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Maritime Investment Appraisal and Budgeting

In: The International Handbook of Shipping Finance

Author

Listed:
  • Stefan Albertijn

    (Baltic Exchange Ltd.
    Ocean Finance and Consultancy BVBA (OFICON) and Hamant Beratungs- und Investitionsgesellschaft mbH)

  • Wolfgang Drobetz

    (Hamburg University)

  • Max Johns

    (German Shipowners’ Association (Verband Deutscher Reeder, VDR))

Abstract

Shipping has always been a volatile business, one that is tightly linked to the business cycle. However, the recent global financial and economic crisis that started in 2008 is unprecedented. Industry revenues followed booming world trade fairly closely up until mid-2008, with the ClarkSea index of freight rates reaching its peak at the end of 2007. As the global financial crisis deepened in 2008, the index dropped almost 85 % by April 2009. The market values of vessels followed freight rates down, with the Clarkson Second Hand Price Index falling roughly 40 % during the same period. Since then, freight rates and vessel prices have remained low and are still far below the pre-crisis levels.

Suggested Citation

  • Stefan Albertijn & Wolfgang Drobetz & Max Johns, 2016. "Maritime Investment Appraisal and Budgeting," Palgrave Macmillan Books, in: Manolis G. Kavussanos & Ilias D. Visvikis (ed.), The International Handbook of Shipping Finance, chapter 13, pages 285-313, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-46546-7_13
    DOI: 10.1057/978-1-137-46546-7_13
    as

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