航运企业参与运价衍生品市场策略研究

发布时间：2018-04-24 00:30

本文选题：航运企业 + 运价衍生品　；参考：《大连海事大学》2013年硕士论文

【摘要】：近几年来,除了不乐观的全球经济环境给海运带来不确定因素以外,持续加剧的船舶运力过剩以及航运市场供需的不匹配使航运业前景依然困难,我国航运企业为了在如此严酷的环境下生存下来,保证运费收入或者锁定租船成本显得更为重要。由于运价衍生品具有套期保值、价格发现、投机等功能,与航运企业运营航线相适应,可以结合运输行为进行操作,因此成为国际航运市场上比较受欢迎的一种工具。之前我国参与衍生品市场的公司大多铩羽而归,因此造成了许多企业对运价衍生品持观望态度,但是如果不能深入了解运价衍生品和研究其操作策略,我国航运企业就要被动接受运价波动的冲击。目前运价衍生品市场上对于干散货和油轮来讲远期运价协议(FFA)和期权产品交易量比较大,而集装箱运价衍生产品是运价指数期货,其中干、湿散货的FFA交易是国际上最为盛行的工具。运价实际操作中影响因素很多,但是在套期保值的情况下有着事先可以计算出损益的优势,合理的投资组合能够有效降低航运企业的运费收入与租金成本波动风险,本文从这点入手,结合实际案例进一步研究。本文对衍生产品中的FFA、期货和期权定义、操作方式和基本原理进行了阐述,对航运市场情况和航运企业面临的风险以及避险方法做了梳理,通过分析国内外企业参与运价衍生品市场的实例,最后综合分析,对航运企业参与运价衍生品市场的策略提出了几点建议。
[Abstract]:In recent years, in addition to the uncertainties that the global economic environment has brought to maritime transport in recent years, the growing excess capacity of ships and the mismatch between supply and demand in the shipping market have made the prospects of the shipping industry still difficult. In order to survive in such a harsh environment, it is more important for Chinese shipping enterprises to guarantee freight revenue or lock in the cost of chartering ships. Because the freight derivatives have the functions of hedging, price discovery, speculation and so on, they can be operated in combination with the transportation behavior, so they have become a popular tool in the international shipping market. Most of the companies involved in the derivatives market in our country have failed in the past, which has caused many enterprises to take a wait-and-see attitude towards the freight derivatives, but if they cannot deeply understand the freight derivatives and study their operational strategies, China's shipping enterprises will be passively subject to the impact of price fluctuations. At present, for dry bulk cargo and oil tankers, the volume of forward freight agreement (FFAA) and option products in the freight rate derivatives market is relatively large, while the container freight derivative products are freight rate index futures, among which they are dry. Wet bulk FFA trading is the most popular tool in the world. There are many influencing factors in the actual operation of freight rate, but in the case of hedging, it has the advantage of calculating the profit and loss in advance. A reasonable portfolio can effectively reduce the fluctuation risk of freight revenue and rental cost of shipping enterprises. This article starts from this point, unifies the actual case to study further. In this paper, the definition, operation mode and basic principle of FFA, futures and options in derivative products are expounded, and the shipping market situation, the risks faced by shipping enterprises and the methods of avoiding risk are combed out. By analyzing the examples of domestic and foreign enterprises participating in the market of freight rate derivatives, the paper puts forward some suggestions on the strategy of shipping enterprises' participation in the market of freight rate derivatives.
【学位授予单位】：大连海事大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F551;F831.55

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