Table 2.
Unit roots tests.
| ADF |
PP |
KPSS |
|||||
|---|---|---|---|---|---|---|---|
| (i) | (ii) | (iii) | (ii) | (iii) | (ii) | (iii) | |
| Heavy Fuel Oil | −0.8343 | −2.0764 | −2.1451 | −2.1482 | −2.4979 | 1.2537 | 0.3581 |
| Bloomberg Commodity Index | −1.4365 | −1.8956 | −0.5724 | −1.6114 | −0.6586 | 1.9261 | 0.4327 |
| Baltic Dry Index | 0.1824 | −0.9468 | −1.7042 | −1.6693 | −2.3136 | 0.6054 | 0.2326 |
| Harpex Shipping Index | 3.6221 | 6.5247 | 6.0029 | 10.361 | 8.843 | 1.0023 | 0.2711 |
| Shanghai Shipping Exchange Containerized Freight Index | 3.1728 | 3.5613 | 3.1298 | 4.6202 | 4.1646 | 0.5635 | 0.3592 |
(i) Refers to the model with no deterministic components.
(ii) with an intercept, and.
(iii) with a linear time trend.
* Denotes a statistical significance at the 5% level.