3.8 Article Proceedings Paper

Optimization of fleet structure and investment evaluation - the cargo owner's fleet perspective

期刊

MARITIME BUSINESS REVIEW
卷 7, 期 3, 页码 239-254

出版社

EMERALD GROUP PUBLISHING LTD
DOI: 10.1108/MABR-07-2021-0054

关键词

Electricity coal; Cargo owner's fleet; Self-owned fleet ratio; Fleet development; Investment evaluation

类别

资金

  1. The authors would like to express their gratitude for the support provided by the National Natural Science Foundation of China (grant numbers 72172023, 72171037, 71702019 and 71861006), Natural Science Foundation of Liaoning Province, China (grant number 2 [72172023, 72171037, 71702019, 71861006]
  2. National Natural Science Foundation of China [2020HYLH4]
  3. Natural Science Foundation of Liaoning Province, China [3132019301]
  4. Fundamental Research Funds for the Central Universities of Ministry of Education of China

向作者/读者索取更多资源

This study constructs a mathematical model to determine the optimal ratio of self-owned fleet to total fleet in order to minimize fleet operating costs. The volatility of freight rates and oil prices are taken into consideration, and the CPLEX solver is used to analyze real data from an energy group in China. The investment plan for ships is evaluated based on technical and economic feasibility.
Purpose - Energy groups are cargo owners with large amounts of energy sources (such as coal) to transport. To achieve a satisfactory tradeoff between the reliability requirements of the sea transportation process and the need to control the investment cost, they usually set up a self-owned fleet supplemented by a chartered fleet. This paper aims to investigate the best fleet structure and to evaluate the investment scheme under volatile circumstances in the shipping market.Design/methodology/approach- The authors construct a mathematical model to determine the ratio of the self-owned fleet to the total fleet to minimize fleet operating costs. The volatility of both freight rates and oil prices is taken into consideration. The CPLEX solver is used to empirically analyze real data from an energy group in China, and the ship investment plan is evaluated considering the technical and economic feasibility.Findings - If the ratio of the self-owned fleet to the total fleet is increased to the optimal of 90.40%, the total operating cost is reduced by 33.98%. Thus, the energy group should increase its capacity with a Panamax vessel of approximately 82,000 DWT. Purchasing a 5-year-old secondhand ship and building a new ship both have good investment return indicators.Originality/value - For cargo owners engaging in transporting bulk cargo domestically in China, the suggested fleet ratio can provide a reference with a universal application scale, given the boundary economic conditions (including the volatility of freight rates and oil prices in the shipping market) in the paper.

作者

我是这篇论文的作者
点击您的名字以认领此论文并将其添加到您的个人资料中。

评论

主要评分

3.8
评分不足

次要评分

新颖性
-
重要性
-
科学严谨性
-
评价这篇论文

推荐

暂无数据
暂无数据