IDEAS home Printed from https://ideas.repec.org/a/eee/transe/v163y2022ics1366554522001569.html
   My bibliography  Save this article

A novel integrated MCDM framework based on Type-2 neutrosophic fuzzy sets (T2NN) for the selection of proper Second-Hand chemical tankers

Author

Listed:
  • Görçün, Ömer Faruk

Abstract

Shipping companies may not present appropriate and reasonable shipping charges to their customers due to the high investment costs of chemical tanker vessels. Hence, the second-hand chemical tanker vessel selection may present many advantages and opportunities to the shipping companies. However, selecting a suitable chemical tanker represents a complicated process requiring overcoming many ambiguities and considering many conflicting criteria. For this purpose, the current paper proposes a new and integrated MCDM approach based on Type-2 Neutrosophic fuzzy sets. The proposed model combines the advantages of TOPSIS and WASPAS techniques, and it uses Type-2 Neutrosophic fuzzy sets to process the uncertainties. The proposed model was applied to solve decision-making problems in selecting appropriate second-hand chemical tankers among 15 alternatives to show effectivity, pertinence, and robustness. In the current paper, 14 different selection criteria were identified to evaluate the chemical tanker vessels. According to the results, C13″ Maintenance cost” is the most significant factor, and A3 is the best and most preferable chemical tanker. Also, a comprehensive sensitivity analysis was carried out to test the validity and applicability of the suggested model, and the sensitivity analysis approves the applicability, robustness, and validity of the model.

Suggested Citation

  • Görçün, Ömer Faruk, 2022. "A novel integrated MCDM framework based on Type-2 neutrosophic fuzzy sets (T2NN) for the selection of proper Second-Hand chemical tankers," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 163(C).
  • Handle: RePEc:eee:transe:v:163:y:2022:i:c:s1366554522001569
    DOI: 10.1016/j.tre.2022.102765
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S1366554522001569
    Download Restriction: Full text for ScienceDirect subscribers only

    File URL: https://libkey.io/10.1016/j.tre.2022.102765?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Ying Kou & Liming Liu & Meifeng Luo, 2014. "Lead-lag relationship between new-building and second-hand ship prices," Maritime Policy & Management, Taylor & Francis Journals, vol. 41(4), pages 303-327, July.
    2. Andreas G. Merikas & Anna A. Merika & George Koutroubousis, 2008. "Modelling the investment decision of the entrepreneur in the tanker sector: choosing between a second-hand vessel and a newly built one," Maritime Policy & Management, Taylor & Francis Journals, vol. 35(5), pages 433-447, October.
    3. De Keyser, Wim & Peeters, Peter, 1996. "A note on the use of PROMETHEE multicriteria methods," European Journal of Operational Research, Elsevier, vol. 89(3), pages 457-461, March.
    4. Nagarajan, D. & Lathamaheswari, M. & Broumi, Said & Kavikumar, J., 2019. "A new perspective on traffic control management using triangular interval type-2 fuzzy sets and interval neutrosophic sets," Operations Research Perspectives, Elsevier, vol. 6(C).
    5. Siri Pettersen Strandenes, 1999. "Is there potential for a two-tier tanker market?," Maritime Policy & Management, Taylor & Francis Journals, vol. 26(3), pages 249-264.
    6. S D Tsolakis & C Cridland & H E Haralambides, 2003. "Econometric Modelling of Second-hand Ship Prices," Maritime Economics & Logistics, Palgrave Macmillan;International Association of Maritime Economists (IAME), vol. 5(4), pages 347-377, December.
    7. Arslan, Ayşe N. & Papageorgiou, Dimitri J., 2017. "Bulk ship fleet renewal and deployment under uncertainty: A multi-stage stochastic programming approach," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 97(C), pages 69-96.
    8. Haralambides, H.E. & Tsolakis, S.D. & Cridland, C., 2004. "3. Econometric Modelling Of Newbuilding And Secondhand Ship Prices," Research in Transportation Economics, Elsevier, vol. 12(1), pages 65-105, January.
    9. Zaili Yang & Lefteris Maistralis & Stephen Bonsall & Jin Wang, 2018. "Use of Fuzzy Evidential Reasoning for Vessel Selection Under Uncertainty," International Series in Operations Research & Management Science, in: Paul Tae-Woo Lee & Zaili Yang (ed.), Multi-Criteria Decision Making in Maritime Studies and Logistics, chapter 0, pages 105-121, Springer.
    10. Manolis Kavussanos, 1997. "The dynamics of time-varying volatilities in different size second-hand ship prices of the dry-cargo sector," Applied Economics, Taylor & Francis Journals, vol. 29(4), pages 433-443.
    11. Büyüközkan, Gülçin & Havle, Celal Alpay & Feyzioğlu, Orhan, 2021. "An integrated SWOT based fuzzy AHP and fuzzy MARCOS methodology for digital transformation strategy analysis in airline industry," Journal of Air Transport Management, Elsevier, vol. 97(C).
    12. George Dikos & Henry S Marcus, 2003. "The Term Structure of Second-hand Prices: A Structural Partial Equilibrium Model," Maritime Economics & Logistics, Palgrave Macmillan;International Association of Maritime Economists (IAME), vol. 5(3), pages 251-267, September.
    13. Keun-Sik Park & Young-Joon Seo & A-Rom Kim & Min-Ho Ha, 2018. "Ship Acquisition of Shipping Companies by Sale & Purchase Activities for Sustainable Growth: Exploratory Fuzzy-AHP Application," Sustainability, MDPI, vol. 10(6), pages 1-13, May.
    14. Lixian Fan & Meifeng Luo, 2013. "Analyzing ship investment behaviour in liner shipping," Maritime Policy & Management, Taylor & Francis Journals, vol. 40(6), pages 511-533, November.
    15. Sheng-Li Si & Xiao-Yue You & Hu-Chen Liu & Ping Zhang, 2018. "DEMATEL Technique: A Systematic Review of the State-of-the-Art Literature on Methodologies and Applications," Mathematical Problems in Engineering, Hindawi, vol. 2018, pages 1-33, January.
    16. Fan, Lixian & Gu, Bingmei & Yin, Jingbo, 2021. "Investment incentive analysis for second-hand vessels," Transport Policy, Elsevier, vol. 106(C), pages 215-225.
    17. Roar Adland & Steen Koekebakker, 2007. "Ship Valuation Using Cross-Sectional Sales Data: A Multivariate Non-Parametric Approach," Maritime Economics & Logistics, Palgrave Macmillan;International Association of Maritime Economists (IAME), vol. 9(2), pages 105-118, June.
    18. Theodore Syriopoulos & Efthimios Roumpis, 2006. "Price and volume dynamics in second-hand dry bulk and tanker shipping markets," Maritime Policy & Management, Taylor & Francis Journals, vol. 33(5), pages 497-518.
    19. Alizadeh, Amir H. & Thanopoulou, Helen & Yip, Tsz Leung, 2017. "Investors’ behavior and dynamics of ship prices: A heterogeneous agent model," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 106(C), pages 98-114.
    20. Amir H. Alizadeh & Nikos K. Nomikos, 2003. "The price-volume relationship in the sale and purchase market for dry bulk vessels," Maritime Policy & Management, Taylor & Francis Journals, vol. 30(4), pages 321-337, October.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Theodore Syriopoulos & Michael Tsatsaronis & Ioannis Karamanos, 2021. "Support Vector Machine Algorithms: An Application to Ship Price Forecasting," Computational Economics, Springer;Society for Computational Economics, vol. 57(1), pages 55-87, January.
    2. Fan, Lixian & Gu, Bingmei & Yin, Jingbo, 2021. "Investment incentive analysis for second-hand vessels," Transport Policy, Elsevier, vol. 106(C), pages 215-225.
    3. Alexandridis, George & Kavussanos, Manolis G. & Kim, Chi Y. & Tsouknidis, Dimitris A. & Visvikis, Ilias D., 2018. "A survey of shipping finance research: Setting the future research agenda," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 115(C), pages 164-212.
    4. Keun-Sik Park & Young-Joon Seo & A-Rom Kim & Min-Ho Ha, 2018. "Ship Acquisition of Shipping Companies by Sale & Purchase Activities for Sustainable Growth: Exploratory Fuzzy-AHP Application," Sustainability, MDPI, vol. 10(6), pages 1-13, May.
    5. Sinem Celik Girgin & Thanasis Karlis & Hong-Oanh Nguyen, 2018. "A Critical Review of the Literature on Firm-Level Theories on Ship Investment," IJFS, MDPI, vol. 6(1), pages 1-19, January.
    6. Yang, Zhongzhen & Jiang, Zhenfeng & Notteboom, Theo & Haralambides, Hercules, 2019. "The impact of ship scrapping subsidies on fleet renewal decisions in dry bulk shipping," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 126(C), pages 177-189.
    7. Syriopoulos, Theodore C., 2007. "Chapter 6 Financing Greek Shipping: Modern Instruments, Methods and Markets," Research in Transportation Economics, Elsevier, vol. 21(1), pages 171-219, January.
    8. Roar Adland & Haakon Ameln & Eirik A. Børnes, 2020. "Hedging ship price risk using freight derivatives in the drybulk market," Journal of Shipping and Trade, Springer, vol. 5(1), pages 1-18, December.
    9. Moutzouris, Ioannis C. & Nomikos, Nikos K., 2020. "Asset pricing with mean reversion: The case of ships," Journal of Banking & Finance, Elsevier, vol. 111(C).
    10. Alexandros M. Goulielmos, 2015. "The Multi-faceted Character of Risk in Maritime Freight Markets (Panamax) 1996-2012," SPOUDAI Journal of Economics and Business, SPOUDAI Journal of Economics and Business, University of Piraeus, vol. 65(1-2), pages 67-86, January-M.
    11. Alizadeh, Amir H. & Thanopoulou, Helen & Yip, Tsz Leung, 2017. "Investors’ behavior and dynamics of ship prices: A heterogeneous agent model," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 106(C), pages 98-114.
    12. Manolis Kavussanos & Siri Pettersen Strandenes & Helen Thanopoulou, 2022. "Special issue: ends of eras and new beginnings: twenty-first century challenges for shipping," Maritime Economics & Logistics, Palgrave Macmillan;International Association of Maritime Economists (IAME), vol. 24(2), pages 347-367, June.
    13. Phantratanamongkol, Supanan & Casalin, Fabrizio & Pang, Gu & Sanderson, Joseph, 2018. "The price-volume relationship for new and remanufactured smartphones," International Journal of Production Economics, Elsevier, vol. 199(C), pages 78-94.
    14. Ching-Chih Chang & Tin-Chia Lai, 2011. "Nonlinear model for Panamax secondhand ship," Applied Economics, Taylor & Francis Journals, vol. 43(17), pages 2193-2198.
    15. Ying Kou & Liming Liu & Meifeng Luo, 2014. "Lead-lag relationship between new-building and second-hand ship prices," Maritime Policy & Management, Taylor & Francis Journals, vol. 41(4), pages 303-327, July.
    16. Nikolaos D. Geomelos & Evangelos Xideas, 2017. "Econometric estimation of second-hand shipping markets using panel data analysis," SPOUDAI Journal of Economics and Business, SPOUDAI Journal of Economics and Business, University of Piraeus, vol. 67(1), pages 7-21, January-M.
    17. Ching-Chih Chang & Tin-Chia Lai, 2011. "The nonlinear dynamic process of macroeconomic development by modelling dry bulk shipping market," Applied Economics Letters, Taylor & Francis Journals, vol. 18(17), pages 1655-1663.
    18. Konstantinos D. Melas & Photis M. Panayides & Dimitris A. Tsouknidis, 2022. "Dynamic volatility spillovers and investor sentiment components across freight-shipping markets," Maritime Economics & Logistics, Palgrave Macmillan;International Association of Maritime Economists (IAME), vol. 24(2), pages 368-394, June.
    19. Ingrid van Putten & Emmanuelle Quillérou & Olivier Guyader, 2012. "How constrained? Entry into the French Atlantic fishery through second-hand vessel purchase," Post-Print hal-00815455, HAL.
    20. Xiwen Bai & Jasmine Siu Lee Lam, 2019. "An integrated analysis of interrelationships within the very large gas carrier (VLGC) shipping market," Maritime Economics & Logistics, Palgrave Macmillan;International Association of Maritime Economists (IAME), vol. 21(3), pages 372-389, September.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:transe:v:163:y:2022:i:c:s1366554522001569. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/wps/find/journaldescription.cws_home/600244/description#description .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.