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

Ådland, Roar; Cariou, Pierre; Wolff, François‐Charles

doi:10.1016/j.tra.2018.03.031

Cited by 17 publications

(5 citation statements)

References 30 publications

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“…Recent evidence from Peng et al (2020) in the secondhand market for Handysize dry bulk vessels highlighted the importance of new factors in the crosssection of vessel prices, such as design speed, main engine fuel consumption and investor domicile, investor domicile proxying cultural traits and the state of an investor's domestic economy. This evidence corroborates prior findings in the Handysize secondhand market by Adland et al (2018) who also documented the importance of fuel consumption and energy efficiency as determinants of vessel prices.…”

Section: Asset Valuation In Sandp Marketssupporting

confidence: 91%

Net asset value discounts and premiums in the maritime shipping industry

Ανδρικόπουλος

Merika

Sigalas

2021

Euro Fin Management

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This paper examines net asset value (NAV) discounts and premiums in the setting of the maritime shipping industry. We employ a qualitative study with equity analysts as well as a quantitative study with a unique panel data, to explore and empirically investigate, respectively, the reasons underpinning NAV discounts and premiums. Our findings suggest that deviations of market capitalisation from NAV are associated with firm-specific factors, such as public maritime shipping companies' capital structure, stock liquidity, fleet acquisition cost, operating performance, institutional ownership, cost of capital, corporate governance, dividend policy, and related party transactions.

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Section: Asset Valuation In Sandp Marketssupporting

confidence: 91%

Net asset value discounts and premiums in the maritime shipping industry

Ανδρικόπουλος

Merika

Sigalas

2021

Euro Fin Management

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“…Liang FANG et al [2] studied the dynamic relationship between price and trading volume in the second-hand ship market based on the VAR-GARCH model, and concluded that there is a unilateral causal relationship between past trading volume and volatility in the return rate of all second-hand ship markets. Roar Adland [3]explored whether energy efficiency will affect the value of ships in the second-hand market, concluded that there was a negative correlation between energy efficiency and sales prices, with an elastic value of around 0.4, indicated that the actual operating energy efficiency depends on the speed of ships. Lim S S [4] used artificial neural network models outperform simple stepwise regression analysis and satisfied both statistical soundness and accuracy of results inscientific models.…”

Section: Literature Reviewmentioning

confidence: 99%

Research On the Pricing Model of Second-Hand Sailboats Based on GDBT Model

Chen¹,

Chen²

2023

BCPBM

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Sailboats have varying values with changes in market conditions and aging. This paper analyzed the characteristics and economic characteristics of monohull along with catamaran in their respective regions. The paper also carried out Spearman correlation analysis on their listing prices. The gradient boosting decision tree model was established to calculate the feature importance of each variable on the listing price, and the accuracy of the model reached over 86%. It indicated that the model can effectively price the second-hand sailboat market. This paper used one-way ANOVA to determine whether there was a significant difference between the listing prices of monohull and catamaran in the secondary markets. There were significant differences in the listing prices of monohulled sailboats and catamarans in different geographical regions. The listing prices of monohull and catamaran in different geographical regions were significantly different, and the regional effects were inconsistent.

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“…The empirical results indicate that, although the non-parametric model attempts to capture non-linearity, it cannot perfectly fit real vessel prices due to other factors, such as engine type and country of the shipyard. Ådland et al . (2018) found that sale price and energy efficiency exhibit a negative relationship under the same market conditions and with identical vessel specifications.…”

Section: Introductionmentioning

confidence: 99%

Pricing the second-hand dry bulk vessel through stacking ensemble with add-on plain feedforward neural networks

Zhao

2024

MABR

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PurposeThe accurate valuation of second-hand vessels has become a prominent subject of interest among investors, necessitating regular impairment tests. Previous literature has predominantly concentrated on inferring a vessel's price through parameter estimation but has overlooked the prediction accuracy. With the increasing adoption of machine learning for pricing physical assets, this paper aims to quantify potential factors in a non-parametric manner. Furthermore, it seeks to evaluate whether the devised method can serve as an efficient means of valuation.Design/methodology/approachThis paper proposes a stacking ensemble approach with add-on feedforward neural networks, taking four tree-driven models as base learners. The proposed method is applied to a training dataset collected from public sources. Then, the performance is assessed on the test dataset and compared with a benchmark model, commonly used in previous studies.FindingsThe results on the test dataset indicate that the designed method not only outperforms base learners under statistical metrics but also surpasses the benchmark GAM in terms of accuracy. Notably, 73% of the testing points fall within the less-than-10% error range. The designed method can leverage the predictive power of base learners by incrementally adding a small amount of target value through residuals and harnessing feature engineering capability from neural networks.Originality/valueThis paper marks the pioneering use of the stacking ensemble in vessel pricing within the literature. The impressive performance positions it as an efficient desktop valuation tool for market users.

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

Cited by 17 publications

References 30 publications

Net asset value discounts and premiums in the maritime shipping industry

Net asset value discounts and premiums in the maritime shipping industry

Research On the Pricing Model of Second-Hand Sailboats Based on GDBT Model

Pricing the second-hand dry bulk vessel through stacking ensemble with add-on plain feedforward neural networks

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