Please use this identifier to cite or link to this item: https://hdl.handle.net/20.500.14279/24580
Title: Covid-19 and the energy trade: Evidence from tanker trade routes
Authors: Michail, Nektarios A. 
Melas, Konstantinos D. 
Major Field of Science: Social Sciences
Field Category: Economics and Business
Keywords: Shipping;Tanker markets;Freight rates;Covid-19;Coronavirus
Issue Date: Jan-2021
Source: Asian Journal of Shipping and Logistics, 2021, vol. 38, no. 1
Volume: 38
Issue: 1
Journal: The Asian Journal of Shipping and Logistics 
Abstract: We employ a cointegration setup to explore route-specific off-equilibrium deviations related to Covid-19 that have affected clean (petroleum products) and dirty (crude oil) tanker freight rates, over and above the expected macroeconomic reactions. We find that the additional deviation caused by Covid-19 is route-specific. In particular, deviation caused by Covid-19 is found to be more significant for clean tankers, with an average impact of 0.15, an expected outcome given that these products are more reliant on economic developments because of their uses. The clean tanker impact is more evident in Japan-related routes, while no specific pattern can be extracted with regards to the additional off-equilibrium Covid-19 deviation for dirty tanker routes. Results suggest that time-charters and hedging against the stock markets can help ship-owners ameliorate demand-driven shocks.
URI: https://hdl.handle.net/20.500.14279/24580
ISSN: 20925212
DOI: 10.1016/j.ajsl.2021.12.001
Rights: CC_BY_NC_ND_4.0
Type: Article
Affiliation : Cyprus University of Technology 
The Cyprus Centre for Business Research 
Metropolitan College 
University of Western Macedonia 
Publication Type: Peer Reviewed
Appears in Collections:Άρθρα/Articles

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