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

Qiang Meng and Tingsong Wang

Transportation Research Part E: Logistics and Transportation Review, 2011, vol. 47, issue 4, 401-413

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.

Keywords: Multi-period; liner; ship; fleet; planning; Scenario; decision; tree; Dynamic; programming; model; Integer; linear; programming; model (search for similar items in EconPapers)
Date: 2011
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Citations: View citations in EconPapers (33)

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