Volatility Spillovers in Capesize Forward Freight Agreement Markets

Table 1

The information of dry FFAs.

Route	Segment	Route definition	Size (104 DWT)
C3	Capesize	Tubarao/Beilun + Baoshan	15
C4	Capesize	Richards Bay/Rotterdam	15
C5	Capesize	W Australia/Beilun/Baoshan	15
C7	Capesize	Bolivar/Rotterdam	15
BCIT/C average	Capesize	Time-charter average	17.2
P1a	Panamax	Transatlantic	7.4
P2a	Panamax	Cont. trip far east	7.4
P3a	Panamax	Transpacific round voyage	7.4
BPI T/C average	Panamax	Time-charter average	7.4
BSI T/C average	Supramax	Time-charter average	5.2
BHSI T/C average	Handy	Time-charter average	2.8