Time Series Analysis and Forecasting On Container Shipping Prices

A time series is a series of data points indexed in time order. Time Series Analysis comprises methods for analyzing time series data to extract meaningful statistics and other characteristics of the data. Time Series Forecasting is the use of the model to predict future values based on previously observed values (make scientific predictions based on historical time stamped data). Here we are going to be doing a time series analysis on container shipping prices for three routes, North America East Coast to China/East Asia, Europe to North America East Coast, and Europe to South America West Coast using Data Collected from The Baltic Exchange, a membership organization for the maritime industry, and freight market information provider for the trading and settlement of physical and derivative contracts.