IDEAS home Printed from https://ideas.repec.org/a/vrs/logitl/v9y2018i1p70-82n9.html
   My bibliography  Save this article

Assessment of Shippers and Ship Owners Ship and Charter Type Choice in the Wet and Dry Bulk Ship Brokering Market: Knowledge Guide for African Indigenous Ship Brokers

Author

Listed:
  • Theophilus C Nwokedi

    (Federal University of Technology, Department of Maritime Management Technology, OwerriNigeria)

  • Eba Moses Ntor-Ue

    (Ken Sari Wiwa Polytechnic, Department of Civil Engineering, Bori, Rivers State Nigeria)

  • Ifiok Okonko

    (Federal University of Technology, Department of Maritime Management Technology, OwerriNigeria)

  • Leonard Ndubuisi

    (Federal University of Technology, Department of Maritime Management Technology, OwerriNigeria)

Abstract

The study assessed shippers and ship owners’ ship and charter party type choices in the wet and dry bulk ship broking and chartering market as guide for performance improvement for African and Nigerian ship brokers. It aims to determine if significant differences exists between shippers ship type choices among Very Large Crude Carriers (VLCC), Handymax, Supramax and capsize vessels in the wet and dry bulk market as well shippers and ship owners charter party type choice between voyage charter and time charter for the various ship types. The study adopted a survey method in which the Baltic International Maritime Council (BIMCO) was surveyed and 5 year data on ship types and charter party type choices of shippers and ship owners was obtained. The statistical tools of Analysis of Variance (ANOVA) and independent sample t-test were used to compare the ship type choices and charter party type choices of shippers and ship owners. The result indicates that shippers’ in the wet and dry bulk cargo market show greater preference for Supramax vessel type. The aggregate number of vessels chartered over the period covered in the study is 41,684 vessels out of which 22,593 representing about 54.2% are Supramax. This was seconded by VLCC which recorded 8,829 or 21.2% charters. Capsize and Handymax vessel types had 6211 and 4069 charters respectively which represent 14.9% and 9.77% each. Shippers and ship owners also show greater preference for voyage charter party type than time charter party for all types of vessels. It was recommended that ship brokers should place greater priority on trading in Supramax ship types and voyage charter party type as the demand trend for this ship type is likely to remain higher over time; followed by VLCC; while more shippers and ship owners are likely continue to show preference for voyage charter than time charter.

Suggested Citation

  • Theophilus C Nwokedi & Eba Moses Ntor-Ue & Ifiok Okonko & Leonard Ndubuisi, 2018. "Assessment of Shippers and Ship Owners Ship and Charter Type Choice in the Wet and Dry Bulk Ship Brokering Market: Knowledge Guide for African Indigenous Ship Brokers," LOGI – Scientific Journal on Transport and Logistics, Sciendo, vol. 9(1), pages 70-82, May.
    • Handle: RePEc:vrs:logitl:v:9:y:2018:i:1:p:70-82:n:9
    DOI: 10.2478/logi-2018-0009
    as

    Download full text from publisher

    File URL: https://doi.org/10.2478/logi-2018-0009
    Download Restriction: no
    File URL: https://libkey.io/10.2478/logi-2018-0009?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Johnson, Hannes & Styhre, Linda, 2015. "Increased energy efficiency in short sea shipping through decreased time in port," Transportation Research Part A: Policy and Practice, Elsevier, vol. 71(C), pages 167-178.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Jaeung Cha & Jinwoo Lee & Changhee Lee & Yulseong Kim, 2021. "Legal Disputes under Time Charter in Connection with the Stranding of the MV Ever Given," Sustainability, MDPI, vol. 13(19), pages 1-25, September.
    2. Nwokedi, Theophilus Chinonyerem & Odumodu Chigozie Uzoma & Hilary, Owoidighe Efanga & Maduabuchukwu Chukwuemeka Donason & Olusegu, Sodiq Buhari, 2019. "Ship Sales and Purchases Market: Modeling the Influences of Seaborne Trade and Charter Rates/Freight on Dead Weight Tonnage of Global new Building Orders," International Journal of Science and Business, IJSAB International, vol. 3(2), pages 1-10.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Di Vaio, Assunta & Varriale, Luisa & Alvino, Federico, 2018. "Key performance indicators for developing environmentally sustainable and energy efficient ports: Evidence from Italy," Energy Policy, Elsevier, vol. 122(C), pages 229-240.
    2. Michalis P. Michaelides & Herodotos Herodotou & Mikael Lind & Richard T. Watson, 2019. "Port-2-Port Communication Enhancing Short Sea Shipping Performance: The Case Study of Cyprus and the Eastern Mediterranean," Sustainability, MDPI, vol. 11(7), pages 1-22, March.
    3. Dai, Lei & Hu, Hao & Wang, Zhaojing, 2020. "Is Shore Side Electricity greener? An environmental analysis and policy implications," Energy Policy, Elsevier, vol. 137(C).
    4. Iris, Çağatay & Lam, Jasmine Siu Lee, 2019. "A review of energy efficiency in ports: Operational strategies, technologies and energy management systems," Renewable and Sustainable Energy Reviews, Elsevier, vol. 112(C), pages 170-182.
    5. Dong-Ping Song, 2024. "A Literature Review of Seaport Decarbonisation: Solution Measures and Roadmap to Net Zero," Sustainability, MDPI, vol. 16(4), pages 1-32, February.
    6. Wang, Tingsong & Cheng, Peiyue & Zhen, Lu, 2023. "Green development of the maritime industry: Overview, perspectives, and future research opportunities," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 179(C).
    7. José F. Baños & Luis Valdés & Eduardo Valle & Emma Zapico, 2018. "Economic importance of the motorways of the sea for tourism: The experience of the route Nantes–Gijón," Maritime Economics & Logistics, Palgrave Macmillan;International Association of Maritime Economists (IAME), vol. 20(2), pages 300-320, June.
    8. Antonio Comi & Antonio Polimeni, 2020. "Assessing the Potential of Short Sea Shipping and the Benefits in Terms of External Costs: Application to the Mediterranean Basin," Sustainability, MDPI, vol. 12(13), pages 1-17, July.
    9. Martínez-Moya, Julián & Vazquez-Paja, Barbara & Gimenez Maldonado, Jose Andrés, 2019. "Energy efficiency and CO2 emissions of port container terminal equipment: Evidence from the Port of Valencia," Energy Policy, Elsevier, vol. 131(C), pages 312-319.
    10. Zeeshan Raza & Johan Woxenius & Christian Finnsgård, 2019. "Slow Steaming as Part of SECA Compliance Strategies among RoRo and RoPax Shipping Companies," Sustainability, MDPI, vol. 11(5), pages 1-19, March.
    11. Hui-Huang Tai & Yun-Hua Chang, 2022. "Reducing pollutant emissions from vessel maneuvering in port areas," Maritime Economics & Logistics, Palgrave Macmillan;International Association of Maritime Economists (IAME), vol. 24(3), pages 651-671, September.
    12. Birgit Pauksztat, 2017. "Effects of job demands and social interactions on fatigue in short sea cargo shipping," Maritime Policy & Management, Taylor & Francis Journals, vol. 44(5), pages 623-640, July.
    13. Beullens, Patrick & Ge, Fangsheng & Hudson, Dominic, 2023. "The economic ship speed under time charter contract—A cash flow approach," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 170(C).
    14. Mariarosaria Lombardi & Giuseppe Maffia & Caterina Tricase, 2019. "Sustainable Bulk-Packaging System for Sugar Shipping: Case Study of the Enterprise Leader in Europe," Administrative Sciences, MDPI, vol. 9(4), pages 1-16, November.
    15. Xing, Hui & Spence, Stephen & Chen, Hua, 2020. "A comprehensive review on countermeasures for CO2 emissions from ships," Renewable and Sustainable Energy Reviews, Elsevier, vol. 134(C).
    16. Sugrue, Dennis & Adriaens, Peter, 2021. "A data fusion approach to predict shipping efficiency for bulk carriers," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 149(C).
    17. Zis, Thalis P.V., 2019. "Prospects of cold ironing as an emissions reduction option," Transportation Research Part A: Policy and Practice, Elsevier, vol. 119(C), pages 82-95.
    18. Ling-Chin, Janie & Roskilly, Anthony P., 2016. "Investigating the implications of a new-build hybrid power system for Roll-on/Roll-off cargo ships from a sustainability perspective – A life cycle assessment case study," Applied Energy, Elsevier, vol. 181(C), pages 416-434.
    19. Kenneth Løvold Rødseth & Paal Brevik Wangsness & Halvor Schøyen & Finn Ragnar Førsund, 2020. "Port efficiency and emissions from ships at berth: application to the Norwegian port sector," Maritime Economics & Logistics, Palgrave Macmillan;International Association of Maritime Economists (IAME), vol. 22(4), pages 585-609, December.
    20. Ahmet Anil Sezer & Anna Fredriksson, 2021. "Paving the Path towards Efficient Construction Logistics by Revealing the Current Practice and Issues," Logistics, MDPI, vol. 5(3), pages 1-15, August.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:vrs:logitl:v:9:y:2018:i:1:p:70-82:n:9. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Peter Golla (email available below). General contact details of provider: https://www.sciendo.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.