Table III. Descriptive statistics of the...

Table III.

Descriptive statistics of the variance of the fixture demand, the covariance between the fixture demand and the spot rate, the covariance between the fixture demand and the earning and the volatilities of the FFA return for different dry bulk sectors

Variable	Mean	Median	Std. Dev.	Skewness	Kurtosis	Normality		PP Test
Variable	Mean	Median	Std. Dev.	Skewness	Kurtosis	Jarque-Bera	p-Val	PP Stat	p-Val
Capesize
COVFEC	0.019	0.018	0.0035	3.247	19.908	4606.23	0.000	−14.0535	0.000
COVFSC	0.014	0.013	0.0062	1.198	4.557	114.57	0.000	−6.092	0.000
VARFC	0.144	0.122	0.072	5.917	52.284	36072.2	0.000	−15.033	0.000
FV-Q1	0.0055	0.0042	0.0038	4.207	30.100	10501.49	0.000	−6.705	0.000
FV-Q2	0.0089	0.0042	0.0171	6.240	50.168	31344.16	0.000	−9.855	0.000
FV-Q3	0.0062	0.0036	0.0112	6.646	53.613	35598.95	0.000	−6.992	0.000
FV-Q4	0.0106	0.0077	0.0179	9.185	90.362	102939.8	0.000	−13.069	0.000
Panamax
COVFEP	0.00196	0.00179	0.0007	1.37	6.093	239.850	0.000	−10.306	0.000
COVFSP	0.0056	0.0051	0.0017	1.973	7.758	536.497	0.000	−11.679	0.000
VARFP	0.063	0.051	0.033	5.286	40.651	21474.770	0.000	−17.140	0.000
FV-Q1	0.0028	0.0020	0.0026	4.547	33.353	13093.91	0.000	−3.524	0.008
FV-Q2	0.0038	0.0024	0.0055	5.989	47.174	27581.10	0.000	−5.615	0.000
FV-Q3	0.0033	0.0020	0.0051	5.026	33.710	13576.15	0.000	−5.435	0.000
FV-Q4	0.006	0.005	0.0067	11.845	148.212	279615.0	0.000	−10.644	0.000
Supramax
COVFES	0.0007	0.0005	0.0021	0.909	8.738	508.740	0.000	−7.3116	0.000
COVFSS	0.0023	0.0018	0.0021	1.703	9.907	832.675	0.000	−8.132	0.000
VARFS	0.135	0.116	0.054	1.573	5.482	225.426	0.000	−2.263	0.185
FV-Q1	0.0022	0.0015	0.0029	6.540	55.808	41190.3	0.000	−5.483	0.000
FV-Q2	0.0021	0.0016	0.0017	4.621	28.697	10347.53	0.000	−4.289	0.001
FV-Q3	0.0020	0.0013	0.0033	7.443	66.907	57585.75	0.000	−10.660	0.000
FV-Q4	0.0018	0.0012	0.0024	5.231	32.896	13961.42	0.000	−9.626	0.000

Variable	Mean	Median	Std. Dev.	Skewness	Kurtosis	Normality		PP Test
Variable	Mean	Median	Std. Dev.	Skewness	Kurtosis	Jarque-Bera	p-Val	PP Stat	p-Val
Capesize
COVFEC	0.019	0.018	0.0035	3.247	19.908	4606.23	0.000	−14.0535	0.000
COVFSC	0.014	0.013	0.0062	1.198	4.557	114.57	0.000	−6.092	0.000
VARFC	0.144	0.122	0.072	5.917	52.284	36072.2	0.000	−15.033	0.000
FV-Q1	0.0055	0.0042	0.0038	4.207	30.100	10501.49	0.000	−6.705	0.000
FV-Q2	0.0089	0.0042	0.0171	6.240	50.168	31344.16	0.000	−9.855	0.000
FV-Q3	0.0062	0.0036	0.0112	6.646	53.613	35598.95	0.000	−6.992	0.000
FV-Q4	0.0106	0.0077	0.0179	9.185	90.362	102939.8	0.000	−13.069	0.000
Panamax
COVFEP	0.00196	0.00179	0.0007	1.37	6.093	239.850	0.000	−10.306	0.000
COVFSP	0.0056	0.0051	0.0017	1.973	7.758	536.497	0.000	−11.679	0.000
VARFP	0.063	0.051	0.033	5.286	40.651	21474.770	0.000	−17.140	0.000
FV-Q1	0.0028	0.0020	0.0026	4.547	33.353	13093.91	0.000	−3.524	0.008
FV-Q2	0.0038	0.0024	0.0055	5.989	47.174	27581.10	0.000	−5.615	0.000
FV-Q3	0.0033	0.0020	0.0051	5.026	33.710	13576.15	0.000	−5.435	0.000
FV-Q4	0.006	0.005	0.0067	11.845	148.212	279615.0	0.000	−10.644	0.000
Supramax
COVFES	0.0007	0.0005	0.0021	0.909	8.738	508.740	0.000	−7.3116	0.000
COVFSS	0.0023	0.0018	0.0021	1.703	9.907	832.675	0.000	−8.132	0.000
VARFS	0.135	0.116	0.054	1.573	5.482	225.426	0.000	−2.263	0.185
FV-Q1	0.0022	0.0015	0.0029	6.540	55.808	41190.3	0.000	−5.483	0.000
FV-Q2	0.0021	0.0016	0.0017	4.621	28.697	10347.53	0.000	−4.289	0.001
FV-Q3	0.0020	0.0013	0.0033	7.443	66.907	57585.75	0.000	−10.660	0.000
FV-Q4	0.0018	0.0012	0.0024	5.231	32.896	13961.42	0.000	−9.626	0.000

Note: Jarque-Bera is the Jarque and Bera test for normality. PP Stat is the Phillips and Perron test for unit root

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