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APPLICATION OF COST-BENEFIT EVALUATION FOR CRUDE OIL TRANSPORTATION ROUTE SELECTION BY CHARTERER
| 题名： | APPLICATION OF COST-BENEFIT EVALUATION FOR CRUDE OIL TRANSPORTATION ROUTE SELECTION BY CHARTERER |
| 正文语种： | 中文 |
| 作者： | 韓子健 |
| 关键词： | Tanker charter hire;Route selection;Fuel price |
| 摘要： | This analysis examines the relationship between tanker freight rates, crude oil price and fuel price using base granger causality test. The result shows that due to the changes of tanker charterer's business strategy, the relationship between tanker freight rates and crude oil price is negative. When crude oil prices decline to low price level, in order to wait for the price to rise, traders would keep cruising or storage the crude oil at sea. For instance, some tanker charterers would choose to take the route around the Cape of Good Hope (South Africa), which is thousands of nautical miles further than usual, or they would anchor offshore as a "crude oil floating storage ", so that they could earn more money by the end of the voyage. As a result, the transport of crude oil supply was frozen and significant increase in the tanker freight rate was unavoidable in the following months. We also examined the cost-benefit of the crude oil transportation route between Persian Gulf and Rotterdam, which turned out to be ineffective. The reason of selecting long distance route and anchoring at sea, which extend sailing time is to gain profit by speculating in crude oil market. |
| 期刊名称： | 运输计划 |
| 出版年： | 2018 |
| 期： | 02 |
| 页码： | 121-145 |
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