publication . Doctoral thesis . 1996

An economic model for seaborne oil trade

Hong, Kian-Wah;
Open Access English
  • Published: 01 Mar 1996
  • Publisher: Monterey, California. Naval Postgraduate School
Abstract
This thesis aims to provide some insights as to how oil prices and oil flows might vary with the carrying capacity of the tanker fleet as affected by political events. It provides an econometric analysis of tanker freight rates in the modern era and proposes a mathematical (quadratic) programming economic model that links the crude oil market to the supply elasticity of the world oil tanker fleet based on a competitive economy. The economic model can be considered as a version of the Walras-Cassel general-equilibrium system which possesses an economically meaningful equilibrium solution in terms of oil prices, freight rates and the pattern of oil distribution. T...
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