a voyage rate/freight rate,

a time charter rate, and

a bareboat charter rate.

1. Related to above: list reasonable motives or rationales for ship-owners and charterers to decide for each of the options.
2. Explain the concept of "spillover effects" for international maritime transport markets. Why is it crucial for anybody involved in IMT to understand the implications of spillover effects?
3. What is the Baltic Dry Index and how does it work?
4. Why is the Baltic Dry Index often used as a leading indicator? What is the reasoning behind this usage and why would you argue that one would need to be very careful when using the Baltic Dry Index to gauge the developments of the world economy?
5. Explain what FFA are and how they may be used for both hedging and speculation.