The influence of energy efficiency and carbon indicators on ship prices: early evidence from the tanker and bulk carrier sectors
P.Y. Lu, Dimitrios Theocharis
Abstract
Abstract This paper examines the effect of Carbon Intensity Indicator (CII), Annual Efficiency Ratio (AER) and Energy Efficiency Existing Ship Index (EEXI) on secondhand ship prices. The relationship between these indices and vessel values is investigated, using unique data from sales transactions of Aframax and Handymax tankers, and Handysize bulk carriers between 2020 and mid-2023, obtained from (VesselsValue 2025. https://www.vesselsvalue.com/ ). Hypothesis testing is conducted, and hedonic price regression models are used to examine the relationship between energy efficiency and ship values. The results suggest that secondhand ships are priced differently, depending on their CII rating. The AER and EEXI are significant determinants of ship prices with varying elasticities, depending on ship type. Ship prices with lower EEXI and AER are valued higher and vice versa. These findings are important for industry stakeholders in the maritime sector and policy makers of environmental regulations in shipping.