Review article
The impact of economic cycles on the ships’ operating costs
Milojka Počuča
; Faculty of Maritime Studies and Transport
Marina Zanne
; Faculty of Maritime Studies and Transport
Abstract
The maritime market is influenced by economic cycles. These cycles turn the relations in the maritime market upside-down as they cause significant changes in all four segments: the freight market, sales and purchases, shipbuilding and demolition.
The authors analyse the impact of economic cycles on the maritime freight market; more precisely, on the ships’ operating costs. The analysis, covering the period from 2000 to 2010, shows the fluctuations in both the structure and the value of the ships’ operating costs. The authors use correlation as the statistical method to assess how the fluctuations in the ships’ operating costs coincide with the economic cycles and cycles in the maritime market. Correlation is thus applied to evaluate the impact of the global gross domestic products (GDP), crude oil prices and various freight indices to the ships’ operating costs as retrieved from the Moore Stephens OpCots data base and indices. At the end of the paper the authors comment on the reliability of the conducted analysis and suggest further research steps regarding this issue.
Keywords
correlation of the ships’ operating costs and economic cycles; indices of the ships’ operating costs; indices of the maritime freight rates; indices of the global economy
Hrčak ID:
75338
URI
Publication date:
28.12.2011.
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