Dry Cargo Research Articles

Economic Justification of Design Features for a Universal Dry Cargo Vessel

The economic efficiency of ships is an important indicator of transport vessels, and estimating the economic efficiency of ships is an important task in making investment decisions during the early stages of shipbuilding. This article, based on semi-theoretical and semi-empirical formula methods using the prototype ship of the RST12C project as a basis, estimates and analyzes the main economic indicators of mixed-navigation oil/chemical tankers according to different cargo capacities and speed combinations, for reference by relevant departments.

Experimental assessment of hull, propeller, and the gate rudder system interaction in calm water and oblique waves

This study focuses on the experimental assessment of the EU H2020 Innovation Action project GATERS' target ship, a 7241 DWT multi-purpose dry cargo ship (M/V ERGE), scaled to 1/27.1, in calm water and oblique wave (at a yaw angle of the ship model) conditions. M/V ERGE was initially built with a Conventional Rudder System (CRS) in 2010 but was later retrofitted with a newly introduced energy-saving device, the Gate Rudder System (GRS), in 2023 as part of the GATERS project. In this project, the interaction of the GRS with the hull and propeller was investigated using model tests of the vessel in the Kelvin Hydrodynamics Laboratory's (KHL) towing tank at the University of Strathclyde (UoS) and compared to the CRS. The main objectives of these tests were threefold. While they aimed to make experimental contributions toward the establishment of the best procedure for estimating the powering prediction of a ship with the GRS, they also aimed to investigate the hull, propeller and rudder interaction for the CRS and GRS configurations. In addition, a set of comparative pilot tests were conducted in waves to explore the effect of the oblique waves on the vessel's performance with the CRS and GRS. The resistance and self-propulsion tests were performed for both the CRS and GRS configurations, and performance predictions based on the model tests were compared with sea trials. Furthermore, tests at a yaw angle of the ship model were conducted to evaluate the effect of waves on the vessel's performance with the CRS and GRS, simulating the in-service conditions of commercial ships. These tests were conducted in regular waves with the hull at a yaw angle to simulate oblique wave conditions, with a wave height of 1.25 m in full scale (corresponding to moderate breeze, Beaufort 4) for a range of wavelengths. Numerical analyses were performed to obtain the full-scale propeller open water characteristics. The paper demonstrates the superior interaction of the GRS with the hull and propeller in both conditions compared to the CRS configuration, even improving its contribution to the vessel's performance in oblique waves.

Identification and Positioning Method of Bulk Cargo Terminal Unloading Hopper Based on Monocular Vision Three-Dimensional Measurement

Rapid identification and localization of dry bulk cargo hoppers are currently core issues in the automation control of gantry cranes at dry bulk terminals. The current conventional method relies on LiDAR systems for the identification and positioning of bulk unloading hoppers. However, this approach is complex and costly. In contrast, GPS-based positioning solutions for bulk unloading hoppers are prone to damage due to the vibrations generated during the operation process. Therefore, in this paper, a hopper localization system based on monocular camera vision is proposed to locate the position of the bulk unloading hopper. The hopper identification and localization process are divided into three stages. The first stage uses the improved YOLOv5 model to quickly and roughly locate the hopper target. The second stage uses morphological geometrical features to locate the corner points of the hopper target. The third stage determines the three-dimensional coordinates of the hopper target by solving the position of the corner points in the world coordinate system through the PnP (Perspective-n-Point) algorithm. The experimental results show that the average positioning accuracy of the coordinates of the method is above 93%, demonstrating the accuracy and effectiveness of the method.

Transport infrastructure in ensuring regional development and China's global competitiveness

Purpose: is to evaluate the modern role of transport infrastructure as the factor in the development of the regional economy and strengthening competitive positions outside the country using the example of China.Methods: the correlation-regression analysis, traditionally used to solve the task of the identifying influencing factors, was applied to the economic and transportation indicators across 28 Chinese regions for the year 2021. It was supplemented by the analysis of statistical data and the thematic case study of data on Chinese investments into the transport infrastructure projects both domestically, and abroad.Results: the assessment of infrastructure development of the railway and port infrastructure was carried out based on the analysis of the dynamics of the main indicators. The construction of a correlation and regression analysis model made it possible to form an idea of the impact of China's transport infrastructure on the gross regional product of the provinces. The degree of penetration of Chinese influence into other economies of the world through investments in transport infrastructure has been assessed. The tools for promoting infrastructure projects have been identified that characterize Chinese specifics and make it possible to ensure the country's competitiveness at the global level.Conclusions and Relevance: China is the striking example of the widespread construction of ports, railways, and highways, in addition to the creation of direct freight vehicles and dry cargo ships for the distribution of their products. The high importance of transport infrastructure and the number of employed people in this industry for the growth of the regional product of the provinces of China has been revealed. In the external circuit, the PRC is actively using the strategy of lending to other countries for the construction of infrastructure on their territories. The construction of roads, airports, seaports, power plants and transmission lines allow China to create infrastructure enclaves in developing countries to market its goods and export raw materials for subsequent processing. Borrowing the experience of the PRC in terms of mechanisms for granting grants and loans for the implementation of infrastructure projects will allow Russia to create an extensive system of movement of national goods to markets where they are most in demand in the territories of neighboring states.

Optimization of integrated scheduling of restricted channels, berths, and yards in bulk cargo ports considering carbon emissions

In recent years, the demand for dry bulk cargo trade has increased, and the scheduling pressure on bulk cargo ports is increasing daily. The most effective and cost-effective way to alleviate the pressure of port scheduling management rapidly is to optimize the overall scheduling of different port resources. Channel vessel scheduling and berth–yard loading and unloading operations are usually regarded as independent operations; however, plans that meet the needs of comprehensive port management can only be effectively developed through the integrated scheduling of multiple resources. Therefore, from the perspective of overall port management and operation, considering practical factors in scheduling, this article construct a multiobjective optimization model for the overall scheduling of restricted channels, berths, and yards in bulk cargo ports. Based on actual allocation principles, corresponding allocation algorithms for storage yards and stacker–reclaimer machines are designed, and these algorithms are combined with a multiobjective genetic algorithm to construct the NSGA-II-DPGR algorithm for model calculation. Results show that the proposed model and algorithm can provide vessel scheduling and cargo loading and unloading plans. This article experimentally verify the rationality of the results, the superiority of the strategy compared to the traditional first-come, first-serve strategy, and the feasibility of combining the proposed model and algorithm with onshore scheduling in the future.

Criticality Analysis of A Sea Port`s Shore Cranes Using Analytic Hierarchy Process Method

Introduction/Background Critical assets are the organizational resources of crucial importance for maintaining operations and achieving the organization's mission. The criticality of organization assets is continuously researched by numerous authors. Ports have critical importance for the global supply chain. Together with the port workforce, port infrastructure, and port superstructure, which are interconnected with the port information system, port machinery enables the functioning of a port. Depending on the characteristics of a port (level of its specialization, etc.), there are various port machinery types used in the cargo handling process, and all of them do not have the same criticality level. In the available literature, no research directly related to the criticality analysis of shore cranes in use at a terminal in a seaport can be found. It was one of the principal initial motives of the author to write this paper. Methodology After an overview of literature sources dealing with assets` criticality analysis and a condensed theoretical consideration of the general importance of ports and port machinery, this paper shows the results of research on the port`s shore cranes‘ criticality ranks, using Analytic Hierarchy Process (AHP) method. The research included a group of shore cranes at the Dry Bulk Cargo Terminal in the Port of Bar JSC (Montenegro), which consists of three gantry cranes (with a capacity per item of 12 t), two mobile harbor cranes with a capacity of 144 t and 124 t and a ship loader for cereals with a capacity of 300 t/h. Criticality analysis was conducted based on four selection criteria: C1-if the shore crane type is an element of cargo handling technology with priority cargo group; C2-level of hourly productivity; C3-level of operating costs; C4-level of cost generated by shore crane downtime during the loading/unloading process. The AHP hierarchy framework used was a three-level model: “level 0” – goal; “level 1” the – criterion; “level 2” the – choice. Results/Discussion According to the calculated level of criticality based on the defined selection criteria, the highest criticality rank was observed for the mobile harbor crane with a capacity of 144 t, which had the highest rank for three out of four selection criteria. Conclusion The results of the research can be used as a base for further research studies in this field as well as a reliable base for a very wide range of managerial activities directed to improvements in the maintenance system of shore cranes as well as in the cargo handling system where the cranes are used. As one of the potential purposes of the results, with a high level of importance, their potential usage for introducing, adequate modeling, and implementing the concept of predictive maintenance of shore cranes (with all related benefits) is pointed out.

Вклад специалистов Ленинграда в создание плавучих научно-измерительных и командно-измерительных комплексов. Часть I. Переоборудование гражданских судов в морские космические научно-измерительные комплексы (конец 1950-х – 1960-е годы)

The article analyzes the initial stage of the creation of floating scientific measuring points (NIPS) to ensure the testing and operation of spacecraft during their passage over the world's oceans. It is emphasized that at first, floating NPCs were made by re-equipping already built civilian vessels (mainly bulk carriers). The study identifies both the main state and departmental documents on the basis of which the vessels were re-equipped: dry cargo, motor, and timber carrier ships; the factories where this was carried out, the projects for the vessels conversion, as well as the organization of ship testing on the ocean expanses. The process of improving scientific and measuring technology is also considered as oceanographic expeditions in the Pacific Ocean (TOGE-4 and TOGE-5) and a floating telemetry complex for the Atlantic Ocean were being formed, which subsequently functioned as independent military units subordinate to the command of the Strategic Missile Forces and the Military Space Forces. It is claimed that the experience gained as a result of these vessels operation was then creatively used in the construction of special vessels equipped as command and measurement complexes for tracking and controlling rocket and space technology. The authors of the study focus on showing the role of Leningrad scientists, designers and shipbuilders in the early period of creating a domestic "space fleet"

A Regression Model of Dry Bulk Carriers’ Loading Time

Abstract Although optimization of Vessel Turnaround Time (VTT) is a well-known research problem and its importance has long been understood, research on dry bulk carriers VTT has no priority in the available literature. It is one of the initial motives of the author to write this paper. After a general theoretical introduction, this paper presents research on dry bulk carriers’ loading time, as a component with the dominant share in the total VTT. Through the research, a mathematical model of interdependencies between dry bulk carrier‘s loading time and selected independent variables is defined using a multiple linear regression model. Results of statistical significance tests confirmed that the best-fit regression model is the one which adequately describes the correlation between the dry bulk carrier‘s loading time and the following independent variables: cargo quantity (loaded), number of used cranes per vessel and loading process interruptions. The presented results establish important bases for the author’s further research in this field as well as reliable planning bases for cargo handling management processes at dry bulk cargo terminals where cargo loading/unloading to/from vessels is realized by gantry cranes and/or mobile harbour cranes.

Route Optimization of Grain Fleet Considering Bunker Cost

To minimize grain fleet operational costs, we employ a route optimization approach that considers bunker costs. A mixed-integer programming model is created, factoring in the unique features of bulk grain shipping and varying oil prices at bunker ports. The goal is to optimize the fleet’s transportation route, with decision variables encompassing bunker port selection, bunker volume, and ship navigation path. Using a dry bulk cargo company’s grain transport fleet as a case study, the Gurobi solver validates the model’s effectiveness. Results reveal that, excluding the loading port, the grain fleet can select low oil price ports along the route for bunkering. Optimal cost reduction is achieved by choosing multiple bunker ports and increasing bunker quantity. Additionally, the model harmonizes port charges with bunker costs, refining the grain fleet’s transportation route and effectively managing operational expenses.

New approaches to assess and improve ship operating performance

The deterioration in the technical conditions of the main engine, hull, and propeller over time in service is natural and causes adverse effects on ship operating performance, so determining and overcoming this phenomenon is necessary. However, effectively solving this problem is not simple because it is affected by many complex and random factors such as engine deterioration, increased roughness of hull and propeller surfaces, changes in sea state and ship load, etc. In this study, our new approach based on the black-box method and detailed propeller diagrams provides an effective way to assess and improve ship performance both under specific operating conditions and after a period of service. This method was verified and validated with the test data of the Glory Star oil tanker and applied to the Duong River dry cargo ship in Vietnam to determine its performance degradation and provide solutions to overcome this problem. The results showed that after 5 years out of dry dock, the study ship's performance or propulsion efficiency was reduced by about 8.6%, resulting in an increase in fuel consumption of about 6.5% and a decrease in ship speed of about 14.7%. By applying technical solutions such as tuning the engine operating mode and choosing a practical propeller design point, the performance of this ship was greatly improved and brought about high economic and technical efficiency. Especially, the cutting of the propeller edges not only solved the torque-rich phenomena occurring on the study ship's main engine after 5 service years, but also saved 5.1% and 4.9% in hourly fuel consumption, and increased 3.9% and 4.9% in ship speed, calculated for ballast and full load sea trials, respectively.

Harnessing Quality Function Deployment And The House Of Quality Principle For Malaysia’s Dry Ports

The research on dry bulk terminal improvement is currently limited and lacks focus, despite the increasing global demand for dry bulk cargo. The primary aim of this paper is to propose a design for enhancing dry bulk terminal operations and identify a significant factor for improving dry bulk terminal performance through the utilization of the Quality Function Deployment (QFD) method. The fundamental concern in QFD pertains to determining the customer’s desires and formulating an effective strategy to address the identified challenges. These two elements are of utmost importance and are considered essential components within the House of Quality (HOQ) matrices. This study employed systematic procedures that utilized inferential statistics, specifically factor analysis and Spearman correlation, within the context of QFD method. Factor analysis is employed in the process of identifying and selecting the optimal set of unutilized items. The Spearman correlation coefficient was employed to examine and enhance the association between the elements. The findings indicate that there exist significant variables and items that contribute to the enhancement of dry bulk terminal. A study revealed that there exists a moderate and statistically significant correlation between loading time and both labor and machine factors. Additionally, the analysis reveals a substantial correlation between the provision of quality services and the size of the berth. Finally, the analysis reveals a moderate correlation between vehicle control and the operation of lorries. The strategy proposed in this study can be employed by port management to effectively identify solutions in the context of dry bulk terminals.

Analysis of COVID-19 Pandemic Effect on Ship Dismantling and Recycling Industry: An Assessment on Türkiye

_ The average age of the global merchant fleet has been declining with the increasing number of new ship constructions and dismantled ships. Although a noteworthy part of ship dismantling and recycling (SDR) facilities have been performed in Asian countries, such as India, Pakistan, and Bangladesh, SDR facilities have also been increasing in Türkiye. SDR facilities provide substantial economic income and employment opportunities. However, SDR facilities should have been performed in a certain systematic framework by taking necessary precautions since toxic substances from dismantled ships affect the environment and employees’ health. That’s why maritime authorities make an effort to sustain the SDR facilities in the best way in the sense of safety, health, and environment through the European Union (EU) Ship Recycling Regulation (SRR), Basel Convention, and Hong Kong Convention (HKC). In this paper, the global SDR facilities have been evaluated in terms of ship types and their gross tonnages (GTs) over the past 5 years among the leading countries. The number, type, economic life span, steel weight, and light displacement tonnage (LDT) of dismantled ships have been analyzed in Türkiye, especially throughout the COVID-19 pandemic process. To determine the most effective year in terms of SDR, the weighted aggregated sum product assessment (WASPAS) method has been utilized based on scrap steel price, LDT, economic life span, number of dismantled ships, and steel structure weight coefficient of the ship by maritime experts. The year 2017 has been highlighted as the most effective year with a .909 rank value in the last 5 years. In addition to analysis results, the largest amount of scrap steel has been acquired from dry cargo ships, which is the most dismantled ship type under data getting from the SDR facilities in Türkiye. Temporary bans on cruises due to the COVID-19 pandemic have caused more than triple increments in the number of passenger ships (PS) dismantling. This paper will be a quite notable resource for experts, academics, and industry stakeholders in order to explore and compare the SDR process. Keywords ship dismantling; ship recycling; COVID-19; scrap steel; passenger ships

Evaluation of the effectiveness of combined ships

The aim of article is the estimation of the effectiveness of combined ships and the determining the scope of their optimal use by preliminary design of new ships to increase the competitiveness of inland water transport. For this, approaches and indicators are proposed for assessing the use of combined and traditional (dry cargo and tankers) vessels when deciding on their construction in strategic planning or the acquisition of existing vessels in current planning. The novelty of the assessment lies in taking into account the specifics of the operation of a combined vessel, which provides for an assessment of the effectiveness of additional capital investments in it, generating additional income and operating costs arising from the return loading of the vessel, as well as the possibility of comparing this efficiency with the corresponding indicators of the operation of dry cargo and tankers on alternative cargo flows. Additionally, in order to study the influence of efficiency factors and a more adequate assessment, the freight rate of the reverse cargo flow is determined, which ensures equal profitability with the direct cargo flow. Evaluation of the effectiveness of ships and the operability of the proposed approach are shown on a number of real cargo flows in the Central and Northwestern basins. Based on the analysis of indicators, the boundaries of the effectiveness of the use of combined vessels in specific areas of work were established.

Can AIS data improve the short-term forecast of weekly dry bulk cargo port throughput? - a machine-learning approach

ABSTRACT This study examines the development of a machine-learning model to forecast weekly throughputs of dry bulk cargo in the short term based on automatic identification system (AIS) data. Specifically, the weekly amounts of iron ore exported from several major ports in Australia and Brazil in the latter half of 2019 are forecasted three weeks in advance using a long short-term memory model. We examine many variables extracted from AIS data, including the vessel position, speed, draught, and destination, as the input features of the model. Consequently, we develop a highly accurate forecasting model that uses four influential variables derived from AIS data, namely, vessel traffic around the target port and in the region, vessel traffic at major partner import ports, and vessel traffic at the target port during the past year. Finally, by forecasting the weekly port cargo throughputs in the first half of 2020, which was affected by the COVID-19 pandemic, the applicability of the model is confirmed, even for ports where the throughput fluctuates significantly. In particular, this study demonstrates that AIS data are beneficial not only as a real-time traffic database but also as a database containing various related explanatory variables, including historical vessel traffic.

Impact of globalization of the world market and internationalization of the cargo transportation process on the maritime transport system

In this study, it is substantiated that the process of globalization leads to the world economy acquiring the characteristics of a complex multi-level system, which makes it possible to use the properties of systems as tools for researching the effects of negative factors and threats to the development of the world economy and maritime transport as subsystems of the world economy. It was established that not only the rise in prices on the world's leading stock exchanges Using the systems theory methods but also the freight cost of dry cargo ships is a significant influencing factor on food prices for the whole world. It has also been established that since the cargo traffic of food with a substantial level of processing to countries where, due to the level of development of their economy, there are mostly no opportunities for processing products, this affects the increase in the cargo traffic of container transport in global sea transportation. The synergistic nature of the impact of negative factors on the worldwide economy and the maritime transport industry has been outlined. It is singled out that the synergistic negative effect led to a chain reaction to the change of international sea transport routes. The assessment of the effectiveness of management actions of the industry management on external challenges and threats was carried out. It is pointed out that the direction of the global maritime transport industry needs to dynamically adjust the operation of logistics networks to respond effectively to the growing needs of the world market. It is also indicated that the need for more efficiency and capacity of the port infrastructure still predominantly affects container transportation due to the growing demand for the volume of cargo transportation. It is emphasized that the established definition of the world transport system needs to be sufficiently corrected. The conducted research found that the world transport system, under the influence of the globalization of the world market and the internationalization of the cargo transportation process, acquires transnational features and becomes a global structure, working increasingly in the interests of the world market. Keywords: globalization, internationalization, maritime transport, crises, risks, threats, efficiency of industry management.

Forecasting BDI Sea Freight Shipment Cost, VIX Investor Sentiment and MSCI Global Stock Market Indicator Indices: LSTAR-GARCH and LSTAR-APGARCH Models

Prediction of the economy in global markets is of crucial importance for individuals, decisionmakers, and policies. To this end, effectiveness in modeling and forecasting the directions of such leading indicators is of crucial importance. For this purpose, we analyzed the Baltic Dry Index (BDI), Investor Sentiment Index (VIX), and Global Stock Market Indicator (MSCI) for their distributional characteristics leading to proposed econometric methods. Among these, the BDI is an economic indicator based on shipment of dry cargo costs, the VIX is a measure of investor fear, and the MSCI represents an emerging and developed county stock market indicator. By utilizing daily data for a sample covering 1 November 2007–30 May 2022, the BDI, VIX, and MSCI indices are investigated with various methods for nonlinearity, chaos, and regime-switching volatility. The BDS independence test confirmed dependence and nonlinearity in all three series; Lyapunov exponent, Shannon, and Kolmogorov entropy tests suggest that series follow chaotic processes. Smooth transition autoregressive (STAR) type nonlinearity tests favored two-regime GARCH and Asymmetric Power GARCH (APGARCH) nonlinear conditional volatility models where regime changes are governed by smooth logistic transitions. Nonlinear LSTAR-GARCH and LSTAR-APGARCH models, in addition to their single-regime variants, are estimated and evaluated for in-sample and out-of-sample forecasts. The findings determined significant prediction and forecast improvement of LSTAR-APGARCH, closely followed by LSTAR-GARCH models. Overall results confirm the necessity of models integrating nonlinearity and volatility dynamics to utilize the BDI, VIX, and MSCI indices as effective leading economic indicators for investors and policymakers to predict the direction of the global economy.

Job design for crane operators based on fatigue aspects and mental workload in Indonesia

Terminal Teluk Lamong (TTL) in Indonesia is a company that operates in service sector managing a multipurpose terminal. It provides various services such as loading and unloading containers and dry bulk using integrated crane tools that employ the first semi-automatic facilities and infrastructure in Indonesia. Crane operators’ work involves risks of work accidents because they operate at heights and their job tasks require high concentration. This study aimed to find out fatigue levels and mental workloads typical for workplaces of crane operators and to analyze and assess working conditions. The study results gave grounds for developing recommendations on how to improve workplaces of STS and GSU crane operators who deal with loading and unloading containers and dry bulk cargoes at a seaport. The relevant data were obtained by questioning 56 STS and GSU crane operators working in four shifts, 6 hours each. We used an employee identity questionnaire as well as SOFI and NASA TLX questionnaires. The results were analyzed to obtain scores for estimating fatigue levels and mental workloads. Statistical analysis involved correlation and regression tests on two variables on STS and GSU crane operators. Upon completion, some recommendations were suggested as regards necessary changes into work process and longer rest in order to reduce fatigue and mental workloads for operators. The SOFI questionnaire established medium fatigue levels of STS and GSU operators but mental workloads turned out to be high. The correlation test did not reveal any correlation between fatigue and mental workloads for STS crane operators. It was shown that fatigue could be overcome by adequate rest, well-balanced diet rich with nutrients, and relevant exercise. At the same time, arranging work shifts more rationally, socializing, and training on the importance of fatigue awareness can reduce high mental workloads. The study results can help prevent or reduce increased fatigue and mental workloads that can lead to work accidents.

Рабочее место крановщика в Индонезии с учетом утомления и психических нагрузок

Terminal Teluk Lamong (TTL) in Indonesia is a company that operates in service sector managing a multipurpose terminal. It provides various services such as loading and unloading containers and dry bulk using integrated crane tools that employ the first semi-automatic facilities and infrastructure in Indonesia. Crane operators’ work involves risks of work accidents because they operate at heights and their job tasks require high concentration. This study aimed to find out fatigue levels and mental workloads typical for workplaces of crane operators and to analyze and assess working conditions. The study results gave grounds for developing recommendations on how to improve workplaces of STS and GSU crane operators who deal with loading and unloading containers and dry bulk cargoes at a seaport. The relevant data were obtained by questioning 56 STS and GSU crane operators working in four shifts, 6 hours each. We used an employee identity questionnaire as well as SOFI and NASA TLX questionnaires. The results were analyzed to obtain scores for estimating fatigue levels and mental workloads. Statistical analysis involved correlation and regression tests on two variables on STS and GSU crane operators. Upon completion, some recommendations were suggested as regards necessary changes into work process and longer rest in order to reduce fatigue and mental workloads for operators. The SOFI questionnaire established medium fatigue levels of STS and GSU operators but mental workloads turned out to be high. The correlation test did not reveal any correlation between fatigue and mental workloads for STS crane operators. It was shown that fatigue could be overcome by adequate rest, well-balanced diet rich with nutrients, and relevant exercise. At the same time, arranging work shifts more rationally, socializing, and training on the importance of fatigue awareness can reduce high mental workloads. The study results can help prevent or reduce increased fatigue and mental workloads that can lead to work accidents.

Dynamic volatility spillover between oil and marine shipping industry

Oil consumption not only makes up a large percentage of the overall operating expenses for the marine shipping industry, besides that, the tanker sector is a major carrier of global oil supply, which magnifies the relevance of oil market for the shipping industry. In this backdrop, the following study examines the volatility transmission between marine shipping industry’s tanker and dry cargo market and oil market using daily data from May 2006 to August 2021 by employing spillover index methodology. The empirical results suggest pronounced spillovers for the tanker market while lower spillovers are observed for dry cargo market, indicating the well-integrated tanker market in comparison to dry cargo sector and oil market. The volatility in oil prices contributed higher spillovers in the tanker market, and remained a net contributor. The volatility in oil prices is a significant source of the volatility transmission during periods of the sudden drop in oil prices coupled with the higher volatility in oil market, and is a net receiver during stable periods. The period of higher spillovers lasts longer for the tanker sector as compared to dry cargo sector. In the particular case of dry cargo market, the smaller (larger) the size of the vessels, the greater (lower) are the spillovers observed (From and To). Hedging turns out be irrelevant during turmoil periods, as the comovement between shipping and oil market becomes stronger. The spillovers are pronounced during the period of financial crisis, COVID-19 and 2014–2016, owing to the significant fluctuations in oil prices and a troubled period for marine shipping industry.

Turkish Shipyards During COVID-19 Pandemic

It might be unimaginable to anticipate the pandemic but taking the initiative in measures when Covid-19 occurred was critical to success. However, the impact of this worldwide pandemic, ever known in World History, was predictable. Covid-19, the largest known pandemic in world history, will cause social, economic, and political changes. Country governments, non-governmental organizations, and companies have developed new skills and competencies to overcome the economic and social crisis caused by the pandemic with minimum damage. This paper aims to investigate the effects of the pandemic and the measures taken in Turkish shipyards in the first phase of the Covid-19 pandemic with the cooperation of GISBIR and Istanbul Technical University Academic staff. Firstly, current academic studies were reviewed by conducting a literature search. Then, GISBIR data sheets, Baltic Dry Cargo Index, shipyard order book statistics, and employment statistics were evaluated as primary data. The shipyards' websites and the sector managers' reports are secondary data. Despite the pessimistic news, academic studies, and surveys published during the outbreak's initial phase, the authors could not find any evidence to indicate the medium-term negative impact of Covid-19 on Turkish shipyards. Although the Baltic Dry Index showed a decline in the first quarter of 2020, it rose right after the second quarter, and the shipyard order book statistics increased. Employment statistics, on the other hand, continued to increase gradually. Recovery depends on the shipyards overcoming the harmful effects of the crisis by investing in continuous improvement efforts, green technology, and systems, with the support of GISBIR, giving importance to effective crisis management and distinctive ship production.