Σύγκριση στρατηγικών spot ναύλωσης και time chartering : επιλογές στρατηγικής σε σχέση με τις τέσσερις αγορές της ναυτιλίας
Comparison of strategies of spot chartering and time chartering : strategic options in relation to the four shipping markets
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Keywords
Spot ναύλωση ; Time charter ; Ναυτιλιακή οικονομία ; Κύκλοι ναυτιλίας ; Στρατηγική διοίκηση ; Κίνδυνος ; Κερδοφορία ; Αγορά νεότευκτων ; Αγορά διάλυσης ; Ναυτιλιακή στρατηγικήAbstract
This dissertation examines the strategic choice between spot and time chartering in the international shipping industry, focusing on their interaction with the four core maritime markets: freight, secondhand, newbuilding, and demolition. Through a comprehensive literature review, the study analyzes how chartering strategies influence risk exposure, revenue stability, and long-term performance within cyclical market conditions. To support the theoretical framework, an empirical case study of two publicly listed tanker companies — Frontline plc and Tsakos Energy Navigation (TEN) — is conducted based on their 2023 financial statements. The comparison reveals distinct chartering structures: Frontline demonstrates a predominantly spot-oriented profile, while TEN maintains a higher proportion of contracted (time and related) employment. The findings show that strong spot exposure enhances profitability during freight market upturns but increases earnings volatility, whereas greater reliance on time charters improves cash flow stability and downside protection. The results confirm that chartering strategy is a central determinant of a shipping firm’s risk–return balance and resilience across market cycles. The dissertation concludes that optimal chartering decisions require a dynamic approach aligned with the shipping cycle, capital structure, and evolving sustainability requirements, thereby enhancing long-term competitiveness in an increasingly complex maritime environment.
Postgraduate Studies Programme
ΝαυτιλίαDepartment
Σχολή Ναυτιλίας και Βιομηχανίας. Τμήμα Ναυτιλιακών ΣπουδώνNumber of pages
76Language
GreekCollections
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Αναφορά Δημιουργού-Μη Εμπορική Χρήση 3.0 Ελλάδα
Αναφορά Δημιουργού-Μη Εμπορική Χρήση 3.0 Ελλάδα