The aim of this paper is to investigate the relation between marine casualty and dry bulk cargo freight rate according to the existence of spurious accident phenomenon in the dry cargo vessel accidents. According to the conventional expectation, the volume of marine accidents is a random process since it is accidently occurred and not a man-made outcome. Under this circumstance, it is expected …
The present study investigates the excess return dynamics between time charter (t/c) trip charters and their underlying voyage charters in the dry bulk market. Using a weekly data set over the period January 2003 to January 2014, we first examine the existence of a long-term co-integrating relationship between trip charters and their respective voyages expressed in Time Charter Equivalents. The…