The influence of charterers and owners on bulk shipping freight rates |
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| Institution: | 1. Norwegian School of Economics (NHH), Helleveien 30, 5045 Bergen, Norway;2. Kedge Business School, 680 Cours de la Libération, 33405 Talence, France;3. LEMNA, University of Nantes, BP 52231, Chemin de la Censive du Tertre, 44322 Nantes Cedex 3, France;4. INED, Paris, France;1. Copenhagen Business School, Kilevej 14A, 2nd floor, DK-2000 Frederiksberg, Denmark;2. Seafarers International Research Centre, School of Social Sciences, Cardiff University, 52 Park Place, Cardiff CF10 3AT, United Kingdom;1. ICMA Centre, Henley Business School, University of Reading, Whiteknights, Reading RG6 6BA, UK;2. World Maritime University, Fiskehamnsgatan 1, SE-211 18 Malmö, Sweden;1. Norwegian School of Economics (NHH), Helleveien 30, 5045 Bergen, Norway;2. Christian Michelsen Research (CMR), P.O. Box 6031, 5892 Bergen, Norway;3. Center for Applied Research at NHH (SNF), Helleveien 30, 5045 Bergen, Norway |
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| Abstract: | We propose a model for freight rate formation in individual contracts that incorporates charterer and owner heterogeneity and owner–charterer match effects. We estimate fixed effect regressions and implement a variance decomposition for 2863 VLCC tanker and 1789 Capesize fixtures between 2011 and 2014. Although market conditions and routes remain the most influential covariates, the characteristics of charterers, owners and of their matches are also significant microeconomic determinants of the freight rate level. The contribution of the charterer fixed effect is large in the VLCC market, while the charterer and match effects are large contributors to the Capesize spot freight rate. |
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| Keywords: | Freight rate Oil tankers Dry bulk Buyers–sellers match effects Charterers Ship-owners |
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