Shipping markets in turmoil: An analysis of the Covid-19 outbreak and its implications

In the current study, we examine, for the first time in the literature, the impact of exogenous effects in the shipping industry by employing data from the recent Covid-19 pandemic outbreak and explore the reactions of freight rates for dry bulk, clean, and dirty tankers. Our results, using both GAR...

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Published inTransportation research interdisciplinary perspectives Vol. 7; p. 100178
Main Authors Michail, Nektarios A., Melas, Kostis D.
Format Journal Article
LanguageEnglish
Published Netherlands Elsevier Ltd 01.09.2020
The Authors. Published by Elsevier Ltd
Elsevier
Subjects
Covid-19
Freight rates
Shipping markets
G20
Shipping markets
Covid-19
G11
G13
Freight rates
G12
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Abstract In the current study, we examine, for the first time in the literature, the impact of exogenous effects in the shipping industry by employing data from the recent Covid-19 pandemic outbreak and explore the reactions of freight rates for dry bulk, clean, and dirty tankers. Our results, using both GARCH (1,1) and VAR specifications, suggest that such events are directly affecting the dry bulk and the dirty tanker segments. In addition, the results also suggest that second round effects, mostly via the decline in oil prices and, in some cases, third round effects via the impact from the stock market, also exist. Finally, by employing daily port calls a proxy variable for the demand for transportation services, we show that both the dry bulk and clean tankers are highly affected by the demand side of the economy, while vessels which transport crude oil do not register such a relationship. •We study the impact of the Covid-19 pandemic on the shipping freight rates.•We find that the pandemic has directly affected dry bulks and dirty tankers.•Second round (oil prices) and third round (stock market) effects exist.•Demand affects freight rates in dry-bulk and clean tanker segments more•Results underline the potential use of tankers for storage when oil prices are low.
AbstractList In the current study, we examine, for the first time in the literature, the impact of exogenous effects in the shipping industry by employing data from the recent Covid-19 pandemic outbreak and explore the reactions of freight rates for dry bulk, clean, and dirty tankers. Our results, using both GARCH (1,1) and VAR specifications, suggest that such events are directly affecting the dry bulk and the dirty tanker segments. In addition, the results also suggest that second round effects, mostly via the decline in oil prices and, in some cases, third round effects via the impact from the stock market, also exist. Finally, by employing daily port calls a proxy variable for the demand for transportation services, we show that both the dry bulk and clean tankers are highly affected by the demand side of the economy, while vessels which transport crude oil do not register such a relationship.
In the current study, we examine, for the first time in the literature, the impact of exogenous effects in the shipping industry by employing data from the recent Covid-19 pandemic outbreak and explore the reactions of freight rates for dry bulk, clean, and dirty tankers. Our results, using both GARCH (1,1) and VAR specifications, suggest that such events are directly affecting the dry bulk and the dirty tanker segments. In addition, the results also suggest that second round effects, mostly via the decline in oil prices and, in some cases, third round effects via the impact from the stock market, also exist. Finally, by employing daily port calls a proxy variable for the demand for transportation services, we show that both the dry bulk and clean tankers are highly affected by the demand side of the economy, while vessels which transport crude oil do not register such a relationship.In the current study, we examine, for the first time in the literature, the impact of exogenous effects in the shipping industry by employing data from the recent Covid-19 pandemic outbreak and explore the reactions of freight rates for dry bulk, clean, and dirty tankers. Our results, using both GARCH (1,1) and VAR specifications, suggest that such events are directly affecting the dry bulk and the dirty tanker segments. In addition, the results also suggest that second round effects, mostly via the decline in oil prices and, in some cases, third round effects via the impact from the stock market, also exist. Finally, by employing daily port calls a proxy variable for the demand for transportation services, we show that both the dry bulk and clean tankers are highly affected by the demand side of the economy, while vessels which transport crude oil do not register such a relationship.
In the current study, we examine, for the first time in the literature, the impact of exogenous effects in the shipping industry by employing data from the recent Covid-19 pandemic outbreak and explore the reactions of freight rates for dry bulk, clean, and dirty tankers. Our results, using both GARCH (1,1) and VAR specifications, suggest that such events are directly affecting the dry bulk and the dirty tanker segments. In addition, the results also suggest that second round effects, mostly via the decline in oil prices and, in some cases, third round effects via the impact from the stock market, also exist. Finally, by employing daily port calls a proxy variable for the demand for transportation services, we show that both the dry bulk and clean tankers are highly affected by the demand side of the economy, while vessels which transport crude oil do not register such a relationship. •We study the impact of the Covid-19 pandemic on the shipping freight rates.•We find that the pandemic has directly affected dry bulks and dirty tankers.•Second round (oil prices) and third round (stock market) effects exist.•Demand affects freight rates in dry-bulk and clean tanker segments more•Results underline the potential use of tankers for storage when oil prices are low.
In the current study, we examine, for the first time in the literature, the impact of exogenous effects in the shipping industry by employing data from the recent Covid-19 pandemic outbreak and explore the reactions of freight rates for dry bulk, clean, and dirty tankers. Our results, using both GARCH (1,1) and VAR specifications, suggest that such events are directly affecting the dry bulk and the dirty tanker segments. In addition, the results also suggest that second round effects, mostly via the decline in oil prices and, in some cases, third round effects via the impact from the stock market, also exist. Finally, by employing daily port calls a proxy variable for the demand for transportation services, we show that both the dry bulk and clean tankers are highly affected by the demand side of the economy, while vessels which transport crude oil do not register such a relationship. • We study the impact of the Covid-19 pandemic on the shipping freight rates. • We find that the pandemic has directly affected dry bulks and dirty tankers. • Second round (oil prices) and third round (stock market) effects exist. • Demand affects freight rates in dry-bulk and clean tanker segments more • Results underline the potential use of tankers for storage when oil prices are low.
ArticleNumber 100178
Author Michail, Nektarios A.
Melas, Kostis D.
Author_xml – sequence: 1
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  surname: Michail
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Keywords G20
Shipping markets
Covid-19
G11
G13
Freight rates
G12
Language English
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Snippet In the current study, we examine, for the first time in the literature, the impact of exogenous effects in the shipping industry by employing data from the...
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SubjectTerms Covid-19
Freight rates
Shipping markets
Title Shipping markets in turmoil: An analysis of the Covid-19 outbreak and its implications
URI https://dx.doi.org/10.1016/j.trip.2020.100178
https://www.ncbi.nlm.nih.gov/pubmed/34173459
https://www.proquest.com/docview/2545593028
https://pubmed.ncbi.nlm.nih.gov/PMC7381896
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