This report, commissioned by Carbon War Room and completed in close cooperation with University College London, is part two of three in their work on stranded assets in shipping. Part one identified major financial stakeholders’ awareness of stranded asset risks as well as potential methods for understanding and mitigating those risks. This report, part two, tests whether technical vessel efficiency measures can be used to anticipate those risks by establishing some understanding of the role of vessel efficiency in competitiveness in past markets.