A Study on Second-Hand Bulk Shipping Finance

• Main Authors: Ming-Chiang Chien, 簡銘江
• Other Authors: Taih-Cherng Lirn
• Format: Others
• Language: zh-TW
• Published: 2011
• Online Access: http://ndltd.ncl.edu.tw/handle/96906252205519637202

碩士 === 國立高雄第一科技大學 === 運籌管理研究所 === 99 === Taiwan is an island nation in the east coast of the Mainland China. More than ninety nine per cents of its foreign trade volume are mainly shipped by maritime transport mode. Thus, maritime transport greatly influences Taiwan’s trade viability. Subprime-lending crisis in the United States in 2007 has intrigued global financial crisis, which resulted in global trade recession. Trade recession has a negative impact on maritime transport industry and resulted in the difficulty to obtain ship finance for most ocean carriers. To know how the bulk carriers finance their second hand ship purchasing and factors influence their finance alternatives decision become very important. There are a few researches to analyze factors influencing newbuildings finance channels selection. However, according to the author’s knowledge, studies on the second-hand bulk carrier finance are simply not found. This research firstly reviews possible factors influencing ship finance from previous literatures, and analyze possible ship financing channels. Four dimensions and eleven decision factors are employed to construct the AHP decision making hierarcy. Initially, the author has employed AHP technique to know the importance of each of the eleven factors influencing shipping finance decision-making. Finally, Fuzzy AHP technique is used to find out the priority order for each of the seven competitive bulk carriers finance alternatives. International trade development and profitability improvement are the top factors influence second hand bulk carriers finance alternatives selection, and leasing purchasing, initial public offering, bank loan, issuing company bond and private equity investment are the top five popular bulk carriers finance channels.