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

Author

Listed:
  • 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])

  • François-Charles Wolff

    (LEMNA - Laboratoire d'économie et de management de Nantes Atlantique - IEMN-IAE Nantes - Institut d'Économie et de Management de Nantes - Institut d'Administration des Entreprises - Nantes - UN - Université de Nantes, INED - Institut national d'études démographiques)

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.

Suggested Citation

  • Roar Adland & Pierre Cariou & François-Charles Wolff, 2018. "Does energy efficiency affect ship values in the second-hand market?," Post-Print hal-03700924, HAL.
    • Handle: RePEc:hal:journl:hal-03700924
    DOI: 10.1016/j.tra.2018.03.031
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    Cited by:

    1. Jia, Haiying & Jiang, Liping & Azevedo, Paulo, 2024. "Green premium and the role of financial investors in sustainable investment in container shipping," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 189(C).
    2. Fan, Lixian & Gu, Bingmei & Yin, Jingbo, 2021. "Investment incentive analysis for second-hand vessels," Transport Policy, Elsevier, vol. 106(C), pages 215-225.
    3. Kokosalakis, George & Merika, Anna & Triantafyllou, Anna, 2021. "Energy efficiency and emissions control: The response of the second-hand containerships sector," Energy Economics, Elsevier, vol. 100(C).
    4. David Bienvenido-Huertas & Juan Moyano & Carlos E. Rodríguez-Jiménez & Aurelio Muñoz-Rubio & Francisco Javier Bermúdez Rodríguez, 2020. "Quality Control of the Thermal Properties of Superstructures in Accommodation Spaces in Naval Constructions," Sustainability, MDPI, vol. 12(10), pages 1-18, May.
    5. Mo, Jixian & Gao, Ruobin & Fai Yuen, Kum & Bai, Xiwen, 2024. "Predictive analysis of sell-and-purchase shipping market: A PIMSE approach," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 185(C).

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