我国汽车滚装船运输发展的SWOT分析

汽车滚装船作为一种运输汽车的专业船舶,日益受到人们的重视。汽车滚装船运输在全球航运市场不景气的情况下却不断扩大,表现出汽车滚装船运输市场的发展潜力。应用SWOT分析法研究我国汽车滚装船运输的内部优势、劣势,外部机遇、挑战,对我国汽车滚装船运输业发展提出对策及建议。     

The determinants of credit spreads changes in global shipping bonds

This paper investigates whether bond, issuer, industry and macro-specific variables account for the observed variation of credit spreads’ changes of global shipping bond issues before and after the onset of the subprime financial crisis. Results show that conclusions as to the significant variables of spreads depend significantly on whether two-way cluster-adjusted standard errors are utilized, thus rendering results in the extant literature ambigious. The main determinants of global cargo-carrying companies’ shipping bond spreads are found in this paper to be: the liquidity of the bond issue, the stock market’s volatility, the bond market’s cyclicality, freight earnings and the credit rating of the bond issue.     

Shipping route choice across geographies: Coastal vs. landlocked countries

This paper investigates how geography and transportation costs influence the decisions by shippers of which port of export to use. Using a large sample of disaggregated shipments originating from several countries in Europe, we show that European logistics networks exhibit a low level of international integration that affects shipping route choice. Furthermore, we find significant differences in shipping behaviors across landlocked and coastal countries, with shippers in landlocked countries avoiding long land transportation, crossing borders readily, and placing more value on transportation infrastructure. These findings have implications in designing port competitiveness strategies and economic development policies in landlocked countries.     

我国海运服务贸易竞争力的国际比较

本文从国际比较的角度分析了我国海运服务业面临的竞争环境及其国际竞争力现状,在此基础上提出了进一步提升我国海运业国际竞争力的竞争策略:规模化经营,调整船队结构,提高航运企业综合技术水平,以及政府给予合理扶持和保护。     

Seasonality patterns in dry bulk shipping spot and time charter freight rates

This paper investigates the nature of seasonality (deterministic and/or stochastic) in dry bulk freight rates, and measures and compares it across freight rates of different vessel sizes (Capesize, Panamax and Handysize), contract duration (spot, 1-year and 3-year time charters) and market conditions (peaks and troughs). Although, there is no evidence of stochastic seasonality, deterministic seasonality in freight rates is found to be varying from −18.2% to 15.3% in individual months within a year. Spot rates for larger vessels exhibit higher seasonal fluctuations compared to smaller vessels, although differences in seasonal fluctuations between sectors are eliminated as the contract duration increases. Also, for each vessel size, the seasonality declines as the contract duration rises. Asymmetries in seasonal fluctuations in freight rates over different market conditions are attributed to the high and low elasticities of supply expected under the respective market conditions. The results have implications for tactical shipping operations such as timing of dry-docking, chartering strategies and switching between freight markets.     

Mergers and acquisitions in shipping

In this comprehensive study of all shipping mergers and acquisitions from 1984 to 2011 we document that the shareholders of both acquirers and targets realise average abnormal gains of 1.2% and 3.3% respectively and both parties gain more from diversifying than focus-increasing deals. Acquirers gain more when paying with stock, in cross-border deals and from taking over public targets. Targets gain more from cross-border and focus-increasing deals. Regulatory interventions, like the EU repeal of exemption from competition and the US Ocean Shipping Reform Act, affect the marginal merger propensity and this propensity differs significantly across regions.     

水运业发展与金融资源配置研究——以贵港市为视角

水运业在综合运输体系中具有运能大、占地少、成本低、节能环保等比较优势。本文就贵港市水运业发展现状,通过对金融机构贷款与全市水运业收入及GDP进行计量分析研究,并对金融支持水运业不足的原因进行理论和实践探索,提出促进水运业发展与优化金融资源配置的对策措施。     

基于航运系统的承运人合作演化博弈分析

本文运用演化博弈理论研究了航运业中承运人群体之间的合作行为。研究表明,当没有监控机制存在时,航运业承运人群体之间的合作将是无效的。在航运旺季时,承运人之间存在合作和不合作的演化均衡,在航运淡季时,承运人之间出现双方都不合作的演化均衡。然而,当航运区域的枢纽港充当监控平台时,在航运旺季和航运淡季时,对承运人群体合作和背叛行为给与不同范围的激励和补偿,将使承运人之间出现高效的合作演化均衡。研究结果对区域航运业有一定的借鉴作用。     

The shipping strategies of internet retailers: Evidence from internet book retailing

Managing the shipment of goods to consumers is one of the central aspects of retail competition on the internet. In this article, we analyze internet retailers’ shipping strategies using data from the internet book retailing industry. We find that, controlling for a variety of observable firm characteristics, firms with lower product prices offer lower shipping fees and higher quality shipping in terms of average delivery time, compared to firms with higher product prices. These patterns cannot be readily reconciled with a large class of models of competition under perfect consumer information. Theories based on imperfect consumer information can explain the findings better.