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A scenario-based dynamic programming model for multi-period liner ship fleet planning

  • Meng, Qiang
  • Wang, Tingsong
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    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.

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    Article provided by Elsevier in its journal Transportation Research Part E: Logistics and Transportation Review.

    Volume (Year): 47 (2011)
    Issue (Month): 4 (July)
    Pages: 401-413

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    Handle: RePEc:eee:transe:v:47:y:2011:i:4:p:401-413
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