Please use this identifier to cite or link to this item: https://doi.org/10.1016/j.tre.2010.12.005
Title: A scenario-based dynamic programming model for multi-period liner ship fleet planning
Authors: Meng, Q. 
Wang, T.
Keywords: Dynamic programming model
Integer linear programming model
Multi-period liner ship fleet planning
Scenario decision tree
Issue Date: Jul-2011
Citation: Meng, Q., Wang, T. (2011-07). A scenario-based dynamic programming model for multi-period liner ship fleet planning. Transportation Research Part E: Logistics and Transportation Review 47 (4) : 401-413. ScholarBank@NUS Repository. https://doi.org/10.1016/j.tre.2010.12.005
Abstract: 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. © 2010 Elsevier Ltd.
Source Title: Transportation Research Part E: Logistics and Transportation Review
URI: http://scholarbank.nus.edu.sg/handle/10635/58930
ISSN: 13665545
DOI: 10.1016/j.tre.2010.12.005
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