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dc.contributorDepartment of Logistics and Maritime Studiesen_US
dc.creatorXu, Jing Jane-
dc.identifier.urihttps://theses.lib.polyu.edu.hk/handle/200/5943-
dc.languageEnglishen_US
dc.publisherHong Kong Polytechnic University-
dc.rightsAll rights reserveden_US
dc.titleThe dynamics of shipbuilding in shipping : an econometric analysisen_US
dcterms.abstractIn this thesis, we perform an empirical analysis of the role of shipbuilding in the large shipping world. Shipbuilding has scarcely been studied from the economic perspective in shipping related literatures; most studies only involve shipbuilding as related variables when discussing other shipping markets. A large amount of studies on shipping markets are based on the efficient market theory. However, given the unpredictable and ever-changing nature of shipping industry, it is not convincing to study the market statically, we focus specifically on the factor of 'time lag' between different shipping segments through a comprehensive econometric analysis. We look into the dynamics between freight and shipbuilding markets in a more delicate way: the interaction among freight rate, shipbuilding order and delivery. Our first research question concerns the causal mechanism from freight rate to shipbuilding price and indicates that the investment behaviour in physical assets for future service capacity is encouraged by a strong service market. The second research question discusses the determinants of shipbuilding activities. Through pooled panel data analysis, we verify the important role of freight market to the ship investment decision and the strong cluster effect of Asian shipbuilding countries. Our third research question looks into the impact of the change of fleet size on freight volatility. Our results prove that fleet size is a critical determinant of freight volatility and affects it in a nonlinear manner. Our study contributes to the maritime economics literature by providing a comprehensive economic analysis of shipbuilding. Shipbuilding variables do not interact with other economic variables in a static way, hence time lag issues need to be largely considered in the analysis. The dynamics among freight rate, shipbuilding order and delivery act in a cyclical manner. While the shipbuilding market largely depends on the operating environment of other shipping markets, it influences back freight market profoundly.en_US
dcterms.extent175 leaves : ill. ; 30 cm.en_US
dcterms.isPartOfPolyU Electronic Thesesen_US
dcterms.issued2010en_US
dcterms.educationalLevelAll Doctorateen_US
dcterms.educationalLevelPh.D.en_US
dcterms.LCSHHong Kong Polytechnic University -- Dissertationsen_US
dcterms.LCSHShipbuilding industry -- Asiaen_US
dcterms.accessRightsopen accessen_US

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Please use this identifier to cite or link to this item: https://theses.lib.polyu.edu.hk/handle/200/5943