Container shipping: A market equilibrium perspective on freight rates formation post-Covid-19
Journal article, Peer reviewed
Published version
Permanent lenke
https://hdl.handle.net/11250/3119181Utgivelsesdato
2023-12-02Metadata
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Originalversjon
Transportation Research Part A: Policy and Practice. 2024, 179, 1-14. 10.1016/j.tra.2023.103917Sammendrag
The unprecedented container shipping freight rate levels post-Covid-19 are studied in a stochastic dynamic partial equilibrium framework. The proposed container marked model is calibrated on annual aggregate data from the two recent decades. The observed freight rate levels in 2021 and 2022 match a switch of competitive equilibria from Bertrand to Cournot competition. Whereas increased costs and reduced productivity play a role in explaining freight rates, these factors alone appear not to be able to justify the high post-Covid-19 freight rate levels. Container shipping: A market equilibrium perspective on freight rates formation post-Covid-19
Beskrivelse
Jostein Tvedt, Inger Beate Hovi, Container shipping: A market equilibrium perspective on freight rates formation post-Covid-19,
Transportation Research Part A: Policy and Practice, Volume 179, 2024, 103917, ISSN 0965-8564, https://doi.org/10.1016/j.tra.2023.103917