Please use this identifier to cite or link to this item:
|Title:||Operation planning of multiparcel tankers under fuel price uncertainty|
|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|
|Appears in Collections:||Staff Publications|
Show full item record
Files in This Item:
There are no files associated with this item.
checked on Feb 27, 2018
WEB OF SCIENCETM
checked on Apr 23, 2018
checked on Jul 6, 2018
Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.