Low Costs on the European Shipping
The freight rates and second hand prices in the dry bulk market seem to be stationary. By unit root tests, an established tool fortesting for random walk in economic time series, the random walk hypothesis can be rejected in most cases for the freight rate samples. This result is in contrast to the findings of a number of papers. However, the results confirm classical shipping market that indicate stationary in freight rates, which is not the case if the freight rates follow a random walk. By transforming all observations from US$ to Japanese yen detrended freight rates and prices seem to become stationary and volatility is reduced.
Volume (Year): XII (2012)
Issue (Month): 1 (May)
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