Shipping is an industry that is highly geared towards international trade and therefore, would seem to be highly susceptible to fluctuations in macroeconomic factors. This article investigates the impact of exchange rates, interest rates and oil prices on stock returns of 143 shipping companies from 16 countries. We also investigate the factors which determine the extent to which firm are sensitive to macroeconomic variables. Our results indicate that the low incidence of significant exposure to exchange rate and interest rates suggests that most shipping firms have utilised reasonably successful hedging strategies to reduce the impact of these macroeconomic risks. Finally, we find that, for the minority of shipping firms significantly affected by oil price increases, the effects have usually been beneficial.
The exposure of shipping firms’ stock returns to financial risks and oil prices: a global perspective
Maritime Policy & Management ; 37 , 5 ; 453-473
2010-09-01
21 pages
Article (Journal)
Electronic Resource
English
A cross-section analysis of stock returns: The case of shipping firms
Taylor & Francis Verlag | 1996
|A cross-section analysis of stock returns: The case of shipping firms
Online Contents | 1996
|Impact of mergers and acquisitions on stock returns of tramp shipping firms
Tema Archive | 2007
|Achieving an ASEAN single shipping market: shipping and logistics firms’ perspective
Taylor & Francis Verlag | 2016
|