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dc.titleA scenario-based dynamic programming model for multi-period liner ship fleet planning
dc.contributor.authorMeng, Q.
dc.contributor.authorWang, T.
dc.identifier.citationMeng, 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.
dc.description.abstractThis 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.
dc.subjectDynamic programming model
dc.subjectInteger linear programming model
dc.subjectMulti-period liner ship fleet planning
dc.subjectScenario decision tree
dc.contributor.departmentCIVIL & ENVIRONMENTAL ENGINEERING
dc.description.sourcetitleTransportation Research Part E: Logistics and Transportation Review
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