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.

Greek shipping and the crisis of the 1980's

In 1982, Greek shipping plunged into a severe crisis: the size of the fleet declined dramatically and over 30% of the fleet was laid-up. catapulting many shipping companies into bankruptcy. The causes of the crisis were: The world recession, leading to regulation, protectionism, subsidization. and the growth of new competition in the tramp shipping market. The erosion of the cost differential between Greek shipping and other maritime nations of the world. The specialization and containerization of the world fleet. The old age and other characteristics of the Greek fleet, which exacerbated the crisis. Greek shipping, with its long history and the expertise, diligence, and supreme opportunism of its dynamic shipowners, will survive the crisis.

Engaging with Asia : the Chifley government and the New Delhi conferences of 1947 and 1949

This article is a study of the Chifley government's foreign policy towards Asia, in particular India and Indonesia, as evidenced by Australia's attendance at the 1947 Asian Relations Conference and the 1949 New Delhi Conference on the Indonesian-Dutch conflict. Australia's presence at these two conferences provides an ideal opportunity to examine the Chifley government's response to the momentous changes that occurred in post-war Asia as a result of the dismantling of the European colonial world order. Through detailed examination of the archival material and contemporary accounts generated from Australia's involvement in the New Delhi conferences, this article will argue that despite significant political constraints, the Chifley government did adopt a distinctive and innovative policy towards the emergent nations of Asia in the immediate post-war years.

Drugs, ships and containers : how anti-terrorism benefits shipping security

Using ships to transport illicit drugs is not new; nor is the practice of concealing them
in shipping containers decreasing – or is it? This article questions whether recent container security initiatives created to stop terrorism have also achieved a decrease in the use of containers for smuggling illicit drugs. Or, are these maritime security regimes creating a false sense of achievement, being too limited in scope to be truly useful in this secondary role? Logically, improved detection of illicit drugs in containers shipped by sea is more likely when port personnel are better trained, x-ray scanners installed, port fencing improved and official collaboration encouraged. However, since the number of containers being electronically screened and physically searched has only marginally improved, the question is, is it enough?

International conferences on environmental mutagens in human populations - Opportunities, accomplishments and challenges

A major mission for organizing the series of International Conferences on Environmental Mutagens in Human Populations is to bring science and scientists to the sites where the field of environmental health is in developmental stages and environmental health is a serious concern. The mission has been fulfilled in each of the previous conferences that were held in Egypt, Czech Republic, Thailand and Brazil. These conferences have led to significant enhancement of regional scientific expertise from the acquisition of scientific knowledge and from the generation of sustainable collaborative programs. (C) 2003 Elsevier B.V. All rights reserved.