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  • Μικρογραφία εικόνας
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    The determinants of new investments in vessels: an analysis across shipping segments
    (2021-12-14) Zissi, Konstantina; Moraiti, Christina; Ζήση, Κωνσταντίνα; Μωραΐτη, Χριστίνα; Athens University of Economics and Business, Department of Accounting and Finance; Kavousanos, Emmanuel G.; Moutos, Thomas; Tsouknidis, Dimitris A.
    Shipping investment is quite interesting market to analyse as it is characterized by high returns and high risks. Vessels, which are expensive and firm-specific assets, as well as excess volatility, seasonality, and cyclicality, that are presented in shipping freight rates, and vessel prices, are the main reasons that make shipping industry challenging. In this thesis we examine the determinants of new investments in vessels across shipping segments. The subject of the analysis focuses on whether shipowners decide to contract for a newbuilding vessel taking into consideration the fundamental indications of the market such as the freight rates, the sales of vessels, the newbuilding and second-hand prices, scrap values and spread of freight rates or to what extent they are influenced by uncertainty and psychological factors or even by inside information/instinct. The time lag of construction makes the choice of a new investment more difficult rather than a typical investment in a real asset, where given the availability of capital the deal might be done within a few months. Furthermore, the size of such investments is quite large. In the literature, ship investments have not been widely examined. Through this dissertation, we empirically analyse a panel dataset of vessel type-month observations (i, t): dry bulk vessel types and tankers vessel types, covering 25 years (1996-2020). The Heckman selection model (1979) is applied in this econometric analysis as an effort to include the zero- investment episodes from our dataset. The findings of this research will hopefully contribute to the existing literature on the issue of investments on new vessels.