|dc.description.abstract||This thesis investigates the joint influence of transaction time and vessel age on the valuation of
second-hand tonnage. Towards this end, we use individual sales data for Handysize dry bulkers
and apply a semiparametric valuation model within the Generalized Additive Model framework.
Our empirical results suggest a significant non-linear relationship between the time of the
transaction and the asset’s age. We find that the volatility of vessels’ year-on-year return increases
with age, as well as a difference in the depreciation curve depending on the state of the market. In
a booming (recovering) market, the average depreciation curve is in major terms concave (convex).
These findings may yield valuable insights for market players on the lookout for investments. We
argue that asset players, contrary to industrial, should seek older, more volatile, vessels, as these
could potentially yield a higher return on invested capital.||en_US