This thesis aims to shed some light on the risks and returns of asset-light ship operators, who are in the business of executing voyages mainly through chartered vessels, by applying principles from basic maritime economics and modern financial theory. By adapting the Fama-French multi-factor model to identify the main risk factors of freight, fuel price, vessel speed, default and voyage complexity for ship operators, I present a framework for explaining why ship operators should be able to earn a net positive return on their business model.In addition to economic theory, the ideas in this thesis were also formed with knowledge of the practical world which were obtained through interviews with and data provided by industry practitioners. It is hoped that by giving attention to this segment of the shipping industry, further academic research will be encouraged. Likewise, industry practitioners stand to benefit greatly from the academic research already done on freight markets and would ideally be inspired to apply some of the ideas in this thesis and other modern economic tools to improve their business operations.
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