Maritime Networks, Services Structure and Maritime Trade

This paper aims at investigating the relationship between maritime trade and maritime freight rates at sectoral level. These rates and their effect on international trade will be estimated using highly disaggregated data of shipments from five Spanish ports to seventeen destinations, 78.34% of the tonnage exported by Spain. The paper focuses on the effect of maritime networks, services structure and port infrastructure variables on maritime freight rates. The relationship between freight rates and trade is then analysed by applying a gravity model for sectoral exports. We investigate the endogeneity of the trade and freight rate variables by estimating both equations by using instrumental variables methods. The main findings of this study should contribute significantly in explaining the variability of maritime freight rates and to quantifying the impact of maritime freight rates in maritime trade