A scenario-based dynamic programming model for multi-period liner ship fleet planning
This paper proposes a more realistic multi-period liner ship fleet planning problem for a liner container shipping company than has been studied in previous literature. The proposed problem is formulated as a scenario-based dynamic programming model consisting of a number of integer linear programming formulations for each single planning period, and the model can be solved efficiently by a shortest path algorithm on an acyclic network. A numerical example is carried out to illustrate the applicability of the proposed model and solution method. The numerical results show that chartering in ships may not always be a better policy for a long-term planning horizon though it is much cheaper than buying ships in the short-term. Purchasing ships seems to be a more profitable investment in the long run.
Year of publication: |
2011
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Authors: | Meng, Qiang ; Wang, Tingsong |
Published in: |
Transportation Research Part E: Logistics and Transportation Review. - Elsevier, ISSN 1366-5545. - Vol. 47.2011, 4, p. 401-413
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Publisher: |
Elsevier |
Keywords: | Multi-period liner ship fleet planning Scenario decision tree Dynamic programming model Integer linear programming model |
Saved in:
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