Does energy efficiency affect ship values in the second-hand market?

Roar Adland, Pierre Cariou and François-Charles Wolff
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Roar Adland: NHH - Norwegian School of Economics and Business Administration, Department of Economics - Norwegian School of Economics and Business Administration
Pierre Cariou: Kedge Business School [Talence]

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Abstract: This paper investigates whether the energy efficiency of vessels is reflected in sales prices in the second-hand market. Using unique data of nearly 1600 sales transactions over a 21-year period, we consider a hedonic pricing framework in which we control for market conditions, vessel specifications and buyers' country of origin to identify the specific impact from energy efficiency. Using two indicators for energy efficiency, we find a negative relationship between energy efficiency and sale price with an elasticity around 0.4. Furthermore, our results show a reduction in the influence of energy efficiency on asset values during the drybulk market boom in 2003–2008 compared to the remainder of the sample.

Keywords: Energy efficiency; Vessel price; Second-hand transactions; Bulkers (search for similar items in EconPapers)
Date: 2018-05
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Citations: View citations in EconPapers (3)

Published in Transportation Research Part A: Policy and Practice, 2018, 111, pp.347-359. ⟨10.1016/j.tra.2018.03.031⟩

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Journal Article: Does energy efficiency affect ship values in the second-hand market? (2018)
Working Paper: Does energy efficiency affect ship values in the second-hand market? (2018)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03700924

DOI: 10.1016/j.tra.2018.03.031

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