How well do all three factors jointly explain ship prices? In other words, what percentage of the variation in ship prices does your model explain?
Using all three factors, what is the predicted price for the Bet Performer? Compute a 95% confidence interval for an average ship like the Bet Performer and a 95% prediction interval for the Bet Performer itself. Note that Bet Performer is an 11-year-old, 172K capesize bulk carrier. In May 2008, when the potential client showed interest in buying a ship, the trailing 1-year average monthly Baltic Dry Capsize Index (charter rates) was 12,479. e.
What would the price be if the Bet Performer were 5 years younger (6 years old rather than 11 years old), if the ship were 20K DWT smaller (152K DWT rather than 172K DWT) or if charter rates in May 2008 were 30% lower (the trailing Capesize Index were 8,735 instead of 12,479)? In each case, assume all other factors remain the same (e.g., when considering the 6-year-old ship case, keep the other factors at 172K DWT and 12,479 Capesize Index). No need for confidence intervals here.
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