Please use this identifier to cite or link to this item:
Title: Operation planning of multiparcel tankers under fuel price uncertainty
Authors: Oh, H.C.
Karimi, I.A. 
Issue Date: 7-Jul-2010
Citation: Oh, H.C., Karimi, I.A. (2010-07-07). Operation planning of multiparcel tankers under fuel price uncertainty. Industrial and Engineering Chemistry Research 49 (13) : 6104-6114. ScholarBank@NUS Repository.
Abstract: Maritime logistics is the workhorse of the growing global chemical trade. Fuel expenses claim up to 90% of the daily operating cost of a multiparcel tanker, and a tanker's fuel consumption varies with the cube of its speed. This combined with high fuel prices makes it crucial that the tanker owners manage tanker speed and fuel purchases in a prudent manner. The volatility in fuel prices and their significant variations across refueling ports make this a difficult task, and systematic optimization can aid the decision-making process. Surprisingly, no literature model addresses this issue for multiparcel tankers. We propose a novel mixed-integer linear programming model that optimizes the operation of a multiparcel tanker in the presence of uncertain fuel prices. Given the route and cargo details of a tanker, it determines the optimal voyage speeds and a refueling plan that minimizes the expected total operating cost. We use a case study derived from industrial data to illustrate the application of our new model. © 2010 American Chemical Society.
Source Title: Industrial and Engineering Chemistry Research
ISSN: 08885885
DOI: 10.1021/ie901551j
Appears in Collections:Staff Publications

Show full item record
Files in This Item:
There are no files associated with this item.


checked on Dec 12, 2018


checked on Dec 12, 2018

Page view(s)

checked on Dec 15, 2018

Google ScholarTM



Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.