A vector autoregressive model was developed for a sample of container carrier time charter rates. Although the series of time charter rates are themselves found non-stationary, thus precluding the use of many modeling...A vector autoregressive model was developed for a sample of container carrier time charter rates. Although the series of time charter rates are themselves found non-stationary, thus precluding the use of many modeling methodologies, evidence provided by co-integration tests points to the existence of stable long-term relationships between the series. An assessment of the forecasts derived from the model suggests that the spec-ification of these long-term relationships does not improve the accuracy of long-term forecasts. These results are interpreted as a corroboration of the efficient market hypothesis.展开更多
Climate change is widely recognized as the major environmental problem facing the globe today. One of the most urgent environmental problems facing shipping industry is the reduction of GHG （greenhouse gas） emission...Climate change is widely recognized as the major environmental problem facing the globe today. One of the most urgent environmental problems facing shipping industry is the reduction of GHG （greenhouse gas） emissions from its operations. Given the growing concern of the international community on ＂the deep reduction of global GHG emissions＂, it cannot be expected that the non-regulation of maritime GHG emissions can further continue. This paper investigates the main challenges and threats of the development of two MBMs （market-based measures） for the reduction of GHG emissions from international shipping, i.e., the ＂global levy scheme on maritime GHG emissions＂ and the ＂maritime emission trading scheme＂. A SWOT （strengths weaknesses opportunities threat） analysis is used, in this survey, to evaluate the environmental effectiveness as well as the easiness of implementation of the two policy options. Moreover, we make apparent their strengths and weaknesses concerning abatement of maritime GHG emissions. Given the fact that the discussion regarding the implementation of some MBMs with maritime GHG-emission reduction potential is still carried out with the exception of EEDI （energy efficiency design index） and SEEMP （ship energy efficiency management plan）, this paper＇s results present special significance, as they could be further analyzed and taken into account during the adoption of any future MBM for the reduction of maritime GHG emissions.展开更多
文摘A vector autoregressive model was developed for a sample of container carrier time charter rates. Although the series of time charter rates are themselves found non-stationary, thus precluding the use of many modeling methodologies, evidence provided by co-integration tests points to the existence of stable long-term relationships between the series. An assessment of the forecasts derived from the model suggests that the spec-ification of these long-term relationships does not improve the accuracy of long-term forecasts. These results are interpreted as a corroboration of the efficient market hypothesis.
文摘Climate change is widely recognized as the major environmental problem facing the globe today. One of the most urgent environmental problems facing shipping industry is the reduction of GHG （greenhouse gas） emissions from its operations. Given the growing concern of the international community on ＂the deep reduction of global GHG emissions＂, it cannot be expected that the non-regulation of maritime GHG emissions can further continue. This paper investigates the main challenges and threats of the development of two MBMs （market-based measures） for the reduction of GHG emissions from international shipping, i.e., the ＂global levy scheme on maritime GHG emissions＂ and the ＂maritime emission trading scheme＂. A SWOT （strengths weaknesses opportunities threat） analysis is used, in this survey, to evaluate the environmental effectiveness as well as the easiness of implementation of the two policy options. Moreover, we make apparent their strengths and weaknesses concerning abatement of maritime GHG emissions. Given the fact that the discussion regarding the implementation of some MBMs with maritime GHG-emission reduction potential is still carried out with the exception of EEDI （energy efficiency design index） and SEEMP （ship energy efficiency management plan）, this paper＇s results present special significance, as they could be further analyzed and taken into account during the adoption of any future MBM for the reduction of maritime GHG emissions.
