| Περίληψη : | This paper investigates the “Unbiasedness Hypothesis” of Forward Freight Agreement (FFA) testing the hypothesis for dry-bulk FFAs of individual routes P2A, P3A, C4 and C7 one, two and three month prior to their maturity. Capesize 4TC, Panamax 4TC and Supramax 6TC are also investigated. A VECM is estimated by using the framework introduced by Johanssen (1988) to test for cointegration. Unbiasedness is tested by putting the necessary restrictions in the cointegrating vector and using the statistic introduced by Juselius and Johansen (1990). Unbiased FFAs are a free source of information about the expected future spot prices, being beneficial to any economic agent exposed to the freight market.
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