Title
Technical changes and impacts on economic performance of dry bulk vessels Technical changes and impacts on economic performance of dry bulk vessels
Author
Faculty/Department
Faculty of Applied Economics
Publication type
article
Publication
London ,
Subject
Economics
Source (journal)
Maritime policy and management. - London, 1997, currens
Volume/pages
37(2010) :3 , p. 305-327
ISSN
0308-8839
ISI
000294737400008
Carrier
E
Target language
English (eng)
Full text (Publishers DOI)
Affiliation
University of Antwerp
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
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