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Edirne, TurkeyJune 16, 1981
Okan Duru (born June 16, 1981) is a Turkish institutional economist specialized in Maritime transport known for his works in the field of shipping business, in particular on the institutional and behavioural studies. Currently he is the Assistant Professor of Maritime Economics and Logistics at the Nanyang Technological University, director of Maritime Studies MSc program at the Nanyang Technological University. He authored Shipping Business Unwrapped (2018).
Work[edit | edit source]
His research motivation comes from emerging debates in the shipping business while developing original methods in forecasting and decision science. He challenges common perceptions as well as addressing the Institutional and Behavioural Economics of Shipping Business.
His work on various Maritime transport topics, including shipping asset management, ship finance and shipping market forecasting, includes over 50 academic publications. For example, his Motivations behind irrationality in the shipping asset management: Review of fundamental theories and practical challenges (2016) investigates irrationality in various facets of the shipping business .
In The Origin and Consistency of the Ton–Mile Metric in the Shipping Economics, early uses and invention of ‘ton-mile’ metric for measuring the volume of transportation is discussed, and potential inconsistencies on interpreting ton-mile as the shipping demand is presented
Ship Mortgage Crisis[edit | edit source]
In his most well-known and controversial article (Ship Mortgage Crisis: How ship valuation methods rationalized toxic shipping portfolio and ship covered bonds), he shows that various ship valuation methodologies would lead mortgage crisis in the shipping industry. Ship mortgage is the most common method of financing ships in the industry. Similar to Subprime mortgage crisis, asset prices play a significant role on the security of ship finance portfolio as well as ship covered bonds (See Mortgage-backed security). Ship mortgages are operated with periodical valuations to protect minimum security values agreed on loan facility agreements. However, ship prices are quite volatile, and there is no ship valuation methodology which is immune to such upy-downy shipping market. In this article, he investigates the ship mortgage system and how toxic shipping loans would lead massive Impairment (financial reporting) losses.
Selected bibliography[edit | edit source]
- Shipping Business Unwrapped (2018) (ISBN 978-1-13829-246-8)
- Maritime Economics and Business: Asian Perspectives, editor (2018) (ISBN 978-1-13840-036-8)
- Modelling and Forecasting with Fuzzy Time Series and Artificial Neural Networks , co-author with Matthew Butler (2017) (ISBN 978-1-78743-070-9)
- On the Causal Models of Fuzzy Time Series (2017) (ISBN 978-1-78743-070-9)
Press[edit | edit source]
- Okan Duru (2014), The Maritime Executive Magazine, Ship Mortgage Crisis
- Jad Mouawad (14 October 2015). "Missing Cargo Ship Highlights Vulnerability of Aging U.S. Fleet". The New York Times.
- Live Interview by Dan Loney for Knowledge @Wharton Business Radio, 20 October 2015
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References[edit | edit source]
- [ http://www.lib.kobe-u.ac.jp/repository/thesis/d1/D1005667.pdf]
- Okan Duru (2016). "Motivations behind irrationality in the shipping asset management: Review of fundamental theories and practical challenges". Maritime Business Review. 1 (2): 163–184. doi:10.1108/MABR-05-2016-0008.
- Okan Duru (2017). "The Origin and Consistency of the Ton–Mile Metric in the Shipping Economics". Logistics. Logistics MDPI. 1: 3. doi:10.3390/logistics1010003.
- Okan Duru (2014). "'Ship Mortgage Crisis: How ship valuation methods rationalized toxic shipping portfolio and ship covered bonds". Maritime Executive Magazine. Retrieved 2018-08-17.
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