Benefit of Marine Carrier Alliances - The Impact of Oil Price Changes on Returns of Sea Transportation Shares

• Main Authors: Liang-Ying Ke, 柯亮瑩
• Other Authors: Chao-Chun Chen
• Format: Others
• Language: zh-TW
• Published: 2015
• Online Access: http://ndltd.ncl.edu.tw/handle/u6s77u

碩士 === 東海大學 === 財務金融學系碩士在職專班 === 103 === For ocean carriers, fuel expense stands a big proportion of the operation cost. Accordingly, the change in international gasoline prices is expected to have a great impact on the operating performance of marine carriers. In order to overcome operational difficulties in the marine industry, such as the high oil price, shipping space adjustment, excessive capacity and low freight, the domestic marine carriers have followed the development trend of the international marine industry to integrate into a shipping alliance in recent years. To investigate the benefit from the shipping alliance, this study adopts a regression analysis and explore whether the impact of oil price changes on returns of sea transportation shares differs after marine carriers enter into the shipping alliance. Based on the empirical evidences, the oil price changes have significantly negative impact on the stock price changes of Evergreen International Corp. and Yang Ming Marine Transport Corp. after the shipping alliance goes to be integrated in 2014. Recognized that the oil price goes down in 2014, the result implies that joining the shipping alliance prevents marine carriers from decreasing the shipping price instantly as the oil price descends and enables them to earn more profits.We thus conclude that entering into the shipping alliance generates benefit for marine carriers.