Determinants of the price premium for eco vessels

IF 7.3 1区工程技术 Q1 ENVIRONMENTAL STUDIES

Transportation Research Part D-transport and Environment Pub Date : 2024-09-14 DOI:10.1016/j.trd.2024.104414

Ioannis C. Moutzouris, Nikos C. Papapostolou, Malvina Marchese, Michael N. Tamvakis, Yao Shi

{"title":"Determinants of the price premium for eco vessels","authors":"Ioannis C. Moutzouris, Nikos C. Papapostolou, Malvina Marchese, Michael N. Tamvakis, Yao Shi","doi":"10.1016/j.trd.2024.104414","DOIUrl":null,"url":null,"abstract":"<div><p>Shipping companies face the trilemma of investing in cheaper but more polluting conventional vessels, in more expensive but eco-friendly ones or postponing their investment. We quantify the price premium paid for eco-friendly vessels and investigate its determinants. The results indicate that eco vessels trade at an average premium of 25% compared to their conventional counterparts, while the corresponding income premia are between 9% and 15%. Our findings further suggest that the price premium depends on the market conditions, with income premia, past price premia, and fleet supply being strong drivers, while fuel costs and market liquidity have a less important effect. The magnitude and significance of these drivers vary based on the market state and segment. Overall, the paper documents the adverse effect that the current technological and regulatory uncertainty has on vessel investment and highlights the need for further policy intervention to reduce market uncertainty and encourage green investment.</p></div>","PeriodicalId":23277,"journal":{"name":"Transportation Research Part D-transport and Environment","volume":"136 ","pages":"Article 104414"},"PeriodicalIF":7.3000,"publicationDate":"2024-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Transportation Research Part D-transport and Environment","FirstCategoryId":"5","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1361920924003717","RegionNum":1,"RegionCategory":"工程技术","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"ENVIRONMENTAL STUDIES","Score":null,"Total":0}

引用次数: 0

Abstract

Shipping companies face the trilemma of investing in cheaper but more polluting conventional vessels, in more expensive but eco-friendly ones or postponing their investment. We quantify the price premium paid for eco-friendly vessels and investigate its determinants. The results indicate that eco vessels trade at an average premium of 25% compared to their conventional counterparts, while the corresponding income premia are between 9% and 15%. Our findings further suggest that the price premium depends on the market conditions, with income premia, past price premia, and fleet supply being strong drivers, while fuel costs and market liquidity have a less important effect. The magnitude and significance of these drivers vary based on the market state and segment. Overall, the paper documents the adverse effect that the current technological and regulatory uncertainty has on vessel investment and highlights the need for further policy intervention to reduce market uncertainty and encourage green investment.

查看原文本刊更多论文

生态船舶价格溢价的决定因素

航运公司面临三难选择：投资更便宜但污染更严重的传统船舶，投资更昂贵但环保的船舶，或者推迟投资。我们对环保型船舶的溢价进行了量化，并对其决定因素进行了研究。结果表明，与传统船舶相比，环保船舶的平均溢价率为 25%，而相应的收入溢价率在 9% 至 15% 之间。我们的研究结果进一步表明，溢价取决于市场条件，其中收入溢价、过去的溢价和船队供应是主要驱动因素，而燃料成本和市场流动性的影响较小。这些驱动因素的程度和重要性因市场状态和细分市场而异。总之，本文记录了当前技术和监管的不确定性对船舶投资的不利影响，并强调了进一步政策干预的必要性，以减少市场不确定性并鼓励绿色投资。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Transportation Research Part D-transport and Environment 工程技术-运输科技

CiteScore

14.40

自引率

9.20%

发文量

314

审稿时长

39 days

期刊介绍： Transportation Research Part D: Transport and Environment focuses on original research exploring the environmental impacts of transportation, policy responses to these impacts, and their implications for transportation system design, planning, and management. The journal comprehensively covers the interaction between transportation and the environment, ranging from local effects on specific geographical areas to global implications such as natural resource depletion and atmospheric pollution. We welcome research papers across all transportation modes, including maritime, air, and land transportation, assessing their environmental impacts broadly. Papers addressing both mobile aspects and transportation infrastructure are considered. The journal prioritizes empirical findings and policy responses of regulatory, planning, technical, or fiscal nature. Articles are policy-driven, accessible, and applicable to readers from diverse disciplines, emphasizing relevance and practicality. We encourage interdisciplinary submissions and welcome contributions from economically developing and advanced countries alike, reflecting our international orientation.