Ανάλυση ναυτιλιακών κύκλων
KeywordsΝαυτιλία -- Χρηματοδότηση
In this work the objective was to study the phenomenon of maritime cycles as one economic reality that reappears endlessly in time and affects largely the conditions in the shipping industry. In order to understand the characteristics and the evolution of maritime cycles , in an empirical context, it was chosen as a case study the case of NAVIOS Maritime Holdings Incorporation, which being listed on the American Stock Exchange since 2005, encountered the phenomenon of maritime cycles which left traces on the financial statements of the company. Based on the financial statements for the last 10 years various financial ratios were calculated (profitability, liquidity, efficiency, leverage, etc.), which showed the progress of the company and how this was related to the phenomenon of cycles. Financial ratios performance, in relation to maritime cycle showed that, based on statistical correlation analysis, in upward stages, Navios Company experienced increased profitability, decreased current liquidity, increased efficiency and increased stock pricing with respect to book value. In other words, in upward stage of maritime cycle, the company experienced better financial performance and in downward stages it did worst. Results also showed that financial leverage is not affected by the maritime cycle.