دانلود مقاله ISI انگلیسی شماره 83144
کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
83144 2018 17 صفحه PDF سفارش دهید 12577 کلمه
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عنوان انگلیسی
Shipping risk management practice revisited: A new portfolio approach
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Transportation Research Part A: Policy and Practice, Volume 110, April 2018, Pages 274-290

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چکیده انگلیسی

The international shipping industry is susceptible to heightened market volatility manifested in significant freight rate fluctuations and thus diversifying and hedging the associated risks have become central to shipping business practice. Building on the extant literature on shipping freight derivatives, this study develops a portfolio-based methodological framework aiming to improve freight rate risk management. The study also offers, for the first time, evidence of the hedging performance of the recently developed container freight futures market. Our approach utilises portfolios of container, dry bulk and tanker freight futures along with corresponding portfolios of physical freight rates in order to improve the efficacy of risk diversification for shipping market practitioners. The empirical findings uncovered in this study have important implications for overall business, commercial, and hedging strategies in the shipping industry, while they can ultimately lead to a more liquid and efficient freight futures market.

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