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Department of Economics, Norwegian School of Economics (NHH) Discussion Paper Series in Economics, Department of Economics, Norwegian School of Economics (NHH)

No 5/2016:
Shipping in dire straits: New evidence on trends and cycles in coal freights from Britain, 1919-1939.

Jan Tore Klovland ()

Abstract: New monthly freight rate indices for 13 coal trade routes from Britain 1919-1939 are presented. The new indices form the basis of a review of the interwar freight markets and their relationship to the timing and severity of general business cycles. New time series of laid-up tonnage provide the background for this discussion. The Great Depression starting in the autumn of 1929 created a shipping cycle of unusual length and severity. Real freight rate indices used as a cross-check on productivity gains in shipping raise some doubt on previous estimates of productivity growth in British shipping in the interwar years.

Keywords: Freight markets; business cycles.; (follow links to similar papers)

JEL-Codes: D24; N14; N74; (follow links to similar papers)

44 pages, March 30, 2016

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