Dynamic determination of vessel speed and selection of bunkering ports for liner shipping under stochastic environment

Authors:
Xiaoming Sheng;Loo Hay Lee;Ek Peng Chew
Affiliations:
Department of Industrial and Systems Engineering, National University of Singapore, Singapore, Singapore 119260;Department of Industrial and Systems Engineering, National University of Singapore, Singapore, Singapore 119260;Department of Industrial and Systems Engineering, National University of Singapore, Singapore, Singapore 119260
Venue:
OR Spectrum
Year:
2014

Citing 3
Cited 0

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Abstract

In this work, we study a liner shipping operational problem which considers how to dynamically determine the vessel speed and refueling decisions, for a single vessel in one service route. Our model is a multi-stage dynamic model, where the stochastic nature of the bunker prices is represented by a scenario tree structure. Also, we explicitly incorporate the uncertainty of bunker consumption rates into our model. As the model is a large-scale mixed integer programming model, we adopt a modified rolling horizon method to tackle the problem. Numerical results show that our framework provides a lower overall cost and more reliable schedule compared with the stationary model of a related work.