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This paper aims to study the implication of the stochastic gross-profit-per-day objective on the ship profitability and the ship capacity and speed.
Abstract
Purpose
This paper aims to study the implication of the stochastic gross-profit-per-day objective on the ship profitability and the ship capacity and speed.
Design/methodology/approach
The paper has used the mathematical model and the solution methodology given by El Noshokaty, 2013, 2014, 2017a, 2017b, and SOS, 2019.
Findings
The paper finds that if the ship owner follows the rate concept and the cargo demand forecast, he can improve the profitability of his company and be able to select the proper capacities and speeds for the ships used.
Research limitations/implications
The findings are not only useful for the shipping or other cargo transport companies but also for businesses like gas reservoir development, car assembly lines in the industry, cooperative farming and crop harvesting in agriculture, port cargo handling in trade and road paving in construction.
Originality/value
The contribution of this paper lies in notifying the ship owners of the possible profitability improvement and the consequences of building ships of larger capacities and slower speeds.
Details
Keywords
The purpose of this paper is to resolve three problems in ship routing and scheduling systems. Problem 1 is the anticipation of the future cargo transport demand when the shipping…
Abstract
Purpose
The purpose of this paper is to resolve three problems in ship routing and scheduling systems. Problem 1 is the anticipation of the future cargo transport demand when the shipping models are stochastic based on this demand. Problem 2 is the capacity of these models in processing large number of ships and cargoes within a reasonable time. Problem 3 is the viability of tramp shipping when it comes to real problems.
Design/methodology/approach
A commodity-trade forecasting system is developed, an information technology platform is designed and new shipping elements are added to the models to resolve tramp problems of en-route ship bunkering, low-tide port calls and hold-cleaning cost caused by carrying incompatible cargoes.
Findings
More realistic stochastic cargo quantity and freight can now be anticipated, larger number of ships and cargoes are now processed in time and shipping systems are becoming more viable.
Practical implications
More support goes to ship owners to make better shipping decisions.
Originality/value
New norms are established in forecasting, upscaling and viability in ship routing and scheduling systems.
Details