Konstantinos MelasMetropolitan College · School of Business
Konstantinos Melas
Doctor of Business Administration
About
24
Publications
7,337
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183
Citations
Citations since 2017
Introduction
Konstantinos Melas is a Programme leader of Business programmes at Metropolitan College (Thessaloniki, Greece) and a Post-doctoral Researcher in Supply Chain Finance at the University of Western Macedonia (Kastoria, Greece). His research interests cover maritime economics, commodity markets, logistics and corporate finance.
Additional affiliations
October 2021 - present
July 2018 - February 2020
September 2015 - June 2018
Education
January 2022 - January 2025
September 2013 - October 2019
September 2009 - September 2010
Publications
Publications (24)
In the current study, we examine, for the first time in the literature, the impact of exogenous effects in the shipping industry by employing data from the recent Covid-19 pandemic outbreak and explore the reactions of freight rates for dry bulk, clean, and dirty tankers. Our results, using both GARCH (1,1) and VAR specifications, suggest that such...
By employing a panel vector autoregressive approach, we show that containership trade is an important determinant of GDP growth. Using the full sample of sea-transported container boxes of 135 countries for ten years, we provide evidence that the amount of TEUs transported, both contemporaneously as well as in the previous year, has a significant p...
Purpose
The authors employ the vessels that comprise the dry bulk segment of the maritime industry and examine how market sentiment affects the herding behavior of shipping investors in a real asset market.
Design/methodology/approach
The authors employ a threshold regression model to examine how changes in market sentiment can affect herding beha...
Consumer inflation across the globe has rebounded during 2021, also as a result of supply side disruptions, one of which is the increase in freight costs. To elaborate on the relationship between inflation and shipping costs, we employ a Vector Error Correction Model (VECM) and use disaggregated monthly data from January 2009 to August 2021, using...
We explore the relationship between Liquified Natural Gas (LNG) and Liquified Petroleum Gas (LPG) carrier freight rates and global geopolitical risk, while also controlling for the macro environment. Our results show that a shock in geopolitical risk significantly increases the cost of the spot charter rates for both LNG and LPG carriers, with the...
This paper studies the behaviour of shipping investors following an unexpected shock in the freight rates, while accounting for costs (fuel), and the macro environment (stock prices and trade). The estimates firstly confirm the existence of a long-term relationship between the macroeconomic environment and freight rates, as well as between that and...
We examine the impact of port congestion on containership freight rates. Our results show that port congestion has a positive and significant effect on containership freight rates. However, a 1% increase in port congestion in North America or Europe has an effect of approximately 0.5% on shipping freight rates, while an increase in Asian congestion...
This paper investigates whether dynamic volatility spillovers across freight-shipping markets can be explained by a comprehensive set of indicators capturing shipping investors’ sentiment. Our results reveal that an increase in the ratio of second-hand over newbuilding vessel price triggers an increase of the transmission of economic information wi...
Consumer inflation across the globe has rebounded during 2021, also as a result of supply side disruptions, one of which is the increase in freight costs. To elaborate on the relationship between inflation and shipping costs, we employ a Vector Error Correction Model (VECM) and use disaggregated monthly data from January 2009 to August 2021, using...
We employ a cointegration setup to explore route-specific off-equilibrium deviations related to Covid-19 that have affected clean (petroleum products) and dirty (crude oil) tanker freight rates, over and above the expected macroeconomic reactions. We find that the additional deviation caused by Covid-19 is route-specific. In particular, deviation c...
We explore the relationship between the returns of 64 dry bulk shipping company stocks' prices and the main 15 commodities that bulk carriers transport. Using a principal component analysis to reduce the dimensionality of the commodities dataset and a panel estimator, we find that a change in the commodity price principal component, would result in...
We present, for the first time in the literature, empirical estimates of the supply and demand curves for the ocean-going dry bulk sector, using a three-stage least squares methodology. Furthermore, we augment these functions with sentiment, which appears to have a positive and significant impact on supply. This supports the view that the outlook t...
This paper studies the behaviour of shipping investors following an unexpected shock in the freight rates, while accounting for costs (fuel), and the macro environment (stock prices and trade). The estimates firstly confirm the existence of a long-term relationship between the macroeconomic environment and freight rates, as well as between that and...
We examine for the existence of threshold relationships in the commodity price – charter rate nexus. Using the first lag of the commodity price change as the threshold variable, we find that in the case of large drops in commodity prices, the magnitude of the relationship can strongly change. In such cases, the impact is more passed on to freight r...
We employ a cointegration setup to explore route-specific off-equilibrium deviations related to Covid-19 that have affected clean (petroleum products) and dirty (crude oil) tanker freight rates, over and above the expected macroeconomic reactions. We find that the additional deviation caused by Covid-19 is route-specific. In particular, deviation c...
We estimate intentional and unintentional herding in the dry-bulk, ocean-going segment that spans from August 1998 to January 2020 and measure how this can impact vessel orders. As the results suggest, while intentional herding has a large effect on the orders of the newbuilding vessels, the impact is very short-lived. On the contrary, unintentiona...
We employ a Bayesian Vector Autoregressive methodology, to counter the issue of data availability, and explore the relationship between seaborne commodity trade and freight rates. Our results show three important insights: first and foremost, the quantity of seaborne commodity trade has a strong impact on the Baltic Dry Index and the Baltic Dirty T...
We investigate and quantify the relationship between agricultural commodities and ocean-going freight rates, using a weekly dataset from 2010 to 2019 and a Vector Error Correction Methodology. The results are firstly supportive of the view that vessel classes are highly interconnected, and secondly confirm that commodity prices can have a strong im...
In the current paper, we propose a strategy to trade a portfolio of listed shipping companies in the US market. In particular, we estimate a co-integrating relationship between the weekly stock market returns of a portfolio of tanker shipping companies and the Baltic Tanker Index, exploiting the close relationship between freight rates and the stoc...
While there is a growing research literature in behavioral finance and its impact on financial markets, little attention has been given to specific industry sectors. The current thesis provides three empirical studies on the interrelation between the behavioral aspects of finance and the shipping markets.
The first chapter explores the determinants...
In the current chapter, light is shed in the corporate governance of the maritime enterprises, given that the latter safeguarding systems aim both to enhance businesses with defenses against corporate frictions and additionally create teams which will invigorate the enterprises both operationally and financially in the context of international fina...
Nostos derives from the ancient Greek νόστος, essentially describing the desire for a return journey. Since archaic eras, humans have been faced with a disgruntled yearning to relive the past, often leaving them with a sense of ache (algos). In current days, the tourism industry and organizations within often stimulate nostalgia, in an endeavor to...
The current study examines the relation between the performance of shipping firms and their family or non - family character. The analysis of the data of 1231 British and Irish private shipping companies provides us with results which reveal that the family companies are performing significantly better when compared to the non-family ones. The latt...
Projects
Projects (2)
This Special Issue will collect original research or review articles on the recent developments in energy transport for both fossil fuels and renewables. The preferred subjects for the Special Issue include the latest developments in the fields of energy economics, international trade, finance, logistics, maritime economics, and supply chain management. Both theoretical and empirical research are welcome.
ARTISAN is a 2-year (Erasmus +) project focusing on family businesses operating in areas that promote cultural heritage and tradition, such as the artisan and agro-tourism sectors. Particularly it targets the development of entrepreneurial skills amongst family members that work in these enterprises.
ARTISAN comes to fill an apparent need of families-in-business to enhance their entrepreneurial potential and thus their abilities to control and manage more effectively their business and its direction. The project aims to support the continuation and growth of heritage family businesses (and thus the continuation and enhancement of the cultural component that they carry). Project deliverables include offline and online entrepreneurial programmes, best practise case studies, and entrepreneurial policy recommendations.
The ARTISAN initiative is coordinated by UCLan Cyprus and brings together partners from different European universities and organisations, including UCLan Cyprus, GrantXpert Consulting (Cyprus), Castilla La Mancha (Spain), University of Beira Interior (Portugal), University of Palermo (Italy), EDHEC (France), and ISOB (Germany). Project leaders are Prof Panikkos Poutziouris and Dr Elias Hadjielias.
