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The influence of energy efficiency and carbon indicators on ship prices: early evidence from the tanker and bulk carrier sectors

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  • Pin-Hsuan Lu

    (Wan Hai Lines Ltd.)

  • Dimitrios Theocharis

    (Cardiff University)

Abstract

This paper examines the effect of Carbon Intensity Indicator (CII), Annual Efficiency Ratio (AER) and Energy Efficiency Existing Ship Index (EEXI) on secondhand ship prices. The relationship between these indices and vessel values is investigated, using unique data from sales transactions of Aframax and Handymax tankers, and Handysize bulk carriers between 2020 and mid-2023, obtained from (VesselsValue 2025. https://www.vesselsvalue.com/ ). Hypothesis testing is conducted, and hedonic price regression models are used to examine the relationship between energy efficiency and ship values. The results suggest that secondhand ships are priced differently, depending on their CII rating. The AER and EEXI are significant determinants of ship prices with varying elasticities, depending on ship type. Ship prices with lower EEXI and AER are valued higher and vice versa. These findings are important for industry stakeholders in the maritime sector and policy makers of environmental regulations in shipping.

Suggested Citation

  • Pin-Hsuan Lu & Dimitrios Theocharis, 2025. "The influence of energy efficiency and carbon indicators on ship prices: early evidence from the tanker and bulk carrier sectors," Maritime Economics & Logistics, Palgrave Macmillan;International Association of Maritime Economists (IAME), vol. 27(3), pages 549-566, September.
    • Handle: RePEc:pal:marecl:v:27:y:2025:i:3:d:10.1057_s41278-025-00316-5
    DOI: 10.1057/s41278-025-00316-5
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