This study investigates the return lead–lag and volatility transmission between dry bulk shipping and container shipping freight markets over the period before, during and after the 2008 financial tsunami. Both cointegration analysis and the Granger causality test are applied to explore the lead–lag relationship between the Baltic dry index (BDI) and the China containerized freight index (CCFI). Besides, in the study we employed GARCH–BEKK model, which allows for transmission in freight volatility. On the whole, the empirical results show that the BDI reflects the economic climate earlier than the CCFI during the financial tsunami, whereas the CCFI leads the BDI after the financial tsunami. The price formation hypothesis could well explain the relationship. Moreover, volatility spillovers are found in most subperiods. The dynamics of the conditional volatilities differ, but causality links in the variance are found to be strong and bidirectional in normal periods, and unidirectional during the financial tsunami. Therefore, the occurrence of the financial tsunami could be regarded as an interference factor.

Multiple changes in marine resources (e.g., abundance, movements, distribution, biomass) caused by climate change are critical operational risks, leading to production uncertainty for capture fisheries. Therefore, risk management measures of coastal and offshore fisheries are critical issues in terms of operational sustainability. In this study, a questionnaire survey data set collected from fishers was analyzed using descriptive statistics, factor analysis, and a structural equation model (SEM) to examine fishers’ perceptions and the relationships among risk sources, production uncertainty, and adaptation measures. The results revealed that significant negative impacts existed between risk sources and adaptation measures, which means risk sources cannot directly influence risk management measure selection. However, production uncertainty could be an important mediator for risk management, thus most respondents think that mitigating production uncertainty is necessary. Eventually, the results could provide managerial implications for the fishery operators, policymakers and the government agencies.