This paper assesses quantitatively the impact of COVID-19 on the Capesize as well as the Panamax sectors using the event analysis method based on the ensemble empirical mode decomposition (EEMD). Different components are decomposed from the freight rates time series. The decomposed dominant modes manage to capture the event of COVID-19, accounting for the major movements of the freight market. The event of 2008 financial crisis is utilized as a benchmark to analyze the impact of COVID-19. Compared to the 2008 financial crisis, the dominant modes during COVID-19 rebound in quite a short time. Factors contributing to the decline of freight rates during the COVID-19 pandemic are relatively simpler than during the 2008 financial crisis, indicating that the COVID-19 should not have a long-lasting impact on the dry bulk shipping market. The results not only prove that the method used in this paper is capable of evaluating the impact of future events on the freight market but also provide some practical implications to the maritime industry.


    Access

    Check access

    Check availability in my library

    Order at Subito €


    Export, share and cite



    Title :

    Evaluating the impact of COVID-19 on capesize and panamax sectors: the method of empirical mode decomposition


    Additional title:

    Y. GU ET AL.
    MARITIME POLICY & MANAGEMENT


    Contributors:
    Gu, Yimiao (author) / Dong, Xiaoxu (author) / Chen, Zhenxi (author) / Lien, Donald (author)

    Published in:

    Maritime Policy & Management ; 51 , 6 ; 1190-1209


    Publication date :

    2024-08-17


    Size :

    20 pages




    Type of media :

    Article (Journal)


    Type of material :

    Electronic Resource


    Language :

    English






    Firmer capesize market

    British Library Online Contents | 1998


    Balanced Capesize Market

    British Library Online Contents | 1997


    Capesize Market - Significant Strengthening

    British Library Online Contents | 1994