ABSTRACT
Central questions during scientific inquiry in shipping finance have been the ability of firms to identify in time potentially viable investment opportunities in ships, to raise capital, and also to manage the investments and achieve specific financial objectives. For instance, Kalouptsidi (2014) explores the nature of fluctuations in world bulk shipping by quantifying the impact of time to build and demand uncertainty on investment and prices; Bendall & Stent (2003) rely on real option analysis to model strategic flexibility planning pertaining to investment decisions under swings in shipping demand driven by periods of uncertainty and declining profitability; and Merikas et al. (2009) analyze the price performance of global shipping initial public offerings (IPOs).
