Two-stage stochastic integer programming model for multiperiod sea cargo mix problem in container shipping industry

Authors:
James S. K. Ang;Chengxuan Cao;Mahmut Parlar;Heng-Qing Ye
Affiliations:
Business School, National University of Singapore, Singapore;State Key Laboratory of Rail Traffic Control and Safety, Beijing Jiaotong University, Beijing, China;DeGroote School of Business, McMaster University, Hamilton, ON, Canada;Faculty of Business, Hong Kong Polytechnic University, Kowloon, Hong Kong
Venue:
IEEE Transactions on Systems, Man, and Cybernetics, Part A: Systems and Humans
Year:
2009

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Abstract

In this paper, we consider the cargo mix problem under uncertainty in the container shipping industry. We seek to determine the optimal cargo mix in a multiperiod planning horizon with the objective of maximizing the total expected profit derived from all freight bookings received in the planning horizon.We present a two-stage stochastic integer programming model and propose a heuristic algorithm for multiperiod sea cargo mix problem under uncertainty. Finally, numerical experiments on a wide range of randomly generated problem instances are conducted to demonstrate the efficiency of the algorithm.