A study of the relationships between the time charter and spot freight rates

A time charter contract is a shipping contract that allows for freight rate risk avoidance and hedging. Defining the relationship between time charter and spot freight rates will illuminate the fluctuation mechanism of the spot freight market. In this article, three types of dry bulk ships – Capsize, Panamax and Supramax – are chosen to investigate the relationship between time charter and spot freight rates and to analyse the price discovery function of time charter contracts. A vector error correction model is developed, and an impulse response function is used to analyse the influence of time charter rates on spot freight rates. Empirical studies indicate that there are two-way lead–lag relationships between the time charter and spot freight rates and that a time charter contract has a price discovery function. Smaller ship sizes and longer durations lead to a stronger price discovery function.     

五里牌立交大桥桩基础溶洞处理技术

经过对洛湛铁路DIK47+794.93五里牌立交大桥3号墩桩基础溶洞处理,针对溶洞较发育地区桩基础设计施工特点,结合现场桩孔施工钻探情况,弄清桩位处地质和溶洞情况,调整设计和施工方法,既加快了施工进度,又确保了结构安全,同时也节约资金。     

关于货物运输合同法律特征的探讨

货物运输合同是十分复杂的合同现象,货物运输合同的特征不同于一般民事合同。在分析传统的理论对货物运输合同研究的不足时,揭示了货物运输合同具体而又独特的法律特征,即货物运输合同对承运人一方进行全面的限制,承运人资格许可化;货物运输合同缔约的法律强制化;货物运输合同条款格式化;货物运输合同的主要内容法律化。由于货物运输合同仍然是合同,而合同的本质仍然是自由,自由的程度则取决于立法者对货物运输合同关系的认识和运输关系对法的要求。这种要求表现为社会公共利益的需要。     

中美道路货运统计数据构成的比较分析

文章通过对比中美两国道路货运统计数据构成发现，中国道路货运统计缺少反映行业整体服务能力和行业经济运行状态的指示性指标、反映行业对经济社会贡献与影响的时序性指标、反映道路运输从业人员的收入与职业化程度的导向性指标等重要数据。在此基础上，从重构道路运输统计组织体系、完善道路货运统计指标体系、以及综合运用多样化的统计手段等方面提出了改进中国道路货运统计工作的相关建议。     

新形势下厦门中小货代企业转型思路研究

分析了厦门市中小货代企业现状,总结和归纳了目前面临的主要问题,探讨了在产业转移和产业升级的新形势下,厦门市中小货代企业转型的基本思路,并提出了具体途径：走合作之路,成立货代联盟组织;继续向第三方物流转型;向综合货运代理业转型及走个性化的经营道路。     

沪宁线货物运输形势和对策

沪宁城际铁路开通后,沪宁线货运能力得到了一定的释放。为更好地有效利用该线能力,在调查沪宁沿线经济发展情况和铁路运输特点的基础上,通过对沪宁线货物运输进行SWOT分析,提出了充分发挥沪宁线货运能力的措施和建议。     

我国发展铁路快捷货运战略思考

在快捷货运需求快速增长的背景下,发展铁路快捷货运不仅是满足经济社会发展和适应经济发展方式转变的需要,也是构建现代物流体系和提高铁路经济效益的需要.尽管近年来铁路快捷货运取得较快发展,但总体滞后于公路、民航.在对铁路快捷货运发展进行态势分析,详解其外部环境、内部条件、铁路优劣势以及面临机遇和挑战的基础上,提出我国发展铁路快捷货运的战略选择和战略重点.分析阐明铁路只要积极实施“扭转型战略”,抓住机遇,突出重点,加快发展,完全有条件扭转在快捷货运市场竞争中的被动局面.     

浅谈铁路货运的整合运输和货运代理

随着铁路货运集中化改革的深入，抓大放小，一些小的货运站逐渐关闭，树立现代物流的观念和设立货运代理对现有的小型货运站进行整合，充分利用现有资源。发展“门到门”运输，建立现代物流企业。     

Are freight pipelines a pipe dream? A critical review of the UK and European perspective

Freight pipelines represent a novel way for the movement of freight transport and offer an alternative to conventional transport modes. The aim of this paper is to examine the potential for this transport mode within the UK and Europe. Firstly, the latest technological developments are identified, building on the last major review by Howgego and Roe (1998). There is then an analysis of the policy landscape towards freight pipelines, as successful implementation will require the support of policy makers. Finally, some of the major benefits and issues with freight pipelines are highlighted. We conclude that there are still opportunities for the use of freight pipelines, but that further research is yet required to fully understand the supply chain, logistics and other related activities that the introduction of this technology may influence. This is because systems which are presently in commercial operation have exhibited excellent characteristics, although they have not been more widely adopted.     

The rationale behind and effects of Bunker Adjustment Factors

The Bunker Adjustment Factor (BAF) system was first introduced following the oil shocks of the 1970s. The underlying justification for such a system was that shipping lines operating in freight conferences could not otherwise adjust their prices promptly enough to counteract the devastating effect of bunker price increases. Thirty years after its imposition, BAF has always been a bone of contention between carriers and shippers. Ocean carriers contend that it is a necessary evil to reduce their exposure to volatile bunker price, while shippers argue that this risk should either be considered as a normal commercial venture, or dealt with in a more transparent way. When bunker surcharges began to climb in 2003, BAF disputes became one of the main obstacles to the dialog between both parties. To settle the dispute over BAF, the Europe Commission (EC) called for the submission on the issue of surcharges.The European Commission banned carrier conferences on October 17th 2008. The shipping lines now set their own independent BAF rates, which are closely monitored by the EC to ensure no collusion. The fluctuation in oil price in 2008 means that the BAF rates are now coming down, but there are still some wide variations in application. During this period of dramatic change in shipping environment, it has become important to provide a theoretical framework for analyzing the BAF. This paper focuses on examining the rationale behind and effects of BAF. A microeconomic model is made to explore the underlying mechanism of BAF. By examining the trade routes of Asia to Europe and Asia to North America during the period 2003-2008, this study finds the practice of BAF cushions an ocean carrier from the negative effects of bunker price fluctuations, and provides shipping lines a powerful tool to change the incentive structure facing carriers. Despite engineers showing that reducing the speed of vessels can economize fuel consumption evidence shows there has been little change by major shipping lines in their transit time and sailing schedules during the recent period of skyrocketing fuel price. It is apparent they use the BAF as the cushion against the effect of rising bunker prices.