipping companies in the US market. In particular, we estimate a cointegrating relationship between the weekly stock market returns of a portfolio of tanker shipping companies and the Baltic Tanker Index, exploiting the close relationship...

The technology to liquefy natural gas for transport to countries worldwide and the increasing use of natural gas as a cleaner fossil fuel for industry and household meant that the supply of liquified natural gas (LNG) worldwide is a profitable trend. Shipping companies can strategically choose...

Innovation and optimization are essential elements for organizations worldwide, as these will ensure the survival ahead for the organizations. The competition in the markets are different from that 10 years ago, and will probably have changed again 10 years from now, because of the technological...

As the importance of Chinese financial schemes in maritime business increases, and many issues on the ownership of the assets under the current Law remain obscured for international investors, this work argues that a streamlining to international practice is required; therefore, the ownership of...

This paper examines the relationship between institutional ownership and firm performance for US listed shipping companies using quarterly 13F reports of institutional holdings over the period 2002 to 2016. Traditionally, public shipping companies exhibit a large concentration of ownership as...

This paper investigates the dynamics of stock price volatility for different vessel-type segments of the U.S, water transportation industry. We measure market exposure by a portfolio of tanker, dry bulk, container, and gas stocks to examine tail behavior and tail risk dependence. The role of...

We measure the sensitivity of investment to changes in investment opportunities in the shipping industry and test whether this relation is moderated by ownership concentration. For a sample of 126 globally listed shipping firms, we find that investment in commercial shipping follows freight...

In the current paper, we propose a strategy to trade a portfolio of listed shipping companies in the US market. In particular, we estimate a co-integrating relationship between the weekly stock market returns of a portfolio of tanker shipping companies and the Baltic Tanker Index, exploiting the...

The maritime industry is one of those rare industries that are both highly international integrated to international trade and also highly capital intensive dependent on substantial investment amount. In the literature, ship investments have not been widely examined through the firm-level...

Shipping is an industry that is highly geared towards international trade and therefore, would seem to be highly susceptible to fluctuations in macroeconomic factors. This article investigates the impact of exchange rates, interest rates and oil prices on stock returns of 143 shipping companies...

According to the Article 1141 of 6102 numbered Turkish Commercial Code, the carrier is obliged to show due diligence to make the ship both sea and cargo worthy. The carrier shall be liable for any loss or damage occasioned through the unseaworthiness of the ship. However, such liability shall...

Companies that go public on global stock markets are not obliged to disclose earnings forecasts in their prospectuses. We use this fact to examine the shipping sector, where most firms issue earnings forecasts during the IPO process, and provide unique, international-level evidence. We find...

The aim of the paper is to present a conceptual framework which explores the application of relationship marketing in the maritime sector and especially the factors affecting shipping companies and ship-brokers’ partnerships. In particular, this survey illustrates the relations among...

Shipping markets irregularity due to high-level volatility of freight rates and asset prices increases the risk of banks’ invalid financial strategy. Risk is further increased due to the heterogeneous shipping market, despite the regulations set by the Basel Convention. Consistent with the...