Newbuilding prices in Yen: àRW accepted.

2^nd hand prices in Yen: àRW accepted.

Freight rates in Yen: àstationaryàRW rejected.

BFI in Yen: àRW rejected at 5% confidence level. There is a Mean reverting structure round a downward sloping trend.

Exception: Cape and Panamax, at 10% confidence level.

Exception: Cape and Panamax, at 10% confidence level.

For freight rates in $, RW accepted.

Exception: spots in coal 65 k and grain 55 k at 5% and 10% confidence levels; with no trend stationarity exists.