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A gam assessment of quality premia in the dry bulk time-charter market

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  • Köhn, Sebastian
  • Thanopoulou, Helen

Abstract

This paper revisits the hypothesis of a quality segmented charter market using dry bulk-Panamax time-charter rates from the shipping boom period of 2003-2007. Through generalized additive models (GAMs) the authors assess whether increasing awareness and regulation over time has brought about a change in charterers' perceptions. The results suggest that freight differentiation has become visible in booming markets with high freight rates. Controlling for contract specific effects such as place of delivery, charter length and number of days forward to delivery, as well as for vessel size and consumption, the paper quantifies quality related differences in physical dry bulk charter rates.

Suggested Citation

  • Köhn, Sebastian & Thanopoulou, Helen, 2011. "A gam assessment of quality premia in the dry bulk time-charter market," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 47(5), pages 709-721, September.
  • Handle: RePEc:eee:transe:v:47:y:2011:i:5:p:709-721
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    Citations

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    Cited by:

    1. Adland, Roar & Alger, Harrison & Banyte, Justina & Jia, Haiying, 2017. "Does fuel efficiency pay? Empirical evidence from the drybulk timecharter market revisited," Transportation Research Part A: Policy and Practice, Elsevier, vol. 95(C), pages 1-12.
    2. repec:eee:transe:v:104:y:2017:i:c:p:150-164 is not listed on IDEAS
    3. Roar Adland & Pierre Cariou & François-Charles Wolff, 2018. "Does energy efficiency affect ship values in the second-hand market?," Working Papers halshs-01706627, HAL.
    4. Adland, Roar & Cariou, Pierre & Wolff, Francois-Charles, 2017. "What makes a freight market index? An empirical analysis of vessel fixtures in the offshore market," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 104(C), pages 150-164.
    5. Adland, Roar & Cariou, Pierre & Wolff, Francois-Charles, 2016. "The influence of charterers and owners on bulk shipping freight rates," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 86(C), pages 69-82.

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