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
In recent years, the world economic situation and container shipping industry has been fluctuated drastically, which has complicated the liner shipping companies＇ operation. The conventional issue of overcapacity due...In recent years, the world economic situation and container shipping industry has been fluctuated drastically, which has complicated the liner shipping companies＇ operation. The conventional issue of overcapacity due to the ＂equipment battle＂, and the destructive competition have further stimulated the operating intricacy within the container sector. That would be interesting to explore the chartering strategies of CMA CGM （Compagnie Maritime d＇Affretement Compagnie Generale Maritime） in such a volatile market as any capacity adjustment dictates a line＇s profit line. Nevertheless, the usefulness of ship chartering is not only confined to the operational level but also the strategic level. Throughout the analysis of CMA CGM＇s fleet trend, fleet deployment as well as chartering activities, it can illustrate the above concepts and observe a little bit further about the strategic movement of CMA CGM.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In recent years, the world economic situation and container shipping industry has been fluctuated drastically, which has complicated the liner shipping companies＇ operation. The conventional issue of overcapacity due to the ＂equipment battle＂, and the destructive competition have further stimulated the operating intricacy within the container sector. That would be interesting to explore the chartering strategies of CMA CGM （Compagnie Maritime d＇Affretement Compagnie Generale Maritime） in such a volatile market as any capacity adjustment dictates a line＇s profit line. Nevertheless, the usefulness of ship chartering is not only confined to the operational level but also the strategic level. Throughout the analysis of CMA CGM＇s fleet trend, fleet deployment as well as chartering activities, it can illustrate the above concepts and observe a little bit further about the strategic movement of CMA CGM.
