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The assessment of market efficiency in the shipping sector: a new approach

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  • George Dikos
  • Nikolaos Papapostolou

Abstract

The aim of this paper is to use an alternative measure of the efficiency of the different shipping industries, i.e. VLCC/ULCC (250000dwt), Suezmax (140000dwt), Aframax (80000dwt), which are the main carriers of crude oil, and Handymax (40000dwt), which carries the vast majority of clean (oil) products. The results of the theoretical analysis confirm that, under pure expectations theory, the larger vessels demonstrate higher volatility, as measured by the standard deviation, than the smaller vessels, thereby supporting the proposition that period freight rates do indeed appear to be perfect foresights of the future spot rates.

Suggested Citation

  • George Dikos & Nikolaos Papapostolou, 2002. "The assessment of market efficiency in the shipping sector: a new approach," Maritime Policy & Management, Taylor & Francis Journals, vol. 29(2), pages 179-181, April.
    • Handle: RePEc:taf:marpmg:v:29:y:2002:i:2:p:179-181
    DOI: 10.1080/03088830110086347
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