The determinants of second-hand tanker vessel prices - A panel data analysis

Abstract

The present Thesis with title: 'The determinants of second-hand tanker vessel prices- A panel data analysis" aims to analyze the variables determining the prices of second hand tanker vessels.At the first part of this dissertation a literature review takes place in order to introduce us and help us familiarize with the concept of second hand vessels price determination and the evolution of the methodology adopted by the researchers to this throughout the years. Starting from the first attempts, those of Charemza and Gronicki (1981) and Beenstock (1985), and moving on up until today to which are the factors that may affect the vessels prices.The part to follow focuses on the analysis of the shipping data gathered from reputed shipping sources such as Clarksons Research SIN and Bloomberg. The gathered data cover all the segments of tanker vessels for a time period from January 1990 to August 2021.Basing on a main model we will try to prove which are the final factors-variables which play a significant role in the price determination of tanker vessels and gives the market players the ability to understand and even forecast the future of vessels’ sales and purchase market for tanker vessels of all segments/types, such as VLLC, Suezmax, Panamax, Aframax, Handy. The methodology used and the results of the analysis will be presented in detail.The main reason of choosing to work on this specific subject in this thesis was its great importance to the shipping industry and its significance for the present and future of the maritime companies.