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The purpose of this paper is to fit a logit model for dry bulkers transporting grains through the Panama Canal versus alternative routes destined to East Asia, originating on the US Gulf and East Coast. This is with the purpose of better understanding the attributes.

In this paper, grain transits both through the Panama Canal and alternative routes, which are examined, and a logit model is developed to explain the route decision from a carrier/vessel operator point of view.

Transit draft is the most important attribute in the route decision process for grains according to this study. Also, Panamax bulkers are the preferred vessel size into China, especially through the Cape of Good Hope route, impacting Panama Canal’s market share for grains.

This research used only a full year of grain traffic data approximating fiscal year 2018 (October 1, 2017 to September 30, 2018). Data will come mostly from the Panama Canal transit data and observations using IHS’s Market Intelligence Network (MINT).

This paper is highly dependent on visual observations of grains vessels through alternative routes using AIS data from MINT software.

The purpose of this paper is to investigate whether the headlined eco-bulkers ordered in 2012 and 2013 are posing a threat to the less-efficient ships ordered at the end of the boom in 2008 and 2009.

This paper will first investigate the drivers for the interest in such low-emission, low-speed bulker as well as the more general history of bulker designs. This is followed by a study on the vessels delivered between 2005 and 2014, based on eight parameters representing fuel efficiency, speed and hydromechanics properties. Within these results, evidence is sought for a significant change in the qualities of the vessels delivered after the last boom.

The data showed that at least till present, no significant changes could be discovered between 2014 and the earlier years. This indicates that either because of the long delivery times at the end of the boom, such vessels are still to be delivered, or that they were not ordered in an amount large enough to change the trend. For the future, this fact and the changes in vessel design resulting from the introduction of the energy efficiency design index (EEDI) in 2017 and the large fluctuations in the fuel prices will be interesting to keep monitoring the developments in the eight studied parameters.

This paper extends (in time) and improves (number of variables studied) a number of earlier studies on average qualities of the world fleet. It studies both the composition and the changes in average properties of the ships produced each year. It allowed the author to discover and explain the trends that would not have been evident when studying ships as single units or as the result of a business opportunity optimisation. Most important of which is the fact that, on average, ships produced are optimised for the current economic conditions and are not taken into consideration for future trends and scenarios.

The purpose of this paper is to examine the diversification effect of the Korean Ship Investment Fund (KSF) under Markowitz portfolio theory by analyzing short-term and long-term relationships with stocks and bonds.

For this purpose, unit root, correlation and cointegration tests are performed. Monthly data from 2004 to 2015 for stocks, bonds and KSFs are obtained for this study.

The correlation coefficients indicate that KSFs are uncorrelated with stocks and negatively correlated with bonds, and no long-term equilibrium relationships exist with all three variables by the Johansen and Engle-Granger cointegration tests.

This paper makes contribution to the literature as follows: first, whereas the previous literature investigated diversification effect of ship investment using freight indices or freight rates which are not able to represent returns from ship investment, this study is the first study to use actual stock prices of the KSFs to the authors’ best knowledge; and second, diversification effect of ship investment represented by KSFs is empirically verified in the both short term and long term.

Policy-makers and managers of shipping companies can have sound ground that the KSFs are alternative and attractive assets to investors. It is also shown that the KSFs have potential to improve risk and return structure of investors on their own regardless of existence of incentives. Therefore, decisions of policy-makers can be made free from expectations for stronger incentives provided by the government. In addition, those countries that do not have such a ship investment platform may consider introducing a similar ship investment fund in order to revitalize the capital markets of the country.

This study holds its significance in investigating diversification properties of the KSFs for the first time in Korea since the KSFs were introduced.

In the shipping industry, both sales and purchases of second-hand ships and freight transport services are prevalently tailormade and traded with intense bilateral negotiations. Price bargaining is the key step of this negotiation process and plays a crucial role in determining mutually agreed prices. Despite its cruciality and applicability, the price bargaining has yet received due conceptual and/or theoretical attention in the shipping literature. This paper attempts to conceptually examine the role of bargaining in shipping transaction prices and subsequently puts forward directions for future research. In doing so, the paper focuses on two types of transactions taking place in shipping markets: asset market trading of second-hand vessels and service market trading shipping freights.

The paper begins with a systematic literature review of price bargaining in the field of economics and management disciplines from a game-theoretic perspective. This approach does logically lead to the establishment of a conceptual framework for price bargaining in shipping sub-markets as a step toward having taken into consideration a variety of heterogeneities commonly present in trading activities and market dynamics.

A set of research areas has been consequently identified where price bargaining and mechanisms for the shipping freight and asset markets could be further explored and analyzed in a way to make better pricing decisions under a more tangible framework.

One of the critical challenges when using bargaining mechanisms to make a decision on pricing shipping services and assets is how to operationalize the study for empirical investigation as some of the factors are internal information of the players and are not adequately revealed to externals: that is, an imperfect information sharing case. The current study aims, however, not to conduct an empirical analysis but to initiate a conversation among maritime economists by bringing their attention to this not-yet fully explored and potentially impactful field of research and by asking them to treat bargaining from a perspective for pricing shipping assets and services. It is claimed that, by doing so, one could better understand price differences between individual contracts.

This study would be considered the first of its kind to provide a detailed survey of the bargaining theory and models from a game theoretical perspective as a theoretical lens to understand its importance and relevance in pricing shipping assets and services. It also provides a simplified operational case on utilizing bargaining in practically pricing freight services.

Commercialization of cassava is increasing because of increased urban demand for processed products and increased recognition of the industrial potential of the crop. This study aims to examine the cassava value chain in Ghana and its implications for upgrading.

A combination of purposive, simple random and snowball sampling methods was adopted to select key actors in the cassava value chain. A semi-structured questionnaire was used to collect primary data. Analysis of the data was largely descriptive, except for profitability of cassava production in selected regions, which was examined by employing gross and net marketing margin analysis. A comprehensive value chain map was generated to show the different product pathways for cassava from the farm gate to the final consumer, and roles of key value chain actors and their relationships were summarized through simple narrations.

Evidence has shown chains of more than four different channels through which fresh cassava roots move from the farm gate to final consumers. Production of cassava in Ghana is profitable, generating positive net marketing margins across major producing centres. Processing of cassava has both dry and wet/fresh value chains depending on the derived products for the final consumer. There is weak governance system in the cassava value chain in Ghana as majority of actors use spot market transactions in dealing with trading partners. The use of standardized grading and weighing system is very limited in the chain, and limited access to credit is a critical constraint to value chain upgrading.

With the exception of results from the profitability analysis of producers, the findings on marketing margins of other value chain actors may not be generalizable. Future studies could determine the profitability associated with cassava value-adding activities like processing into various forms and explore the possibility of converting waste from processing into energy.

The study includes implications that focus on product and process upgrading efforts by smallholders in the cassava value chain. This paper recommends innovative financing models for smallholders to improve access to microcredit via internal and external funding sources.

This paper reveals specific intervention areas in which smallholders can direct efforts in an attempt to improve the cassava value chain through product, process and functional upgrading.

The purpose of this paper is to investigate the impact of shipyard and shipowner heterogeneity on the price formation for individual newbuilding contracts.

The model controls for the shipbuilding market cycle, input costs, firm size, yard experience and contract-specific variables and captures the impact of yard and owner heterogeneity in fixed-effects regressions. The data sample contains contract information on 3,759 tankers, bulkers and container vessels constructed at 77 shipyards between 1990 and 2014.

Although the newbuilding price benchmarks (market conditions) and gross domestic product per capita (salary costs) are influential covariates, the main conclusion is that shipyards and, particularly, shipowners play an influential role on the US$ per Compensated Gross Tonnage price level in individual contracts.

The paper represents the first study of the impact of buyer and seller heterogeneity at the micro level in the shipbuilding market.