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Identify determinants of container ship size investment choice 确定集装箱船规模投资选择的决定因素
IF 3.5 3区 工程技术 Q1 Social Sciences Pub Date : 2021-08-31 DOI: 10.1080/03088839.2021.1971784
Lixian Fan, Jiaqi Xie
ABSTRACT In one of the most capital-intensive industries in the world, the investment decisions of container shipping companies, especially concerning new ships, are crucial to the success of companies. This study investigates shipowners’ ship choice decisions and ship size preference through multinomial logit models using a dataset compiled by Clarkson Research Services Limited. The model incorporates the factors that affect ship size choice from three aspects: the internal traits of companies (company trait), the environment of the shipping market (market-driven strategy) and the performance of rivals (competition strategy). Different factors have different influences on shipping companies’ ship choice behaviour and ship size preference in different market situations. From a market-driven perspective, the high new-built ship price makes companies choose small ships. In a prosperous market, when freight rates are high, medium-sized vessels are preferred, and investment in large vessels is less likely. From the company attributes perspective, the empirical estimation shows that larger container ships are preferred by larger shipping companies. When it comes to competitive strategy, shipping companies will be more inclined to choose larger ships when they see capacity expansion among their competitors. These results confirm the nature of an oligopolistic market structure of the container market.
作为世界上资本密集程度最高的行业之一,集装箱航运公司的投资决策,尤其是新船的投资决策,对公司的成功至关重要。本研究利用克拉克森研究服务有限公司编制的数据集,通过多项logit模型调查船东的船舶选择决策和船舶尺寸偏好。该模型从公司内部特征(公司特征)、航运市场环境(市场驱动战略)和竞争对手绩效(竞争战略)三个方面纳入了影响船舶尺寸选择的因素。在不同的市场环境下,不同的因素对航运公司的船舶选择行为和船舶尺寸偏好有不同的影响。从市场驱动的角度来看,高昂的新建船价格使得企业选择小型船舶。在运价较高的繁荣市场中,中型船是首选,大型船的投资较少。从公司属性的角度来看,实证估计表明,较大的航运公司偏好较大的集装箱船舶。在竞争策略方面,航运公司在看到竞争对手的运力扩张时,会更倾向于选择更大的船舶。这些结果证实了集装箱市场的寡头垄断市场结构的性质。
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引用次数: 3
Analysis and prediction of ship energy efficiency based on the MRV system 基于MRV系统的船舶能效分析与预测
IF 3.5 3区 工程技术 Q1 Social Sciences Pub Date : 2021-08-31 DOI: 10.1080/03088839.2021.1968059
Ran Yan, Haoyu Mo, Shuaian Wang, Dong Yang
ABSTRACT To reduce CO2 emissions from shipping activities to, from, and within the European Union (EU) area, a system of monitoring, reporting, and verification (MRV) of CO2 emissions from ships are implemented in 2015 by the EU. Although the MRV records in 2018 and 2019 have been published, there are scarce studies on the MRV system especially from a quantitative perspective, which restrains the potential of the MRV. To bridge this gap, this paper first analyzes and compares MRV records in 2018 and 2019, and then develops machine learning models for annual average fuel consumption prediction for each ship type combining ship features from an external database. The performance of the prediction models is accurate, with the mean absolute percentage error (MAPE) on the test set no more than 12% and the average R-squared of all the models at 0.78. Based on the analysis and prediction results, model meanings, implications, and extensions are thoroughly discussed. This study is a pioneer to analyze the emission reports in the MRV system from a quantitative perspective. It also develops the first fuel consumption prediction models from a macro perspective using the MRV data. It can contribute to the promotion of green shipping strategies.
为了减少往返欧盟(EU)地区和欧盟内部航运活动的二氧化碳排放,欧盟于2015年实施了船舶二氧化碳排放监测、报告和核查(MRV)系统。虽然2018年和2019年的MRV记录已经公布,但对MRV系统的研究,特别是从定量角度的研究还比较少,这制约了MRV的潜力。为了弥补这一差距,本文首先对2018年和2019年的MRV记录进行了分析和比较,然后结合外部数据库中的船舶特征开发了机器学习模型,用于预测每种船型的年平均燃料消耗。预测模型性能准确,测试集上的平均绝对百分比误差(MAPE)不超过12%,所有模型的平均r平方为0.78。在分析和预测结果的基础上,深入讨论了模型的意义、含义和扩展。本研究首次从定量角度分析MRV系统中的排放报告。同时,利用MRV数据从宏观角度开发了首个油耗预测模型。它可以促进绿色航运战略的推广。
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引用次数: 6
Grey clustering evaluation of service capacity of cruise homeports in China 中国邮轮母港服务能力的灰色聚类评价
IF 3.5 3区 工程技术 Q1 Social Sciences Pub Date : 2021-08-25 DOI: 10.1080/03088839.2021.1968058
Juan Li, Rong Zhang, Bin Liu
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引用次数: 7
A bi-objective programming model for loading finished-vehicles in containers with adjustable brackets 可调支架集装箱装载整车的双目标规划模型
IF 3.5 3区 工程技术 Q1 Social Sciences Pub Date : 2021-08-18 DOI: 10.1080/03088839.2021.1958020
Zhijia Tan, Shuai Shao, Zhixin Wang, Hua Wang, Linghui Han
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引用次数: 0
Predicting maritime accident consequence scenarios for emergency response decisions using optimization-based decision tree approach 基于优化的决策树方法预测海事事故后果情景
IF 3.5 3区 工程技术 Q1 Social Sciences Pub Date : 2021-08-17 DOI: 10.1080/03088839.2021.1959074
Baode Li, Jing Lu, Hangyu Lu, Jing Li
ABSTRACT Emergency response decision-making for maritime accidents needs to consider the possible consequences and scenarios of an accident to develop an effective emergency response strategy to reduce the severity of the accident. This paper proposes a novel machine learning-based methodology for predicting accident scenarios and analysing its factors to assist emergency response decision-making from an emergency rescue perspective. Specifically, the accident data used are collected from maritime accident investigation reports, and then two types of decision tree (DT) algorithms, classification and regression tree (CART) and random forest (RF), are used to develop scenario prediction models for three accident consequences including ship damage, casualty, and environmental damage. The hyper-parameters of these two DT algorithms are optimized using two state-of-the-art optimization algorithms, namely random search (RS) and Bayesian optimization (BO), respectively, aiming to obtain the prediction model with the highest accuracy. Experimental results reveal that BO-RF algorithm produces the best accuracy as compared to others. In addition, an analysis of feature importance shows that the number of people involved in an accident is the most important driving factor affecting the final accident scenario. Finally, decision rules are generated from the obtained optimal prediction model, which can provide decision support for emergency response decisions.
摘要海事事故应急决策需要考虑事故可能产生的后果和情景,以制定有效的应急策略来降低事故的严重程度。本文提出了一种新的基于机器学习的方法来预测事故场景并分析其因素,以从应急救援的角度辅助应急决策。具体而言,所使用的事故数据是从海事事故调查报告中收集的,然后使用两种类型的决策树(DT)算法,即分类和回归树(CART)和随机森林(RF),来开发三种事故后果的情景预测模型,包括船舶损坏、人员伤亡和环境破坏。这两种DT算法的超参数分别使用两种最先进的优化算法,即随机搜索(RS)和贝叶斯优化(BO)进行优化,旨在获得最高精度的预测模型。实验结果表明,与其他算法相比,BO-RF算法产生了最好的精度。此外,对特征重要性的分析表明,事故中涉及的人数是影响最终事故场景的最重要驱动因素。最后,根据得到的最优预测模型生成决策规则,为应急决策提供决策支持。
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引用次数: 5
An overview of maritime logistics: trends and research agenda 海运物流概览:趋势和研究议程
IF 3.5 3区 工程技术 Q1 Social Sciences Pub Date : 2021-08-09 DOI: 10.1080/03088839.2021.1962557
Seçil Gülmez, Gül Denktaş Şakar, S. Baştuğ
ABSTRACT The increasing importance of maritime transportation in entire logistics flows have increased the interest in maritime logistics. Despite the growing body of the literature on this emerging discipline, there is lack of a detailed investigation regarding the categorization and emerging topics. The primary aim of this study is to analyse the advances in the literature and to suggest a research agenda for this concept by exploring the main research domains in this phenomenon. To achieve these aims, this study adopts content analysis-based review method to examine the concept and citation analysis to explore the latent structure of maritime logistics. The research streams have been obtained through two databases; the main themes, highlighted topics, and related analytical categories have been investigated through content analysis. Citation and co-citation analysis were conducted to understand the intellectual structure of the studies and the relationship of the analytical categories. The study presents a comprehensive synthesis of existing research suggesting a systematic source of information for both scholars and practitioners, shaping the future research agenda. The findings indicate that there is an increasing emphasis on design, optimization, and planning of port and ship operations while sustainability and marketing perspectives are somehow neglected in the researches.
海上运输在整个物流流中的重要性日益增加,增加了人们对海上物流的兴趣。尽管关于这一新兴学科的文献越来越多,但缺乏关于分类和新兴主题的详细调查。本研究的主要目的是分析文献的进展,并通过探索这一现象的主要研究领域,为这一概念提出研究议程。为达到上述目的,本研究采用基于内容分析的综述方法对概念进行检验,并采用引文分析来探索海洋物流的潜在结构。研究流是通过两个数据库获得的;通过内容分析,研究了主要主题、重点主题和相关的分析类别。通过引用和共被引分析来了解研究的知识结构和分析类别之间的关系。该研究对现有研究进行了全面的综合,为学者和实践者提供了系统的信息来源,塑造了未来的研究议程。研究结果表明,人们越来越重视港口和船舶运营的设计、优化和规划,而可持续性和市场营销的观点在某种程度上被忽视了。
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引用次数: 5
Development of a sentiment measure for dry bulk shipping 干散货航运情绪测度的发展
IF 3.5 3区 工程技术 Q1 Social Sciences Pub Date : 2021-08-09 DOI: 10.1080/03088839.2021.1959076
Theodoros Gavriilidis, A. Merika, A. Merikas, Christos Sigalas
ABSTRACT We developed a market sentiment measure for freight markets of the dry bulk shipping segment. Initially, keywords with positive and negative sentiment connotation were identified, and their relative importance was estimated, by administering two surveys with industry stakeholders. Next, a self-developed search algorithm software was developed to scan over 9,500 articles in shipping press, during 2008–2018, in order to calculate keywords’ frequencies. Following the construction of the sentiment measure, its validity was assessed with a system of simultaneous equations. Among others, our empirical results indicate a bidirectional relationship between market sentiment and maritime seaborne economic activity. The findings yield important implications for practitioners in maritime shipping industry.
我们开发了干散货航运部分货运市场的市场情绪措施。首先,通过对行业利益相关者进行两次调查,确定了具有积极和消极情绪内涵的关键词,并估计了它们的相对重要性。接下来,我们开发了一个自主开发的搜索算法软件,扫描了2008年至2018年期间的9500多篇航运报刊文章,以计算关键词的频率。在构建情绪测度之后,用联立方程组对其有效性进行评估。其中,我们的实证结果表明市场情绪与海运经济活动之间存在双向关系。研究结果对航运业从业者具有重要意义。
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引用次数: 3
Enablers of safety citizenship behaviors of seafarers: leader-member exchange, team-member exchange, and safety climate 海员安全公民行为的促成因素:领导成员交流、团队成员交流和安全氛围
IF 3.5 3区 工程技术 Q1 Social Sciences Pub Date : 2021-08-08 DOI: 10.1080/03088839.2021.1959077
Shiou-Yu Chen, Chin-Shan Lu, Kung-Don Ye, K. Shang, Jiunn-Liang Guo, Jeff Pan
ABSTRACT This study examines the organizational factors, leader-member exchange (LMX), and team-member exchange (TMX) affecting seafarers’ safety citizenship behavior (SCB) in respect of seafaring lives. Accordingly, we investigate the moderating effect of the safety climate on these relationships. Questionnaire surveys were collected from 283 seafarers in Taiwan’s shipping industry. Partial Least Squares-Structural Equation Modeling (PLS-SEM) was employed to test the hypothesized causal relationships and moderating effect. The results showed that each of the safety climate, LMX and TMX were significantly related to the seafarer’s SCB; specifically, the safety climate strengthened the relationship between LMX and the seafarer’s SCB, but its effect on the relationship between TMX and seafarer’s SCB was insignificant. This study contributes to the academic literature on safety since it demonstrates the moderating role of the safety climate in linking LMX, TMX, and safety citizenship behavior that has been underestimated in previous research. We suggest that marine masters and shipping companies should specifically consider the influence of LMX and TMX within a ship, and reinforce a safety climate to improve safety performance.
摘要本研究探讨了组织因素、领导-成员交换(LMX)和团队-成员交换(TMX)对海员安全公民行为(SCB)的影响。因此,我们研究了安全气候对这些关系的调节作用。本研究以283名台湾航运业船员为对象,进行问卷调查。采用偏最小二乘-结构方程模型(PLS-SEM)对假设的因果关系和调节效应进行检验。结果表明:安全气候、LMX和TMX均与海员SCB显著相关;其中,安全气候强化了LMX与海员SCB之间的关系,但对TMX与海员SCB之间的关系影响不显著。本研究为安全的学术文献做出了贡献,因为它证明了安全气候在连接LMX、TMX和安全公民行为方面的调节作用,这在以前的研究中被低估了。我们建议船长和航运公司应特别考虑LMX和TMX对船舶的影响,并加强安全氛围以提高安全绩效。
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引用次数: 3
What moves shipping markets?: A variance decomposition of price–charter ratios 是什么推动了航运市场?:价格包租比率的方差分解
IF 3.5 3区 工程技术 Q1 Social Sciences Pub Date : 2021-08-08 DOI: 10.1080/03088839.2021.1940335
Hyun-Tak Lee, Heesung Yun
ABSTRACT This paper studies the dynamic relationship between ship prices and operating profits by using the fact that these two factors are cointegrated. To conduct an empirical analysis, we select Panamax 76K 5-year second-hand prices and 1-year time charter rates, and then define their linear combination as a log price–charter ratio. We find that almost all variations in price–charter ratios correspond to changing expectations about future returns. This finding implies that the mean reversion in price–charter ratios arises mainly from ship prices as prices tend to move toward operating profits. The implication is that price–charter ratios can be used to schedule ship investment timing. When unexpected down-side risks occur, one preemptive action to minimize additional losses is to lower vessel exposure right away before ship prices plummet in accordance with movements in the freight market.
本文利用这两个因素的协整性,研究了船舶价格与营业利润之间的动态关系。为了进行实证分析,我们选择了巴拿马型760K 5年二手车价格和1年定期租船费率,然后将它们的线性组合定义为对数价格-租船比率。我们发现,几乎所有价格-租船比率的变化都与对未来回报的预期变化相对应。这一发现意味着,随着价格趋向于运营利润,租船价格比的平均回归主要来自船舶价格。这意味着价格-租船比率可以用来安排船舶投资的时间。当意外的下行风险发生时,为了最大限度地减少额外损失,一种先发制人的行动是在船舶价格根据货运市场的变化暴跌之前立即降低船舶风险。
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引用次数: 0
Stock market reactions of maritime shipping industry in the time of COVID-19 pandemic crisis: an empirical investigation 新冠肺炎疫情危机时期海运业的股票市场反应——一项实证研究
IF 3.5 3区 工程技术 Q1 Social Sciences Pub Date : 2021-08-02 DOI: 10.1080/03088839.2021.1954255
Md Rajib Kamal, M. A. H. Chowdhury, Md. Mozaffar Hosain
ABSTRACT This study examines the stock markets’ response to the maritime shipping industry during the COVID-19 pandemic. Using the daily data of the listed shipping companies in the New York Stock Exchange (NYSE), this study adopted the event study methodology to find the short-term effects of this outbreak. We classified the four initial COVID-19 outbreak news events as pessimistic and four subsequent events as optimistic. We find that the maritime stocks reacted negatively in responses to the critical COVID-19 declarations during cynical events. The investors’ reactions reached the lowest minimum values (−20.73%) when the announcement of COVID-19 was a worldwide pandemic by the WHO and the travel ban by the US from 26 European countries. However, some initiatives such as extra-economic stimulus by the United States attained the highest positive reaction (12.45%). The event study’s findings are also primarily corroborated by in-depth financial performance analysis of individual companies. In general, our findings suggest that stock markets react quickly to news about the COVID-19 pandemic, and this response varies with the level of outbreak and hope of recovery.
本研究考察了2019冠状病毒病大流行期间股票市场对航运业的反应。本研究利用纽约证券交易所(NYSE)上市航运公司的日常数据,采用事件研究方法寻找此次疫情的短期影响。我们将最初的四次COVID-19疫情新闻事件归类为悲观事件,随后的四次事件归类为乐观事件。我们发现,在愤世嫉俗的事件中,海上股票对关键的COVID-19声明做出了负面反应。当世界卫生组织宣布新冠肺炎为全球大流行和美国对欧洲26个国家实施旅行禁令时,投资者的反应达到了最低值(- 20.73%)。然而,一些举措,如美国的额外经济刺激,获得了最高的积极反应(12.45%)。事件研究的发现也主要得到了个别公司深入财务业绩分析的证实。总体而言,我们的研究结果表明,股市对COVID-19大流行的消息反应迅速,这种反应因疫情程度和复苏希望而异。
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引用次数: 18
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Maritime Policy & Management
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