Lead-lag relationship between new-building and second-hand ship prices

Ying KOU, Liming LIU, Meifeng LUO

Research output: Journal PublicationsJournal Article (refereed)peer-review

13 Citations (Scopus)


We examine lead-lag relationships between new-building and second-hand ship prices. Our analysis shows the existence of a one-directional lead-lag relationship between two ship prices. The direction of lead-lag relationship is not affected by the time evolution and age of second-hand ships, but is affected by the division of shipping sector. Particularly, directions of ship price movements in dry bulk and tanker shipping sectors are opposite. We argue that the opposite directional lead-lag relationships are caused by the difference in competition levels and the difference in the purposes of trading in the two shipping sectors.
Original languageEnglish
Pages (from-to)303-327
Number of pages25
JournalMaritime Policy and Management: The flagship journal of international shipping and port research
Issue number4
Early online date2 Aug 2013
Publication statusPublished - 2014


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