Product tanker shipping companies in the spot market face severe volatility in demand and in price. We explore shipping companies' two problems: evaluating supply and demand of the market and assigning cargoes in order to maximize profitability. By approximating the market as a queueing system, we obtain utilization ratios, which effectively model supply and demand of the market. This approach directly evaluates the impact of ton-mile on utilization ratios, even a small growth of which may result in a significant supply shortage. Queueing approximation also allows formulation of dynamic ship assignment as a semi-Markov average cost problem, attaining stationary policies. When profit margins are low, a stationary policy frequently rejects cargoes. Despite rejections, it yields the highest profit per cargo, compared to other methods. Such optimal controls remain valid even when demand fluctuates.


    Zugriff

    Download


    Exportieren, teilen und zitieren



    Titel :

    Dynamic ship assignment problem with uncertain demands


    Beteiligte:
    Kim, Yoo Joon (Autor:in)

    Erscheinungsdatum :

    2016


    Format / Umfang :

    70 pages


    Anmerkungen:

    Thesis: S.M. in Transportation, Massachusetts Institute of Technology, Department of Civil and Environmental Engineering, 2016.
    Cataloged from PDF version of thesis.
    Includes bibliographical references (pages 69-70).


    Medientyp :

    Hochschulschrift


    Format :

    Elektronische Ressource


    Sprache :

    Englisch