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Title: Default risk drivers in shipping bank loans
Authors: Kavussanos, Manolis G. 
Tsouknidis, Dimitris 
Keywords: Bank loans;Credit scoring models;Default risk;Shipping
Category: Economics and Business
Field: Social Sciences
Issue Date: 1-Oct-2016
Publisher: Elsevier Ltd.
Source: Transportation Research Part E: Logistics and Transportation Review, 2016, Volume 94, Pages 71-94
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: 13665545
Rights: © 2016 Elsevier Ltd
Type: Article
Appears in Collections:Άρθρα/Articles

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