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Title: Default risk drivers in shipping bank loans
Authors: Kavussanos, Manolis G. 
Tsouknidis, Dimitris 
Major Field of Science: Social Sciences
Field Category: Economics and Business
Keywords: Bank loans;Credit scoring models;Default risk;Shipping
Issue Date: 1-Oct-2016
Source: Transportation Research Part E: Logistics and Transportation Review, 2016, vol. 94, pp. 71-94
Volume: 94
Start page: 71
End page: 94
Journal: Transportation Research Part E: Logistics and Transportation Review 
Abstract: This paper proposes a credit scoring model for the empirical assessment of default risk drivers of shipping bank loans. A unique dataset, consisting of the credit portfolio of a ship-lending bank is used to estimate a logit model with two-way clustered adjusted standard errors, ensuring robust inferences. Industry specific variables, captured through current and expected conditions in the extremely volatile global shipping freight markets, the risk appetite of borrowers–the shipowners – expressed through the chartering policy they follow – and a pricing variable, are shown for the first time to be the important factors explaining default probabilities of bank loans.
ISSN: 1366-5545
DOI: 10.1016/j.tre.2016.07.008
Rights: © Elsevier
Type: Article
Collaboration : Athens University of Economics and Business 
Cyprus University of Technology 
Appears in Collections:Άρθρα/Articles

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