Valuing cargo flexibility in oil transportation

References

• Adland, R., F. Bjerknes, and C. Herje. 2017. “Spatial Efficiency in the Bulk Freight Market.” Maritime Policy and Management 44 (4): 413–425. doi:10.1080/03088839.2017.1298864.
   Web of Science ®Google Scholar
• Adland, R., and K. Cullinane. 2006. “The Non-Linear Dynamics of Spot Freight Rates in Tanker Markets.” Transportation Research Part E: Logistics and Transportation Review 42 (3): 211–224. doi:10.1016/j.tre.2004.12.001.
   Web of Science ®Google Scholar
• Adland, R., H. Jia, and J. Lu. 2008. “Price Dynamics in the Market for Liquid Petroleum Gas Transport.” Energy Economics 30 (3): 818–828. doi:10.1016/j.eneco.2007.02.008.
   Web of Science ®Google Scholar
• Adland, R., and M. Skavlan 2016. “Technical Trading Rule Performance in Drybulk Chartering.” Paper presented at the annual conference for the International Association of Maritime Economists, Hamburg, 23. – 26. August.
   Google Scholar
• Bar-Ilan, A., and W. Strange. 1996. “Investment Lags.” American Economic Review 86 (3): 610–622.
   Web of Science ®Google Scholar
• Berg-Andreassen, J. A. 1996. “Some Properties of International Maritime Statistics.” Maritime Policy and Management 23 (4): 381–395. doi:10.1080/03088839600000096.
   Google Scholar
• Bjerksund, P., and S. Ekern. 1995. “Contingent Claims Evaluation of Mean-Reverting Cash Flows in Shipping.” In Real Options in Capital Investment: Models, Strategies, and Applications, edited by L. Trigeorgis, 207–219. Westport, CT: Praeger.
   Google Scholar
• Brekke, K. A., and B. Øksendal. 1994. “Optimal Switching in an Economic Activity under Uncertainty.” SIAM Journal on Control and Optimization 32 (4): 1021–1036. doi:10.1137/S0363012992229835.
   Web of Science ®Google Scholar
• Brennan, M., and E. Schwartz. 1985. “Evaluating Natural Resource Investments.” The Journal of Business 58 (2): 135–157. doi:10.1086/jb.1985.58.issue-2.
   Web of Science ®Google Scholar
• Clarkson Research. 2015. Shipping Intelligence Network, www.clarksons.net
   Google Scholar
• Cruz, C. O., and R. C. Marques. 2013. Infrastructure Public-Private Partnerships. Heidelberg: Springer.
   Google Scholar
• Dempster, M., E. Medova, and K. Tang. 2008. “Long Term Spread Option Valuation and Hedging.” Journal of Banking and Finance 32 (12): 2530–2540. doi:10.1016/j.jbankfin.2008.04.004.
   Web of Science ®Google Scholar
• Dixit, A. K. 1989. “Entry and Exit Decisions under Uncertainty.” Journal of Political Economy 97 (3): 620–638. doi:10.1086/261619.
   Web of Science ®Google Scholar
• Dixit, A. K., and R. S. Pindyck. 1994. Investment under Uncertainty. Princeton, NJ: Princeton University Press.
   Google Scholar
• Ekern, S. 1993. “Entry and Exit Decisions with Restricted Reversibility.” Working Paper 08-93, Norwegian School of Economics.
   Google Scholar
• Engle, R. F., and C. W. Granger. 1987. “Co-Integration and Error Correction: Representation, Estimation, and Testing.” Econometrica 55 (2): 251–276. doi:10.2307/1913236.
   Web of Science ®Google Scholar
• García, A., J. Poblacion, and G. Serna. 2012. “The Stochastic Seasonal Behaviour of Natural Gas Prices.” European Financial Management 18 (3): 410–443. doi:10.1111/j.1468-036X.2009.00533.x.
   Web of Science ®Google Scholar
• Glen, D., and P. Rogers. 1997. “Does Weight Matter? A Statistical Analysis of the SSY Capesize Index.” Maritime Policy and Management 24 (4): 351–364. doi:10.1080/03088839700000043.
   Google Scholar
• Glen, D. R. 1997. “The Market for Second-Hand Ships: Further Results on Efficiency Using Cointegration Analysis.” Maritime Policy and Management 24 (3): 245–260. doi:10.1080/03088839700000029.
   Google Scholar
• Hale, C., and A. Vanags. 1992. “The Market for Second-Hand Ships: Some Results on Efficiency Using Cointegration.” Maritime Policy and Management 19 (1): 31–39. doi:10.1080/03088839200000003.
   Google Scholar
• Hansson, D., and L. Wense. 2015. Switching Options in Tanker Shipping Markets. Master dissertation Bergen: Norwegian School of Economics.
   Google Scholar
• Johnson, G. 2011. From Dirty to Clean - How Far Do We Need to Go? October. London: TANKEROperator.
   Google Scholar
• Koekebakker, S., R. Adland, and S. Sodal. 2006. “Are Spot Freight Rates Stationary?” Journal of Transport Economics and Policy 40 (3): 449–472.
   Google Scholar
• Martin, J., R. C. Marques, and C. O. Cruz. 2013. “Real Options in Infrastructure: Revisiting the Literature.” Journal of Infrastructure Systems 21 (1): 1–29.
   Web of Science ®Google Scholar
• Mossin, J. 1968. “An Optimal Policy For Lay-Up Decision.” The Swedish Journal of Economics 70 (3): 107–177. doi:10.2307/3439310.
   Google Scholar
• Papachristou, H. 2014. “ICAP Calls for LR2 Switch.” Retrieved from Sep 9, 2015 Tradewinds: http://www.tradewindsnews.com/tankers/346242/ICAP-calls-for-LR2-switch
   Google Scholar
• Poblacion, J. 2015. “The Stochastic Seasonal Behavior of Freight Rate Dynamics.” Maritime Economics & Logistics 17 (2): 142–162. doi:10.1057/mel.2014.37.
   Web of Science ®Google Scholar
• Poblacion, J. 2016. “Are Recent Tanker Freight Rates Stationary?” Maritime Economics & Logistics, Advance online publication. Doi:10.1057/mel.2016.7.
   Google Scholar
• Poten and Partners. 2014. “LR.2 Sides to the Story.” Poten Tanker Opinion. Retrieved from Sep 9, 2015 www.poten.com/lr-2-sides-story
   Google Scholar
• Said, S. E., and D. A. Dickey. 1984. “Testing for Unit Roots in Autoregressive-Moving Average Models of Unknown Order.” Biometrika 71 (3): 599–607. doi:10.1093/biomet/71.3.599.
   Web of Science ®Google Scholar
• Schwartz, E., and J. E. Smith. 2000. “Short-Term Variations and Long-Term Dynamics in Commodity Prices.” Management Science 46 (7): 893–911. doi:10.1287/mnsc.46.7.893.12034.
   Web of Science ®Google Scholar
• Slater, L. J. 1960. Confluent Hypergeometric Functions. Cambridge: University Press.
   Google Scholar
• Sødal, S., S. Koekebakker, and R. Adland. 2008. “Market Switching in Shipping - A Real Option Model Applied to Valuation of Combination Carriers..” Review of Financial Economics 17 (3): 183–203. doi:10.1016/j.rfe.2007.04.001.
   Google Scholar
• Sødal, S., S. Koekebakker, and R. Adland. 2009. “Value Based Trading of Real Assets in Shipping under Stochastic Freight Rates..” Applied Economics 41 (22): 2793–2807. doi:10.1080/00036840701720853.
   Web of Science ®Google Scholar
• Tsioumas, V., and S. Papadimitriou. 2015. “Excess Returns in the Spot Market for Bulk Carriers.” Maritime Economics & Logistics 17 (4): 399–415. doi:10.1057/mel.2014.34.
   Web of Science ®Google Scholar
• Tvedt, J. 1997. “Valuation of VLCC under Uncertainty.” Maritime Policy and Management 24 (2): 159–174. doi:10.1080/03088839700000067.
   Google Scholar
• Veenstra, A., and P. H. Franses. 1997. “A Cointegration Approach to Forecasting Freight Rates in the Dry Bulk Shipping Sector.” Transportation Research Part A: Policy and Practice 31 (6): 447–458.
   Web of Science ®Google Scholar
• Wang, W. 2015. “18 Tankers Switched from LR2 to Aframax Market since Nov 2014 on Freight Rates Rise, Returns.” Retrieved from Dec 17, 2015 platts.com: http://www.platts.com/latest-news/shipping/singapore/18-tankers-switched-from-lr2-to-aframax-market-26141751
   Google Scholar
• Wang, W., and S. C. Mohindru 2015a. “Higher Aframax Earnings Lure Clean LR2 Tankers to Switch to Dirty Market.” Retrieved from Dec 6, 2015 platts.com: http://www.platts.com/latest-news/shipping/singapore/higher-aframax-earnings-lure-clean-lr2-tankers-27045691
   Google Scholar
• Wang, W., and S. C. Mohindru 2015b. “LR2 Tankers Eye the Dirty Market as Aframax Freight Rates Spike to New Highs.” Retrieved from Dec 6, 2015 platts.com: http://www.platts.com/latest-news/shipping/singapore/lr2-tankers-eye-the-dirty-market-as-aframax-freight-26126992
   Google Scholar
• Yin, J., M. Luo, and L. Fan. 2017. “Dynamics and Interactions between Spot and Forward Freights in the Drybulk Shipping Market.” Maritime Policy and Management 44 (2): 271–288. doi:10.1080/03088839.2016.1253884.
   Web of Science ®Google Scholar