“…Some extant studies have explored the second-hand ship markets [14,[19][20][21], the economic life cycles of ships [6], the econometric perspective of the shipping market, the demolition market of second-hand ships [7], and the price of second-hand ships [11,18,22]. In the aforementioned studies on the timing and decision of S&P activities [10,[23][24][25], the focus is on the three main perspectives-business, market environment, and policy.…”