Liquidity effects and FFA returns in the international shipping derivatives market

The study examines the impact of liquidity risk on freight derivatives returns. The Amihud liquidity ratio and bid–ask spreads are utilized to assess the existence of liquidity risk in the freight derivatives market. Other macroeconomic variables are used to control for market risk. Results indicate that liquidity risk is priced and both liquidity measures have a significant role in determining freight derivatives returns. Consistent with expectations, both liquidity measures are found to have positive and significant effects on the returns of freight derivatives. The results have important implications for modeling freight derivatives, and consequently, for trading and risk management purposes.

FIRE INTENSITY AND SEVERITY IN BRAZILIAN CAMPOS GRASSLANDS

Brazilian Campos grasslands are rich in species and the maintenance of its diversity and physiognomy is dependent on disturbance (e.g. fire and grazing) Nevertheless, studies about fire intensity and severity are inexistent. The present paper describes fire parameters, using 14 experimental burn plots in southern Brazil (30 degrees 02` to 30 degrees 04`S, and 51 degrees 06` to 51 degrees 09`W. 311masl). Two sites under different fire histories were chosen: frequently burned and excluded since six years. Experimental burning was performed during summer (2006-2007), when most burning takes place in these grasslands. The following parameters were measured: air temperature and moisture, vegetation height, wind speed, fuel (fine, coarse), fuel moisture, fire temperatures (soil level and at 50cm), ash, residuals, flame freight, fire duration: burning efficiency and fire intensity were later calculated. Fuel load varied from 0.39 to 1.44kg.m(-2). and correlated positively with both fire temperature and fire intensity. Fire temperatures ranged 47 to 537.5 degrees C. being higher in the excluded site Fire intensity was low compared to grassland elsewhere (36 5-319.5kW.m(-1)), differing significantly between sties Fine fuel was the variable that best explained fire intensity. The results on fire intensity and severity in Campos grasslands can be considered a pilot study, since plots were very small. However the data provided can help other researchers to get permission for experimentation using larger plots The results provide support for further studies about the effects of fire on grassland vegetation and for studies involving fire models and fire risk prediction

Future cenario planning in Brazilian logistics and transportation sector

Nas últimas décadas o setor de logística passou por grandes transformações pelo mundo. Assim, a eficiência do sistema logístico é importante para o crescimento econômico, a diversificação, redução dos custos operacionais e da pobreza. Segundo o Banco Mundial, o Brasil tornou-se uma das maiores economias do mundo, mas os custos logísticos elevados colocam em risco esse crescimento. Estes custos são em grande parte o resultado de diferenças em infraestrutura de cada região, juntamente com os encargos do setor rodoviário, que corresponde por 60% do total do transporte de carga do país. Entretanto, a logística brasileira está às portas de uma nova revolução, em práticas de negócios e eficiência, e também na qualidade e disponibilidade da infraestrutura de transportes e comunicações, e novos projetos e práticas para superar a situação. O objetivo deste estudo não é analisar o presente e as atuais tendências de logística do Brasil e do setor de transporte, mas sim modelar possíveis cenários futuros para os próximos anos. Em outras palavras, este trabalho mostra diferentes possibilidades de como o setor de logística e transporte poderá ser no futuro. Para isso, este trabalho irá utilizar a metodologia de cenários prospectivos e entrevistas com especialistas relacionados da área.

Latin America and the Caribbean in the World Economy 2007: 2008 trends

Includes bibliography

Maritime transport liberalization and the challenges to further its implementation in Chile

Includes bibliography

Transaction costs in the transportation sector and infrastructure in North America: exploring harmonization of standards

Includes bibliography

Maritime sector and ports in the Caribbean: the case of CARICOM countries

Includes bibliography

Trade and maritime transport between Africa and South America

Includes bibliography

Concentration in liner shipping: its causes and impacts for ports and shipping services in developing regions

Includes bibliography

Energy efficiency in freight transport by road

This issue of the FAL Bulletin addresses energy efficiency and its challenges in terms of freight transport by road. To this end, different national plans for energy efficiency in transport were reviewed, for both developed countries and for Latin America.

Training in the inland freight transportation sector in Latin America

This issue of the FAL Bulletin covers training in the inland freight transportation and logistical operations sector in Latin America and its role in productivity and competitiveness.

Competitiveness and efficiency in land transport

One of the consequences of the opening of the worlds economies - an integral part of globalization - is increased focus on the efficiency and costs of transport services (on which competitiveness is largely dependent). Countries with inefficient and costly transport services lose out, in terms of economic activity and income, to those with more appropriate transport services. The issue is particularly important in Latin America, where exports mainly consist of bulk consignments of products with comparatively low value/quantity ratios and transport costs are a major determining factor of c.i.f. prices.The determination of competitiveness indices in the long term, however, also needs to include the costs of pollution, congestion and accidents, in addition to the transport costs usually considered as part of the price of freight. Competitiveness, efficiency and the global costs of transport were the main subjects of an international seminar organized in conjunction with the Chilean Institute of Engineers and held on 9 and 10 September 2004 at the Headquarters of the Economic Commission for Latin America and the Caribbean (ECLAC).

Recent increases in shipping costs and their impact on exports from Latin America

This issue of the FAL Bulletin is based on a study prepared by ECLAC which works out a provisional approach for estimating the impact of increases in freight rates on exports from Latin America during the last few quarters. The total cost of exports from the region reflects the increases in three different components: the quantities exported, the prices of the goods and the freight charges. The influence of each of these is estimated.The information bases used are comprised of data obtained from the World Trade Organization (WTO), the United Nations Conference on Trade and Development (UNCTAD), the Economic Commission for Latin America and the Caribbean (ECLAC) (International Transport Database) and the authors own direct compilation. The conclusion is that total exports from Latin America varied by US$ 5.72 billion in the first half of 2004 compared with the first half of 2003; of this amount, US$ 2,105,000,000 correspond to the variation in price and quantity and US$ 3,615,000,000 represent the increase in export freight rates. When compared with the first half of 2002, the variation is in excess of US$ 8 billion.

Border crossings in Mercosur countries: obstacles and their cost

In a recent ECLAC study of inefficiency at border crossings in Mercosur countries, it was found that the cost of delays in traffic between Argentina and Brazil amounted to a minimum of US$ 170 per truck for the most problematic border crossing. This is over 10 % higher than the typical price of freight between Buenos Aires and Sao Paulo or Porto Alegre. It was estimated that the extra-cost on this border crossing may amount to a maximum of US$ 273 per truck. These problems, which have to do more with organization than with infrastructure, cause serious losses to the sectors involved in international transport, and especially to end users of intermediate or consumer goods transported.This edition of the Bulletin includes a summary of a study entitled: Identificación de obstáculos al transporte terrestre internacional de cargas en el Mercosur: los casos de Argentina, Brasil y Uruguay.

The complex urban freight puzzle

This issue of the FAL Bulletin shows why urban logistics is a relevant topic in the discussion of urbanization and provides arguments why the last-mile should be included in policies on sustainable mobility in the region. It also delivers insights and arguments how a modern perception of the cargo bike and its inclusion in sustainable logistics policy can deliver towards more sustainable urban logistics development.