A survey of shipping finance research: Setting the future research agenda

Abstract

Financing shipping related investment projects has always been a focal area of debate and research within the international maritime industry since access to funding can determine the competitiveness of a capitalintensive business as well as its success or failure under adverse market conditions. This paper provides, for the first time, a comprehensive and structured survey of all published research in the area of shipping finance and investment. The review spans approximately four decades (1979-2018) of empirical evidence, including 162 studies published in 48 scholarly journals, complemented with select books and book chapters. The study provides a bibliometric analysis and comprehensive synthesis of existing research offering an invaluable source of information for both the academic community and business practice, shaping the future research agenda in shipping finance and investment. JEL Code: G10, G20, G30.

Forecasting and Backtesting of <i>VaR</i> in International Dry Bulk Shipping Market under Skewed Distributions

“…LQ (1) indicates that they are strongly correlated with each other. ADF and PP test results reject the null hypothesis of non-stationary significantly, implying all return series are stationary.…”

“…Due to global trades, economic and policy uncertainties, the world dry bulk shipping market is characterized as a high-risk and highly volatile market, which brings various risks and opportunities to market participants [1].…”

“…Second, totally nine distributions are conducted to model the characters of the dry bulk return distribution: Normal, SN, ST, GED, SGED, SST, HYP, GHST and NIG, then we provide empirical evidence on whether the alternative distributions, some of which have significant advantages over those commonly used distributions on describing the tail phenomena of dry bulk returns, could improve the VaR prediction accuracy in dry bulk shipping markets. Furthermore, 1 As the forecast time horizon expanded, the performance of risk forecasting model will be greatly reduced, and risk managers generally pay more attention to short-term risk (Hung, Lee & Liu; 2008), Therefore, this paper sets the forecast period to 1 day, that is, calculates the VaR for one-day-ahead.…”

Financial performance of shipping firms that increase LNG carriers and the support of eco-innovation

“…As far as we know, all existing econometric studies of vessel diversification did not include the LNG fleet. Many studies in shipping finance have focused on dry bulk carriers, oil tanker fleets, and liners, as well as other issues in shipping derivatives (Alexandridis et al 2018;Kavussanos and Visvikis 2016).…”

“…Unlike general stock market research, as evidenced in voluminous studies led for example, by French (1992, 1993), stock research on shipping firms has its own specialization (see Alexandridis et al 2018). One reason is the uniqueness of the shipping industry that faces different risk factors and where shipping firms hold quite distinct characteristics.…”