Article

Vessel and voyage determinants of tanker freight rates and contract times

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The behavior of shipping freight (charter) rates and the timing of shipping contracts affect the transportation costs of charterers and the operating cash flows of shipowners. Although the literature has established macroeconomic determinants of shipping freight rates, there has been no systematic investigation of microeconomic determinants of freight rates and the delivery time of chartered ships (the laycan period) in the tanker market. Therefore, the aim of this paper is to investigate the importance of vessel and contract specific factors in the determination of tanker freight rates and laycan periods in shipping contracts. Individual tanker shipping contracts from January 2006 to March 2009 are used to estimate freight rates and laycan periods using a system of simultaneous equations. The estimation results suggest that the duration of the laycan period is an important determinant of the shipping freight rate and vice versa. Other determinants of freight rates include the vessel’s hull type, fixture deadweight utilization ratio, vessel age, and voyage routes. Determinants of the laycan period include the former determinants as well as the Baltic Dirty Tanker Index and its volatility.

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Ketersediaan

Informasi Detail

Judul Seri

Transport Policy

No. Panggil

ATC LO TAL v

Penerbit

United Kingdom : Elsevier., 2011

Deskripsi Fisik

11 p.

Bahasa

English

ISBN/ISSN

-

Klasifikasi

LO

Tipe Isi

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Tipe Media

-

Tipe Pembawa

online resource

Edisi

-

Subjek

Freight rates
Tanker
Shipping routes
Laycan

Info Detail Spesifik

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Pernyataan Tanggungjawab

Wayne K. Talley

Versi lain/terkait

Lampiran Berkas

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