Yıl: 2021 Cilt: 10 Sayı: 2 Sayfa Aralığı: 213 - 223 Metin Dili: İngilizce DOI: 10.33714/masteb.930125 İndeks Tarihi: 29-07-2022

The Effect of Aging on Ship Values: An Econometric Analysis on Major Ship Types

Öz:
Ships are investments that require significant capital and therefore the factors affecting their value must be analyzed carefully. The study in the paper is determined to what extent the effect of age, which is one of the most influential factors in sales value, differs in terms of ship type. The reports including the ship sale activities cover the period between January 2013 and December 2019 and consist of 84 monthly reports. Regression analysis was performed as the sales price as the dependent variable, age, freight, and size as independent variables. According to the results, it was determined that the ship types whose value decreases the most due to the age change are those used in gas transportation, while the least affected ship type by age is those used in bulk transportation. In addition, it has been determined that the ship type most affected by freight is those used in gas transportation and that the ship type most affected by the size is those used in container transportation. It can also be said that the ship type with the lowest risk of investment is bulk ships and the ship type with the greatest risk is gas ships. It is hoped that these results provide important information especially for players conducting their commercial activities upon sale & purchase transactions in the market.
Anahtar Kelime: Vessel Value Age Commercial Ships

Belge Türü: Makale Makale Türü: Araştırma Makalesi Erişim Türü: Erişime Açık
  • Açık, A, Kesi̇ktaş, H. H. İ., & Başer, S. Ö. (2020). Role of interest rates on fleet capacity adjustment decisions of shipowners. Ekonomi Politika ve Finans Araştırmaları Dergisi, 5(1), 66-80. https://doi.org/10.30784/epfad.642061
  • Açık, A., & Başer, S. Ö. (2018). The impact of freight rates on the second-hand ship price bubbles: An application on the Panamax market. Proceedings of İzmir International Congress on Economics and Administrative Sciences, Turkey, pp. 629-643.
  • Alizadeh, A. H., & Nomikos, N. K. (2003). The price-volume relationship in the sale and purchase market for dry bulk vessels. Maritime Policy & Management, 30(4), 321-337. https://doi.org/10.1080/0308883032000145627
  • Alizadeh, A. H., Thanopoulou, H., & Yip, T. L. (2017). Investors’ behavior and dynamics of ship prices: A heterogeneous agent model. Transportation Research Part E: Logistics and Transportation Review, 106, 98-114. https://doi.org/10.1016/j.tre.2017.07.012
  • Allen, M. P. (2004). Understanding Regression Analysis. Springer Science & Business Media.
  • Archdeacon, T. J. (1994). Correlation and Regression Analysis: A Historian’s Guide. University of Wisconsin Press.
  • Athenian, S. A. (2020). Sale & purchase market reports. Retrieved on April 15, 2020, from https://www.atheniansa.gr/
  • Başer, S. Ö., & Açık, A., (2018). Efficiency in dirty tanker market. Journal of ETA Maritime Science, 6(3), 275-287. https://doi.org/10.5505/jems.2018.17136
  • Başer, S. Ö., & Açık, A. (2019a). The effects of global economic growth on dry bulk freight rates. Uluslararası Ticaret ve Ekonomi Araştırmaları Dergisi, 3(1), 1-17. https://doi.org/10.30711/utead.507566
  • Başer, S. Ö., & Açık, A. (2019b). Do commodity prices matter for second hand values? An empirical research on Capesize market. Turkish Journal of Maritime and Marine Sciences, 5(1), 44–52.
  • Branch, A. E. (2007). Elements of Shipping. Routledge.
  • Capital Link (2020). Freight indices. Retrieved on April 15, 2020, from https://www.capitallink.com/.
  • Chatterjee, S., & Hadi, A. S. (2015). Regression Analysis by Example. John Wiley & Sons.
  • Dickie, W. J. (2014). Reeds 21st century ship management. Bloomsbury Publishing.
  • Esquerdo, P. J. R., & Welc, J. (2018). Applied Regression Analysis for Business. Springer International Publishing.
  • Gaurav, K. (2011). Multiple Regression Analysis: Key to Social Science Research. GRIN Verlag.
  • Gordon, R. (2015). Regression Analysis for the Social Sciences. Routledge.
  • Kavussanos, M. G. (1997). The dynamics of time-varying volatilities in different size second-hand ship prices of the dry-cargo sector. Applied Economics, 29(4), 433-443. https://doi.org/10.1080/000368497326930
  • Kavussanos, M. G., & Alizadeh, A. H. (2002). Efficient pricing of ships in the dry bulk sector of the shipping industry. Maritime Policy & Management, 29(3), 303-330. https://doi.org/10.1080/03088830210132588
  • Kou, Y., Liu, L., & Luo, M. (2014). Lead–lag relationship between new-building and second-hand ship prices. Maritime Policy & Management, 41(4), 303-327. https://doi.org/10.1080/03088839.2013.821209
  • Ma, S. (2020). Economics of Maritime Business. Routledge.
  • Menard, S. (2002). Applied Logistic Regression Analysis. Sage.
  • Merika, A., Merikas, A., Tsionas, M., & Andrikopoulos, A. (2019). Exploring vessel-price dynamics: The case of the dry bulk market. Maritime Policy & Management, 46(3), 309-329. https://doi.org/10.1080/03088839.2018.1562246
  • Newey, W., & West, K. (1987). A simple positive semi-definite, heteroskedasticity and autocorrelation consistent covariance matrix. Econometrica, 55, 703–708. https://doi.org/10.2307/1913610
  • Pagan, A. R., & Hall, A. D. (1983). Diagnostic tests as residual analysis. Econometric Reviews, 2(2), 159-218. https://doi.org/10.1080/07311768308800039
  • Pehli̇vanoğlu, F., & İnce, M. R. (2018). Batık maliyet, potansiyel rekabet ve yarışılabilirlik: denizyolu taşımacılığı piyasası örneği [Sunk cost, potential competition and contestability: The sample of maritime transport market]. Mehmet Akif Ersoy Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 5(3), 665-686. https://doi.org/10.30798/makuiibf.425245
  • Pruyn, J. F. J., Van de Voorde, E., & Meersman, H. (2011). Second hand vessel value estimation in maritime economics: a review of the past 20 years and the proposal of an elementary method. Maritime Economics & Logistics, 13(2), 213-236. https://doi.org/10.1057/mel.2011.6
  • Rodrigue, J. P. (2013). Transport and globalization. In Rodrigue, J. P., Notteboom, T., & Shaw, J. (Eds.), The SAGE Handbook of Transport Studies (pp. 17-30). Sage.
  • Stopford, M. (2009). Maritime Economics. Routledge.
  • Syriopoulos, T., & Roumpis, E. (2006). Price and volume dynamics in second-hand dry bulk and tanker shipping markets. Maritime Policy & Management, 33(5), 497-518. https://doi.org/10.1080/03088830601020729
  • Tarı, R., & İnce, M. R. (2019). Denizyolu taşımacılığı piyasası kapsamında küresel ticaret hacminin analizi: Markov rejim değişim modeli [Analysis of global trade volume within the scope of maritime transport market: Markov regime switching model]. Kocaeli Üniversitesi Sosyal Bilimler Dergisi, 37, 1-20. https://doi.org/10.35343/kosbed.581404
  • White, H. (1980). A heteroskedasticity-consistent covariance matrix and a direct test for heteroskedasticity. Econometrica, 48, 817–838. https://doi.org/10.2307/1912934
  • Vermeulen, K. J. (2010). Framing a canvas for shipping strategy. In Grammenos, C. (Ed.), The Handbook of Maritime Economics and Business (pp. 851-888). Lloyd’s List.
  • Yan, X., & Su, X. (2009). Linear Regression Analysis: Theory and Computing. World Scientific.
APA Gültekin O, Açık A, Başer S, EFES K (2021). The Effect of Aging on Ship Values: An Econometric Analysis on Major Ship Types. , 213 - 223. 10.33714/masteb.930125
Chicago Gültekin Ozan hasret,Açık Abdullah,Başer Sadık Özlen,EFES Kamil Ozden The Effect of Aging on Ship Values: An Econometric Analysis on Major Ship Types. (2021): 213 - 223. 10.33714/masteb.930125
MLA Gültekin Ozan hasret,Açık Abdullah,Başer Sadık Özlen,EFES Kamil Ozden The Effect of Aging on Ship Values: An Econometric Analysis on Major Ship Types. , 2021, ss.213 - 223. 10.33714/masteb.930125
AMA Gültekin O,Açık A,Başer S,EFES K The Effect of Aging on Ship Values: An Econometric Analysis on Major Ship Types. . 2021; 213 - 223. 10.33714/masteb.930125
Vancouver Gültekin O,Açık A,Başer S,EFES K The Effect of Aging on Ship Values: An Econometric Analysis on Major Ship Types. . 2021; 213 - 223. 10.33714/masteb.930125
IEEE Gültekin O,Açık A,Başer S,EFES K "The Effect of Aging on Ship Values: An Econometric Analysis on Major Ship Types." , ss.213 - 223, 2021. 10.33714/masteb.930125
ISNAD Gültekin, Ozan hasret vd. "The Effect of Aging on Ship Values: An Econometric Analysis on Major Ship Types". (2021), 213-223. https://doi.org/10.33714/masteb.930125
APA Gültekin O, Açık A, Başer S, EFES K (2021). The Effect of Aging on Ship Values: An Econometric Analysis on Major Ship Types. Marine Science and Technology Bulletin, 10(2), 213 - 223. 10.33714/masteb.930125
Chicago Gültekin Ozan hasret,Açık Abdullah,Başer Sadık Özlen,EFES Kamil Ozden The Effect of Aging on Ship Values: An Econometric Analysis on Major Ship Types. Marine Science and Technology Bulletin 10, no.2 (2021): 213 - 223. 10.33714/masteb.930125
MLA Gültekin Ozan hasret,Açık Abdullah,Başer Sadık Özlen,EFES Kamil Ozden The Effect of Aging on Ship Values: An Econometric Analysis on Major Ship Types. Marine Science and Technology Bulletin, vol.10, no.2, 2021, ss.213 - 223. 10.33714/masteb.930125
AMA Gültekin O,Açık A,Başer S,EFES K The Effect of Aging on Ship Values: An Econometric Analysis on Major Ship Types. Marine Science and Technology Bulletin. 2021; 10(2): 213 - 223. 10.33714/masteb.930125
Vancouver Gültekin O,Açık A,Başer S,EFES K The Effect of Aging on Ship Values: An Econometric Analysis on Major Ship Types. Marine Science and Technology Bulletin. 2021; 10(2): 213 - 223. 10.33714/masteb.930125
IEEE Gültekin O,Açık A,Başer S,EFES K "The Effect of Aging on Ship Values: An Econometric Analysis on Major Ship Types." Marine Science and Technology Bulletin, 10, ss.213 - 223, 2021. 10.33714/masteb.930125
ISNAD Gültekin, Ozan hasret vd. "The Effect of Aging on Ship Values: An Econometric Analysis on Major Ship Types". Marine Science and Technology Bulletin 10/2 (2021), 213-223. https://doi.org/10.33714/masteb.930125