Chartering contracts and financial performance of US listed shipping firms

被引：0

作者：

Kouspos, Andreas ^{[1
]}

Panayides, Photis M. ^{[1
,3
]}

Tsouknidis, Dimitris A. ^{[2
]}

机构：

[1] Cyprus Univ Technol, Fac Management & Econ, Dept Commerce Finance & Shipping, Limassol, Cyprus

[2] Athens Univ Econ & Business, Dept Accounting & Finance, Athens, Greece

[3] Cyprus Univ Technol, Dept Commerce Finance & Shipping, 115 Spyrou Araouzou Str, CY-3036 Limassol, Cyprus

来源：

MARITIME POLICY & MANAGEMENT | 2023年

关键词：

Chartering contracts; firm performance; panel data; US listed shipping firms; CORPORATE-FINANCE; TERM STRUCTURE; DEFAULT RISK; MARKET; SPOT; ENDOGENEITY; VOLATILITY; OWNERSHIP; DECISIONS; RATES;

D O I：

10.1080/03088839.2023.2287434

中图分类号：

U [交通运输];

学科分类号：

08 ; 0823 ;

摘要：

This paper investigates the relationship between chartering contracts and the financial performance of U.S.-listed shipping firms. We use public data from SEC's 20-F forms for U.S. listed shipping firms to construct a unique dataset of vessel chartering decisions, comprising 8,733 vessel-year observations. We rely on panel data regressions to show that managing the notoriously high freight rate risk, by employing the greatest part of a shipping firm's fleet under time-charter contracts rather than voyage (spot) charter contracts, creates corporate value as it increases financial performance. This main result has several important implications regarding mainstream business decisions of shipping firms, such as vessels' operations and chartering.

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页数：15

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