reveal that freight rate market is the most volatile among the 3 markets while newbuilding market is the least volatile one. In addition, Augmented Dickey–Fuller unit root test was applied to examine the stationarity of all price volatility. The findings confirm that time charter rates and vessel prices (both newbuilding and secondhand) are first-order difference stationary, that is, freight rate volatility and vessel price volatility are stationary. These findings laid out the foundation for our subsequent analysis.