By E. Karakitsos, L. Varnavides
This publication analyses delivery markets and their interdependence. This ground-breaking textual content develops a brand new macroeconomic method of maritime economics and offers the reader with a extra finished knowing of how glossy delivery markets function.
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Additional resources for Maritime Economics: A Macroeconomic Approach
Example text
Owners observe the market freight rates and adjust the shipping services sold so that these services maximise their profits without affecting the prevailing freight rates. A charterer can buy as much shipping services as s/he likes without affecting the prevailing market freight rates. The charterers are price takers in that they adjust the quantities purchased so that they maximise their profits without affecting the prevailing market freight rates. Hence, the large number of charterers and owners ensures that the impact of individual actions on the market freight rate is negligible.
For the market as a whole the risk premium can be positive or negative. In the liquidity preference hypothesis (LPH) the risk premium is a constant, but varies with the term to maturity. In the time-varying risk hypothesis (TVRH) the risk premium varies over time and varies also for time charter contracts of different maturities. In the Capital Asset Pricing Model (CAPM) the spot contracts can be viewed as a portfolio. Thus, an owner can choose one-, two- or five-year time charter contracts. Accordingly, his portfolio consists of either 12, 24 or 60 rolling spot contracts.
Variables are treated as exogenous simply because they cannot be accurately predicted by other economic variables. For example, the price of oil is a difficult variable to forecast with any reasonable degree of accuracy. Accordingly, it is wise to treat it as an exogenous variable. This is usually not because economists cannot hypothesise the determinants of the oil price. Rather, it is the case that the impact of the explanatory variables on oil varies through time because other factors, such as conflicts or collusion among the oil cartel members, are unpredictable.
