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Exploring vessel-price dynamics: the case of the dry bulk market

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  • Anna Merika
  • Andreas Merikas
  • Mike Tsionas
  • Andreas Andrikopoulos

Abstract

We investigate second-hand vessel price heterogeneity. Based on a sample of 5,591 purchase and sale transactions in the dry bulk sector over the period 1998–2016, we deploy a nonparametric regression technique to assess the determinants of vessel price and vessel price variability. Next, we use quantile regression to estimate the effect of regressors (sources of heterogeneity) at different parts of the vessel price distribution. We find evidence that main sources of vessel price heterogeneity are the age of the ship (the older the vessel the higher its maintenance cost), the 3-month LIBOR (reflecting the cost of financing) and the annual charter rate (revenues from operation). Their influence is stronger at all higher quantiles (periods of expansion) and the median of the vessel price distribution.

Suggested Citation

  • Anna Merika & Andreas Merikas & Mike Tsionas & Andreas Andrikopoulos, 2019. "Exploring vessel-price dynamics: the case of the dry bulk market," Maritime Policy & Management, Taylor & Francis Journals, vol. 46(3), pages 309-329, April.
    • Handle: RePEc:taf:marpmg:v:46:y:2019:i:3:p:309-329
    DOI: 10.1080/03088839.2018.1562246
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    Cited by:

    1. Wang, Mei-Ru & Li, Zhi-Chun & Fu, Xiaowen & Xiong, Yi, 2024. "Revenue-sharing in the alliance of inland river and sea carriers: Formulation and a case study," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 183(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. Theodore Syriopoulos & Michael Tsatsaronis & Ioannis Karamanos, 2021. "Support Vector Machine Algorithms: An Application to Ship Price Forecasting," Computational Economics, Springer;Society for Computational Economics, vol. 57(1), pages 55-87, January.
    4. Li, Zhi-Chun & Wang, Mei-Ru & Fu, Xiaowen, 2021. "Strategic planning of inland river ports under different market structures: Coordinated vs. independent operating regime," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 156(C).
    5. Angelopoulos, Jason & Sahoo, Satya & Visvikis, Ilias D., 2020. "Commodity and transportation economic market interactions revisited: New evidence from a dynamic factor model," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 133(C).
    6. Jeroen F. J. Pruyn, 2020. "Benchmarking bulkers delivered between 2010 and 2016, identifying the effect of the EEDI introduction," Journal of Shipping and Trade, Springer, vol. 5(1), pages 1-18, December.

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