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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 |
Appears in Collections: | Staff Publications |
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