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Using system dynamics in maritime economics: an endogenous decision model for shipowners in the dry bulk sector

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  • Steve Engelen
  • Hilda Meersman
  • Eddy Van De Voorde

Abstract

In this paper, we consider the benefits of applying system dynamics in maritime economics. We build an endogenous shipowners’ model for the dry bulk sector, incorporating both the decision process of individual shipowners and traditional shipping market conditions. The aim is to arrive at a simulation tool that can be used for a variety of applications, both for teaching/learning and for research purposes. Within the endogenous shipping model, we can distinguish between the strategic and the tactical choices shipowners face. As an application, we focus explicitly on a strategic decision-making process that is relevant to any shipowner, i.e. the sale of a vessel. System dynamics seems to be a tool well-suited for the detailed modelling of strategic and operational behaviour in the maritime business.

Suggested Citation

  • Steve Engelen & Hilda Meersman & Eddy Van De Voorde, 2006. "Using system dynamics in maritime economics: an endogenous decision model for shipowners in the dry bulk sector," Maritime Policy & Management, Taylor & Francis Journals, vol. 33(2), pages 141-158, May.
    • Handle: RePEc:taf:marpmg:v:33:y:2006:i:2:p:141-158
    DOI: 10.1080/03088830600612807
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    Citations

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    Cited by:

    1. Xiaoqiao Geng & Yuanqiao Wen & Chunhui Zhou & Changshi Xiao, 2017. "Establishment of the Sustainable Ecosystem for the Regional Shipping Industry Based on System Dynamics," Sustainability, MDPI, vol. 9(5), pages 1-18, May.
    2. Sun, Xiaolei & Liu, Chang & Wang, Jun & Li, Jianping, 2020. "Assessing the extreme risk spillovers of international commodities on maritime markets: A GARCH-Copula-CoVaR approach," International Review of Financial Analysis, Elsevier, vol. 68(C).
    3. Catalani, Mauro, 2009. "Ship scheduling and routing optimization. An application to Western Mediterranean area," European Transport \ Trasporti Europei, ISTIEE, Institute for the Study of Transport within the European Economic Integration, issue 42, pages 67-82.
    4. Laihao Ma & Xiaoxue Ma & Jingwen Zhang & Qing Yang & Kai Wei, 2021. "A Methodology for Dynamic Assessment of Laboratory Safety by SEM-SD," IJERPH, MDPI, vol. 18(12), pages 1-18, June.
    5. 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.
    6. Papapostolou, Nikos C. & Pouliasis, Panos K. & Kyriakou, Ioannis, 2017. "Herd behavior in the drybulk market: an empirical analysis of the decision to invest in new and retire existing fleet capacity," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 104(C), pages 36-51.
    7. Tuomas Kiiski & Tomi Solakivi & Juuso Töyli & Lauri Ojala, 2018. "Long-term dynamics of shipping and icebreaker capacity along the Northern Sea Route," Maritime Economics & Logistics, Palgrave Macmillan;International Association of Maritime Economists (IAME), vol. 20(3), pages 375-399, September.
    8. Sun, Xiaolei & Tang, Ling & Yang, Yuying & Wu, Dengsheng & Li, Jianping, 2014. "Identifying the dynamic relationship between tanker freight rates and oil prices: In the perspective of multiscale relevance," Economic Modelling, Elsevier, vol. 42(C), pages 287-295.
    9. Tsan‐Sheng Ng & Shao‐Wei Lam, 2011. "Dynamic maritime systems inquiry: The DIVER approach," Systems Engineering, John Wiley & Sons, vol. 14(3), pages 239-254, September.
    10. Engelen, Steve & Norouzzadeh, Payam & Dullaert, Wout & Rahmani, Bahareh, 2011. "Multifractal features of spot rates in the Liquid Petroleum Gas shipping market," Energy Economics, Elsevier, vol. 33(1), pages 88-98, January.
    11. Jane Jing Xu & Tsz Leung Yip, 2012. "Ship investment at a standstill? An analysis of shipbuilding activities and policies," Applied Economics Letters, Taylor & Francis Journals, vol. 19(3), pages 269-275, February.
    12. Yujiro Wada & Tatsumi Yamamura & Kunihiro Hamada & Shinnosuke Wanaka, 2021. "Evaluation of GHG Emission Measures Based on Shipping and Shipbuilding Market Forecasting," Sustainability, MDPI, vol. 13(5), pages 1-22, March.
    13. Siddiqui, Atiq W. & Basu, Rounaq, 2020. "An empirical analysis of relationships between cyclical components of oil price and tanker freight rates," Energy, Elsevier, vol. 200(C).
    14. Photis M. Panayides, 2006. "Maritime policy, management and research: role and potential," Maritime Policy & Management, Taylor & Francis Journals, vol. 33(2), pages 95-105, May.

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