Determinants of fishing vessel value: A case study of the italian fleet

This study applies a hedonic pricing regression to the prices of 1111 second-hand fishing vessels, using data from one of Italy's leading shipping brokers. The dataset is large and exhibits considerable heterogeneity-an intrinsic feature of the Italian fishing fleet-making the hedonic approach particularly suitable. The analysis investigates the contribution of vessel characteristics, fleet segment and the impact of the scrapping premium. Results reveal that second-hand prices are sensitive to all dimensional characteristics. Hull material and fleet segment are also significant, the latter reflecting intangible assets linked to fishing licences. In the Italian context, with no formal licence market, this finding highlights the implicit but substantial role of fishing licences in determining asset values and profitability.