Shipping Strategies in Dry Bulk and Tanker Markets: Specialisation versus Diversification
Year: 2009 Language: english Author: Jean-Pie Gauci-Maistre Genre: Research papers Publisher: World Maritime University Format: PDF Quality: eBook Pages count: 107 Description: Recent history has shown that shipping cycles have gotten shorter and more volatile. Unprecedented highs in freight rates have recently been witnessed followed by market free falls, exposing shipowners/managers to ever increasing amounts of risk. Traditionally, an investor in the maritime transportation industry would seek to spread this risk by diversifying the assets in which he invests, which for the purpose of this dissertation are dry bulk and tanker vessels. Ships are therefore considered assets which form a portfolio and the degree to which a portfolio is diversified or specialised depends on the type of vessels included in a fleet. Furthermore, vessels may be fixed on the spot market or the time charter market, which affects the volatility and the earnings that an investor would expect. A detailed analysis is carried out of the earnings between 1991 and 2009 in four dry bulk sectors and four tanker sectors employed on the spot market, on 1-year time charters and 3-year time charters. Armed with this data, the correlation between all the market sectors, mean earnings and volatility can be calculated in order to apply the Portfolio Theory, thereby determining which combination of assets is most suitable for an investor. Additionally, another in depth analysis is carried out of companies involved in maritime transportation which are listed on five different stock exchanges in Europe and the United States of America. By analysing each company’s share value and volatility between 2005 and 2009, the Capital Asset Pricing Model can then be applied to determine how the company performed. A comparison of each company’s performance with market freight rates allows for a conclusion to be drawn on the impact each strategy had on a company’s share price and beta value. The final chapter draws a conclusion on whether a strategy can be singled out as the most appropriate. Furthermore, qualitative data is introduced to further strengthen the support for either a specialised or a diversified shipping strategy.
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Shipping Strategies in Dry Bulk and Tanker Markets.pdf
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Shipping Strategies in Dry Bulk and Tanker Markets: Specialisation versus Diversification
Language: english
Author: Jean-Pie Gauci-Maistre
Genre: Research papers
Publisher: World Maritime University
Format: PDF
Quality: eBook
Pages count: 107
Description: Recent history has shown that shipping cycles have gotten shorter and more volatile. Unprecedented highs in freight rates have recently been witnessed followed by market free falls, exposing shipowners/managers to ever increasing amounts of risk.
Traditionally, an investor in the maritime transportation industry would seek to spread this risk by diversifying the assets in which he invests, which for the purpose of this dissertation are dry bulk and tanker vessels. Ships are therefore considered assets which form a portfolio and the degree to which a portfolio is diversified or specialised depends on the type of vessels included in a fleet. Furthermore, vessels may be fixed on the spot market or the time charter market, which affects the volatility and the earnings that an investor would expect.
A detailed analysis is carried out of the earnings between 1991 and 2009 in four dry bulk sectors and four tanker sectors employed on the spot market, on 1-year time charters and 3-year time charters. Armed with this data, the correlation between all the market sectors, mean earnings and volatility can be calculated in order to apply the Portfolio Theory, thereby determining which combination of assets is most suitable for an investor.
Additionally, another in depth analysis is carried out of companies involved in maritime transportation which are listed on five different stock exchanges in Europe and the United States of America. By analysing each company’s share value and volatility between 2005 and 2009, the Capital Asset Pricing Model can then be applied to determine how the company performed. A comparison of each company’s performance with market freight rates allows for a conclusion to be drawn on the impact each strategy had on a company’s share price and beta value.
The final chapter draws a conclusion on whether a strategy can be singled out as the most appropriate. Furthermore, qualitative data is introduced to further strengthen the support for either a specialised or a diversified shipping strategy.
Contents
Screenshots
Shipping Strategies in Dry Bulk and Tanker Markets.pdf
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