Dry - Docking costs analysis
Master Thesis
Author
Michalopoulos, Konstantinos
Μιχαλόπουλος, Κωνσταντίνος
Date
2024-08View/ Open
Keywords
Dry - Docking ; Cost ; COVID-19 ; ContainerAbstract
Cost of maintenance of vessels has rarely been a subject of discussion in academic maritime papers. Most of them where either technical or they focused on operating expenses. In this dissertation a research and analysis of the Dry – Docking costs will be conducted. The scope of this research is to identify the impact of Covid – 19 in the Dry – Docking costs considering the effect of the pandemic in the global supply chain as well as the shipping industry. In order to avoid country heterogeneity of the sample Dry – Docking invoices from Chinese Shipyards were used. The dataset consists of 16 cases of containership repairs from 2018 to 2023. The method that will be followed is the regression analysis of a repeated cross-sectional dataset. Some analogies can be found by Kruger and Angrist in their attempt to tackle quasi experimental issues that appeared in their dataset.
The results clearly show the impact of Covid – 19 in the Dry – Docking costs and could be used to identify similar shocks in the future. Another important result is the impact of steel prices in the Dry – Docking. Even though it does not seem to have great impact in the costs by themselves it helps the model to show more significant results around the pandemic. Finaly, an interesting finding is that even though the market steel prices fell on the after Covid – 19 pandemic the cost for steel and steelwork in the shipyards keeps rising.