Second hand vessel value estimation in maritime economics: A review of the past 20 years and the proposal of an elementary method

The past 20 years (1991–2011) have brought us in total 11 papers on the pricing of second hand vessels. It is a subject not often investigated, but it is of importance when considering the capital costs of a vessel. It also reflects the topics generally researched by (maritime) econometrists at the time of publication. The first 10 years are dominated by testing for the Efficient Market Hypothesis. The current ideas focus on a micro-economic valuation of the vessel, incorporating particulars such as DWT, age, speed, horsepower, hull type and many others.