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Structural factors underlying mergers and acquisitions in liner shipping

机译：班轮运输中并购的结构性因素

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The virtual disappearance of liner shipping conferences from US markets and their elimination in European trades create a significant risk that in place of these collusive price-setting groups, the industry could become increasingly consolidated. The absence of the conference pricing cushion could end up giving an advantage to large, cost-efficient carriers who will drive smaller players from the market. During this competitive process, shippers could see lower freight rates and better service but as the industry consolidates towards oligopoly, there is the risk that shippers will be faced with fewer alternatives to move their goods, lower service quality and significantly higher prices. The impact on merchandise trade could be substantial. This paper is intended to reveal basic structural characteristics of the liner shipping industry that could point to more accurate predictions of future consolidation activity. In particular, a series of mergers and acquisitions in the industry will be examined against the backdrop of industry structure and regulatory constraints. Ultimately, a Poisson model is formulated and estimated to extract and quantify the structural factors that increase the likelihood of horizontal merger and acquisition activity.
机译：班轮运输会议实际上从美国市场消失，并在欧洲贸易中被淘汰，这带来了巨大的风险，即代替这些合谋的定价小组，该行业可能会日益巩固。缺乏会议定价缓冲可能最终会给具有成本效益的大型运营商带来优势，这些运营商会将较小的参与者赶出市场。在竞争激烈的过程中，托运人可能会看到较低的运费和更好的服务，但是随着行业向寡头垄断的方向发展，存在托运人将面临更少的替代选择来运送货物，降低服务质量和大幅提高价格的风险。对商品贸易的影响可能很大。本文旨在揭示班轮运输业的基本结构特征，这些特征可能指向对未来合并活动的更准确的预测。尤其是，将在行业结构和监管限制的背景下研究行业中的一系列并购。最终，建立并估计了泊松模型，以提取和量化增加横向并购活动可能性的结构因素。

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