COVID-19与航运运费之间的动态相互作用：分位数对分位数分析

Abstract

This study determines the impact of the coronavirus disease (COVID-19) that has been prevalent since the year 2019, on the shipping freights. This task has been undertaken by using the wavelet quantile on the quantile approach. The results of the study affirm that the pandemic has in fact affected the shipping freight costs, primarily due to the lower demand for energy and raw materials, and the unavailability of the vessels. In addition to this, the spread of COVID-19 has had a positive impact on the Baltic Dry Index in the high quantiles and is deemed to be more responsive in the long run. Also, the COVID-19 infection has had a negative effect on the Baltic Dry Tanker Index and the Baltic Clean Tanker Index in the medium to high quantiles, particularly in the short and the medium run. The positive impact of COVID-19 on the Baltic Clean Tanker Index has been recognized in the long term in the high quantiles. These findings support the theoretical model which states that the spread of COVID-19 and the shipping freights are closely related. The results suggest that the degree of the effect is more causal in the short. Therefore, the shipping industry must ideally pay special attention to the detection of abrupt changes in the freight rate dynamics, and the specific regulations regarding these intricacies are critical.