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Technical changes and impacts on economic performance of dry bulk vessels

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  • Shun Chen
  • Koos Frouws
  • Eddy Van de Voorde

Abstract

Spurred by the expanding bulk shipping and technological innovations, dry bulk vessels have gained considerable development in ship types, ship design, and operation since the invention of the first specialized dry bulk carrier in the early 1950s. However, questions like: what changes in technical specifications have occurred for dry bulk vessels during the past four decades; what triggered these changes and what impacts have these specific changes had on shipping costs or earnings potential, have never been examined systematically in previous work. Subsequently, this article attempts to investigate changes in main technical specifications and relationships between the main technical variables and their economic performance measured by costs and revenues of dry bulk carriers. Technical changes in speed, deadweight, lightweight, and engines are checked for the main types of dry bulk vessels, and trends revealed in these developments are demonstrated to be the consequences of both technical improvement and economical considerations. Additionally, it has been found that the earnings potential differs much from dry bulk vessels with different technical specifications. This can be manifested in the sensitivity analysis. The analysis of this article may contain useful information to practitioners of dry bulk shipping in guiding their market decisions about ship building and operations.

Suggested Citation

  • Shun Chen & Koos Frouws & Eddy Van de Voorde, 2010. "Technical changes and impacts on economic performance of dry bulk vessels," Maritime Policy & Management, Taylor & Francis Journals, vol. 37(3), pages 305-327, May.
  • Handle: RePEc:taf:marpmg:v:37:y:2010:i:3:p:305-327
    DOI: 10.1080/03088831003700710
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    Cited by:

    1. Jeroen F. J. Pruyn, 2020. "Benchmarking bulkers delivered between 2010 and 2016, identifying the effect of the EEDI introduction," Journal of Shipping and Trade, Springer, vol. 5(1), pages 1-18, December.
    2. Dinwoodie, John & Landamore, Melanie & Rigot-Muller, Patrick, 2014. "Dry bulk shipping flows to 2050: Delphi perceptions of early career specialists," Technological Forecasting and Social Change, Elsevier, vol. 88(C), pages 64-75.

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