Abstract
We examine lead-lag relationships between new-building and second-hand ship prices. Our analysis shows the existence of a one-directional lead-lag relationship between two ship prices. The direction of lead-lag relationship is not affected by the time evolution and age of second-hand ships, but is affected by the division of shipping sector. Particularly, directions of ship price movements in dry bulk and tanker shipping sectors are opposite. We argue that the opposite directional lead-lag relationships are caused by the difference in competition levels and the difference in the purposes of trading in the two shipping sectors.
| Original language | English |
|---|---|
| Pages (from-to) | 303-327 |
| Number of pages | 25 |
| Journal | Maritime Policy and Management |
| Volume | 41 |
| Issue number | 4 |
| DOIs | |
| Publication status | Published - 1 Jan 2014 |
ASJC Scopus subject areas
- Geography, Planning and Development
- Transportation
- Ocean Engineering
- Management, Monitoring, Policy and Law