Abstract
Purpose - This study investigates the influence of the shipping market and cycles on the performance of shipping companies. The turmoil caused by COVID-19 significantly impacted the logistics market. In such a volatile context, conventional wisdom does not always apply, especially for regions neglected in analyses. Therefore, this study examines a crucial yet often overlooked region and provides a new perspective in analyzing the shipping market cycle. 
 Design/Methodology/Approach - This study uses a panel analysis using economic indicators and the shipping index as independent variables and the performance of shipping companies as the dependent variable. A three-stage panel analysis was undertaken to measure the changes post-COVID. In the first stage, a general panel analysis was conducted, and to explore changes post-COVID, a COVID DUMMY variable was created. Finally, through a panel interaction analysis, the impact of the post-COVID shipping index on the performance of shipping companies was identified.
 Findings - The analysis revealed that the shipping market cycle changed after COVID-19, and substantial changes occurred before data could confirm them. Furthermore, economic indicators and the Shanghai Containerized Freight Index impacted the performance of shipping companies that contradicted conventional wisdom. 
 Research Implications - This study argues that understanding the fundamental principles of the shipping market cycle and the less visible aspects is crucial. It provides academic and practical implications by offering a new understanding of business management and opportunities for extending long-term research topics.
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