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Capital structure analysis of US-listed shipping companies
(2018) Mandrekas, Gerasimos; Skliras, Spyridon; Athens University of Economics and Business, Department of Accounting and Finance; Koen, Sandra; Demirakos, Efthimios; Tsouknidis, Dimitris A.
We believe analysis of capital structure decisions as well as its determinants to be of great strategic importance in the peculiar shipping industry. In our thesis, we investigate these determinants, performing our analysis on a cohesive sample, consisted of strong and leading shipping firms and on the most recent available data. In the initial stages of our analysis we review traditional capital structure theories. Next, we present statistical traits of our sample of shipping firms and compare them with those of an equivalent sample of firms coming from various sectors. Details regarding the formulation of our samples are presented in Data section. Then we swift our focus, solely, on shipping firms applying different models and estimators to better explain the effects of potential determinants. Specifically, we apply different econometric estimations and tests to find the optimal static models for both book and market leverage definitions as dependent variables. Finally, opting for a different perspective, we analyze the dynamic nature of leverage and capital structure.
Co-movement of freight rates on clean tanker trading routes
(2021) Bentsos, Christos; Tan, Alicia; Athens University of Economics and Business, Department of Accounting and Finance; Kavussanos, Manolis; Androutsopoulos, Konstantinos; Tsouknidis, Dimitris A.
Tanker shipping is crucial for carrying energy products worldwide. The purpose of this thesis is to examine the extent of which the freight rates of product tankers present interdependence and time varying volatility. An empirical analysis is conducted based on freight rates for routes TC1, TC5, TC7, and TC12. Data are weekly and cover a period from May 2013 to December 2019. Firstly, we conduct unit root test. Then we employ Vector Autoregressive (VAR) to identify Granger causality. After testing for heteroskedasticity we proceed to DCC-GARCH models to capture the time-varying correlation and volatility, as well as the interdependence.From a forward-looking perspective we found that TC1 causes TC5 and TC7, while TC5 causes TC7, and TC12 causes TC7. We also found bidirectional causality between TC1 and TC12, and TC5 and TC12. Moreover, we concluded that TC7 has the most intense response to external shocks in contrast with TC5 and TC12. We also concluded that the shocks last for shorter periods regarding TC5. Furthermore, all pairs of TC1 and the pair TC7-TC12 presented short-run persistence in contrast with pairs of TC5. Lastly, regarding to interdependence, TC1-TC5 pair presented increasing interdependence in contrast with TC1-TC12 which presented decreasing. For the other pairs we could not reach a conclusion regarding the interdependence. The pair TC1-TC7 revealed time-varying correlation.
The determinants of capital structure of globally-listed shipping companies: empirical evidence of the impact of the environmental performance in the capital structure decision making
(06/12/2021) Μπάιμπου, Σταυρούλα; Μαυρωνά, Αγγελική; Baimpou, Stavroula; Mavrona, Angeliki; Athens University of Economics and Business, Department of Accounting and Finance; Androutsopoulos, Konstantinos; Kavousanos, Emmanuel G.; Tsouknidis, Dimitris A.
Η ναυτιλιακή βιομηχανία χαρακτηρίζεται από εγγενή ένταση κεφαλαίου, γεγονός που οδηγεί στην ανάγκη σημαντικών ποσών κεφαλαίων σε επενδύσεις, που αφορούν την αγορά και τη λειτουργία των πλοίων. Η στρατηγική κεφαλαιακής διάρθρωσης κάθε ναυτιλιακής εταιρείας θα πρέπει να είναι μοναδική και ιδιαίτερα προσαρμόσιμη, ακολουθώντας τα χαρακτηριστικά του κλάδου, γεγονός που την καθιστά πολύ σημαντική για τους πλοιοκτήτες και την ανώτατη διοίκηση των ναυτιλιακών εταιρειών. Στόχος της διατριβής μας είναι η παροχή νέων στοιχείων σχετικά με τους παράγοντες που καθορίζουν την κεφαλαιακή διάρθρωση των διεθνώς εισηγμένων ναυτιλιακών εταιρειών, χρησιμοποιώντας τα πιο πρόσφατα διαθέσιμα δεδομένα και ένα ευρύτερο δείγμα σε σύγκριση με προηγούμενες μελέτες. Επιπλέον, φιλοδοξούμε να συνεισφέρουμε στην υπάρχουσα βιβλιογραφία διερευνώντας εάν οι περιβαλλοντικές επιδόσεις των ναυτιλιακών εταιρειών επηρεάζουν την κεφαλαιακή τους δομή, δεδομένης της πολύ αυστηρής και συνεχώς αυξανόμενης περιβαλλοντικής νομοθεσίας στον παγκοσμιοποιημένο ναυτιλιακό τομέα. Η ανάλυσή μας επικεντρώνεται σε δείγμα 105 διεθνώς εισηγμένων ναυτιλιακών εταιρειών και εξετάζει τους παράγοντες που επηρεάζουν την κεφαλαιακή διάρθρωση για τη χρονική περίοδο 2000-2020. Τα αποτελέσματα της εμπειρικής μας έρευνας έδειξαν ότι τα ενσώματα περιουσιακά στοιχεία είναι ένας από τα πιο σημαντικούς παράγοντες που επηρεάζουν θετικά το επίπεδο μόχλευσης που μια ναυτιλιακή εταιρεία αποφασίζει να συμπεριλάβει στην κεφαλαιακή της δομή. Θετική συσχέτιση βρέθηκε και μεταξύ του δείκτη μόχλευσης και του δείκτη market to book value. Αντιθέτως, η λειτουργική μόχλευση έχει αρνητική συσχέτιση με τον δείκτη μόχλευσης. Ο κίνδυνος των περιουσιακών στοιχείων δεν βρέθηκε να σχετίζεται με τον δείκτη μόχλευσης των επιχειρήσεων πράγμα που έρχεται σε αντίθεση με τα ευρήματα προηγούμενων ερευνών. Τέλος, οι περιβαλλοντικές επιδόσεις των ναυτιλιακών εταιρειών δεν φαίνεται να επηρεάζουν τις αποφάσεις τους για τη κεφαλαιακή τους διάρθρωση.
The determinants of second-hand tanker vessel prices - A panel data analysis
(11/25/2021) Petrakaki, Maria; Ropos, Thomas; Πετρακάκη, Μαρία; Ρόπος, Θωμάς; Athens University of Economics and Business, Department of Accounting and Finance; Kavousanos, Emmanuel G.; Androutsopoulos, Konstantinos; Tsouknidis, Dimitris A.
The present Thesis with title: 'The determinants of second-hand tanker vessel prices- A panel data analysis" aims to analyze the variables determining the prices of second hand tanker vessels.At the first part of this dissertation a literature review takes place in order to introduce us and help us familiarize with the concept of second hand vessels price determination and the evolution of the methodology adopted by the researchers to this throughout the years. Starting from the first attempts, those of Charemza and Gronicki (1981) and Beenstock (1985), and moving on up until today to which are the factors that may affect the vessels prices.The part to follow focuses on the analysis of the shipping data gathered from reputed shipping sources such as Clarksons Research SIN and Bloomberg. The gathered data cover all the segments of tanker vessels for a time period from January 1990 to August 2021.Basing on a main model we will try to prove which are the final factors-variables which play a significant role in the price determination of tanker vessels and gives the market players the ability to understand and even forecast the future of vessels’ sales and purchase market for tanker vessels of all segments/types, such as VLLC, Suezmax, Panamax, Aframax, Handy. The methodology used and the results of the analysis will be presented in detail.The main reason of choosing to work on this specific subject in this thesis was its great importance to the shipping industry and its significance for the present and future of the maritime companies.
The effect of environmental performance on financial performance: evidence from US-listed shipping firms
(01/21/2022) Metzakis, Dimitrios J.; Karntasis, Nikolaos V.; Μετζάκης, Δημήτριος; Καρντάσης, Νικόλαος; Athens University of Economics and Business, Department of Accounting and Finance; Kavousanos, Emmanuel G.; Demirakos, Efthymios; Tsouknidis, Dimitris A.
The core subject of this dissertation focuses on and examines the relationship between environmental performance and financial performance in US-listed shipping companies. We have collected relevant data for 30 shipping firms and applied OLS regressions, to test the research hypothesis. We find that variables measuring the environmental performance cannot be used as determinants of growth, but they can provide limited help to performance. The findings of this thesis can be both helpful and important not only for the shipping firms but also concern most of the stakeholders involved in the shipping industry. The results of our research and econometric analysis can be of utmost importance as they can affect, among others, the operations and investment strategy of the abovementioned companies. “Green shipping” is more profound and timely than ever, mainly because the world is moving towards a more sustainable future and the shipping industry, due to its global nature, cannot be absent from such a disruption. Nonetheless, there are discrepancies and contrasts in the empirical findings of past research, principally because of the lack of objective criteria and metrics to evaluate environmental performance. Through the discussion around both environmental and financial findings, several inferences can be drawn, which we hope to be considered as a stimulus for further future research.
An empirical analysis of the determinants of stock returns of the shipping companies listed in the US
(11/26/2020) Kotopoulos, Andreas; Spiropoulos, Anastasios; Athens University of Economics and Business, Department of Accounting and Finance; Kavussanos, Manolis; Rompolis, Leonidas; Tsouknidis, Dimitris A.
We believe strongly and firmly that the determinants of the shipping stocks of the shipping industry must be examined thoroughly, because they play a major role in the decision-making process for all new potential investors and general market participants. In our thesis, we attempt to examine some of these determinants to determine if they influence and affect the shipping stocks of the shipping companies, that are listed in the US. More specifically, in the first part of the thesis we make a brief introduction of the importance of the shipping sector and how essential is the performance of the stock returns for the shipping companies, that are listed in the United States stock markets. Next, we present the methodology that we use in order to tackle the limitations that emanate from the literature review. Finally, we apply different statistic and econometric models to our sample, in order to examine the explanatory power of our selected independent variables towards the dependent variable, which is the stock returns of the shipping companies.
Fleet demolition in the era of Covid-19: a vessel-based logit regression model
(2021) Boukara, Dimitra; Roulia, Elena-Michailina; Μπουκάρα, Δήμητρα; Ρούλια, Έλενα-Μιχαηλίνα; Athens University of Economics and Business, Department of Accounting and Finance; Kavousanos, Emmanuel G.; Moutos, Thomas; Tsouknidis, Dimitris A.
The paper investigates and proposes key demolition drivers and the extent of their influence to shipowners’ scraping decisions. This vessel-based approach analysis is achieved via a two-way clustered adjusted standard error logit model. The usage of an extensive dataset based on the monthly demolition of vessels between the years 2018 and 2021 along with ship specific, segment, industry and macroeconomic variables, enhance the findings while providing a holistic framework. The vessels that are examined in this paper are all the Bulker Handymaxs, Bulker Panamaxes, Tanker Handymaxes, Tanker Panamaxes, Aframaxes, Capesizes, Suezmaxs and VLCCs that were sold for scrapping between the aforementioned timeframe. A focused time fixed effect dummy variable is also, applied to measure the impact of COVID-19 and aid in understanding the disruption that occurred in the demolition market during this period. The variables that included in the dataset in this paper can be categorized in three key groups: The vessel specific variables, the industry-oriented variables and the macroeconomic variables. In order to obtain the model that best describes the shipowners’ decisions for scrapping a number of different models were examined for their significance via an empirical study.The study firstly, examined models that contained only vessel specific variables, then proceeded with models that consisted of industry specific variables and then models with macroeconomic variables. Even if some of the variables were found statistically significant, none of the models described best scrapping decisioning. In the end, the model that predicted better vessels’ demolition was found to be a model combining variables from all three variable categories. The final model, or best the main determinants in the demolition market are found in this paper to be: the age of a vessel, the market scrap value, the Trade Steel Production Index and the Global Economic Policy Uncertainty Index. The age and the Scrap Value are found to have a positive relationship with vessels demolition, whereas a negative relationship was found between scrapping decisioning and Trade Steel Production Index and Global EPU. Finally, time fixed effect dummy variable that was created to measure the impact of Covid-19 was found insignificant, demonstrating that the Covid-19 outburst does not considerably affects the vessels demolition.
The relationship between oil prices and shipping firm performance
(2021) Prosilias, Ioannis; Tsikourakis, Georgios-Orfeas; Προσήλιας, Ιωάννης; Τσικουράκης, Γεώργιος-Ορφέας; Athens University of Economics and Business, Department of Accounting and Finance; Kavussanos, Manolis; Rompolis, Leonidas; Tsouknidis, Dimitris A.
This dissertation aims to provide insights into how the main accounting figures of a listed shipping firm are associated with a change in oil prices in the aftermath of the financial crisis of 2008 and until the end of 2020.
Sentiment augmented pace of investment in dry bulk shipping segment
(12/06/2021) Χαρίτος, Εμμαμουήλ; Τριανταφυλλίδου, Μαργαρίτα-Μαρία; Charitos, Emmanouil; Triantafillidou, Margarita-Maria; Athens University of Economics and Business, Department of Accounting and Finance; Demirakos, Efthymios; Kavousanos, Emmanuel G.; Tsouknidis, Dimitris A.
This paper examines the effect on investment to new-building vessels caused byshipping sentiment, focusing on the Dry-Bulk sector. To quantify the pace of thisinvestment, the ratio of New Contracts to Total Fleet development is used.Specifically, by employing sentiment variables, constructed based on proxies thatwere used in prior literature, this paper tries to capture the impact of shipowners’sentiment on investing in new-building vessels. In addition, we employ shipping andfundamental related variables, as control variables. The data is organized in panels,thus a panel data analysis is best suitable. Throughout the analysis, three differentmodels are examined, which differ from one another based on which variable ofinterest is employed in them. In two of these panel data regression models, a randomeffects regression is favored while on the third one a fixed effect one is favored. Ourfindings support that New Contracting to the Total Fleet is indeed positively affectedby sentiment.
The determinants of new investments in vessels: an analysis across shipping segments
(12/14/2021) 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.