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    OPEC's production cut and its effect in crude oil tanker market
    (2018-10-31) Kaza, Aikaterini; Denesaki, Despoina; Athens University of Economics and Business, Department of Accounting and Finance; Androutsopoulos, Konstantinos; Tarantilis, Christos; Drakos, Konstantinos
    Tanker market has been characterized at the past as a volatile market, due to its cyclicality and numerous endogenous-exogenous interferences. Organization of petroleum could be pointed as such an exogenous monetary interference. OPEC and non-members agreed for a further extension of production cuts until March of 2018. Such a decrease has an immediate impact on shipping industry and already gathers all maritime participants’ attention. After 1971 tanker market transformed from low, into a medium entry barrier sector. Thus the examination of crude oil routes judged crucial, since the producing/exporting countries are numbered and tanker vessels cannot operate as multipurpose vessels serving a wide variety of cargoes. The regulatory bodies controlling the “unrefined oil” production have inserted further pressure on the market and the logical assumption would be that fewer supply of crude oil, will favor market leaders and any firm which can secure frequent spot or time charter voyages. That oligopolistic nature can also derive in a case of production deviation.The fundamental research questions of this paper are the following two: “Are there any signs of market concentration and oligopolistic behavior, in specific routes due to supply restrictions?” and secondly “Which is the amplitude of future contracts volatilities?” As the previously stated questions revealed, the research is focused on shipping primer two earning instruments, spot market operation of a vessel and hedging instruments. The authors of this thesis in comparison with the previous researches doubted the perfect competitive market hypothesis, where all the non-cooperative participants have the same market. Paper’s structure is divided in three sections for logical cohesion purposes. On the first part the contributed research methods and their usage are analytically described, followed by the next section which actualized afore described techniques. Additionally, the third part is an evaluative section, which discusses in further depth the derived results. Finally, a summary of research findings which gives a final solid response on research questions and makes suggestions for further researches is on the last section of the paper.