An Empirical Analysis for Determinants of Secondhand Ship Prices of Bulk Carriers and Oil Tankers

• 영문명: An Empirical Analysis for Determinants of Secondhand Ship Prices of Bulk Carriers and Oil Tankers
• 발행기관: 한국항해항만학회
• 저자명: Seung-Pyo Hong Ki-Hwan Lee Myoung-Hee Kim
• 간행물 정보: 『한국항해항만학회지』제46권 제5호, 441~448쪽, 전체 8쪽
• 주제분류: 공학 > 해양공학
• 파일형태: PDF
• 발행일자: 2022.10.31

영문 초록

The aim of this study was to examine determinants of secondhand Bulk carrier and Oil tanker prices. This study compiled S&P transaction data taken from the Clarksons Research during January 2018 to April 2022 to see how independent variables influenced secondhand ship prices. In the secondhand ship pricing model of entire segments, size, age, and LIBOR showed significant effects on prices. A vessel built in Japan and Korea was traded at a higher price than a vessel built in other countries. In the bulk segment, size, age, Clarksea index, LIBOR, and inflation were meaningful variables. In the Tanker segment, unlike Bulk carrier, only size and age were useful variables. This study performed regression analyses for various sizes of Bulk carriers and Oil tankers. It verified that impacts of variables other than ship size and age were significantly associated with ship type and size while macroeconomic variables had no influence except for bulk carriers. By applying diverse variables affecting secondhand ship price estimation according to various sizes of Bulk carriers and Oil tankers, this study will expand the scope of practical application for investors. It also reaffirms prior research findings that the secondhand ship market is primarily market-driven.

목차

1. Introduction

2. Literature Review

3. Research Design

4. Empirical Analysis Results

5. Conclusion

References

키워드

secondhand ship market, ship price, regression analysis, bulk carriers, oil tankers