{"title":"Determinants of the price premium for eco vessels","authors":"","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":null,"pages":null},"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.
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.
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