Using Incentives to Reduce Bycatch and Discarding: Results Under the West Coast Catch Share Program

Abstract

Catch share management was implemented in the bottom trawl sector of the West Coast Groundfish fishery in 2011 to address a range of issues including high bycatch and discard rates. The catch share program was designed to remove the incentives to discard through full catch accounting, tradeable quotas, increased flexibility in fishing, and penalties for catch overages. We assess the effectiveness of the program in meeting its environmental objectives by comparing discard weights, proportions, and variability from 2004–2010 with 2011–2016. We analyzed these metrics for species managed using quota, including historically overfished stocks, as well as for non-quota species caught in the fishery. Discard amounts decreased over time for all species and declined to historic lows after the implementation of the program, remaining low through 2016 with much less inter-annual variability. Mean annual discards of two highly-targeted quota species, sablefish and Dover sole, showed the greatest decreases, falling by 97 and 86%, respectively. The discard proportion of overfished quota species fell by 50% on average. The unanticipated decline in discards of non-quota species as well as the decreased variability in discard amounts for all species indicate that the incentives produced by catch share management provided additional ecosystem benefits.     

Implementation Challenges for Quota Set-Asides: Policy Analysis to Inform Fisheries Management Decision-Making

Abstract

The implementation of catch share programs can have socio-economic and ecological benefits, yet may also change the distribution of those benefits within a fishery or across communities. Quota set-asides can mitigate the impacts of these changes. During the implementation of the West Coast groundfish trawl catch share program, 10% of the quota was set aside to be used toward five goals in the Adaptive Management Program (AMP). This quota was to serve as an insurance policy during the substantial changes that were expected to occur under the new management regime. However, this program has not yet been fully developed, in part due to delayed decision-making and the controversial nature of allocating quota. Here, we examine and score six policy options for the AMP against four criteria: effectiveness, flexibility, political viability, and implementability. While each of the options has strengths and weaknesses, those that ranked highly include allocating quota pounds (QP) via the status quo and via auction. Our results highlight the drawbacks of delaying contentious decisions, where uncertainty for participants can constrain operational decisions and subsequent economic gains. We demonstrate the utility of this decision-making framework for evaluating tradeoffs between alternatives, especially for a program with multiple, competing objectives.     

定期租船合同中租金的确定

船舶营运中,船舶经营人以期租方式将船租给承运人时,运价的确定是租船合同中一项重要的内容。从船舶经营人的角度出发,通过分析船舶营运成本,将上述复杂的计算编制成简明的EXCEL计算程序,以期对船舶经营人有所裨益。     

Estuary Management and Recreational Fishing Benefits

Recognition of the benefits to society supported by estuary ecosystem functions and services, and threats to these benefits posed by human activities, has led to various public programs to restore and protect estuaries at the federal, state, and local levels. As available budgets shrink, program administrators and public elected officials struggle to allocate limited restoration and protection funds to the highest priority areas. Economic benefit and cost information can provide useful inputs into this decision-making process by quantifying estuary restoration and protection benefits and costs in commensurate terms. In this paper, a combined actual and intended travel behavior model is described that can be applied to estimate the recreational fishing benefits of estuary restoration and protection. The model was estimated for recreational fishing in the Lower Atchafalaya River Basin estuary along the Gulf of Mexico, Louisiana, USA coast. Changes in freshwater flows into this estuary may affect redfish and speckled trout game fish populations. The model indicates that changes in catch rates of these two species would have a relatively minor affect on annual fishing trips per angler. However, because total effects may be large when effects per angler are aggregated across total anglers, resource management agencies should consider these changes in recreation benefits when evaluating projects that influence the ecology of coastal estuaries, fish populations, and catch rates. Moreover, in other coastal areas or situations, the responsiveness of angling trips to changes in catch rates may vary because of differences in user populations, environmental conditions, fish populations, and fishing experiences.     

质量目标管理是提高产品质量的关键点

质量目标管理是有效提高产品质量的关键点,文章从科学制订、分解下达、严格考核、评审和改进质量目标等四个方面简要地介绍了一种质量目标管理方法。     

Lessons from bankruptcy of Hanjin Shipping Company in chartering

This paper aims to analyze the charter contract management of major container shipping companies in response to fluctuations in shipping market conditions in terms of contract duration using data of containerships between 2010 and 2016. Duration analysis was conducted to examine the relationship between charter duration and shipping market conditions. Moreover, this paper explores the causes of Hanjin Shipping Company’s bankruptcy, drawing managerial implications. Test results from Cox PH (Proportional Hazard) model show that most container shipping companies in Europe having net earnings purchased large vessels instead of chartering vessels, while some ocean carriers featuring poor financial performance, in particular the Hanjin Shipping Company, chartered bigger ships with higher charter rates and longer duration. Contract charter rates and duration of Hanjin Shipping Company featured greater risk compared to competitors.     

水运工程施工单位企业定额发展现状及分析

针对企业定额在国内水运工程施工单位企业管理中使用率低、准确率低、编制水平低的问题,进行企业定额发展状况研究,并与国外先进施工企业发展理念进行比较,分析制约企业定额发展的主要因素,提出成立预算管理部门、数据收集注重时效性、实行数据库动态管理等发展企业定额的措施,为充分发挥企业定额的重要作用提供理论依据。     

Economic Outcomes for Harvesters under the West Coast Groundfish Trawl Catch Share Program: Have Goals and Objectives Been Met?

Abstract

The West Coast Groundfish Trawl Catch Share Program was designed to achieve multiple economic goals and objectives, including increasing net benefits, profitability, flexibility, and utilization of harvest allocations. In this article, we leverage seven years of comprehensive cost and earnings data to evaluate progress towards these goals with a focus on harvesters. Our assessment shows that five years post-implementation, net benefits to the nation have doubled, and indicators of productivity and profitability have increased. The fleet that targets Pacific whiting has seen the largest gains, due in part to increases in total allowable catch and the elimination of the race-to-fish. However, increased revenues have not been realized to the degree that was expected for harvesters targeting non-whiting groundfish, partly due to lower than predicted consolidation and relatively low quota utilization. Economic outcomes indicate that tradeoffs exist between certain objectives of the program, specifically between achieving full utilization and flexibility for harvesters. Results are discussed in the context of the design and evaluation of catch share programs for diverse, multispecies fisheries.     

论光船租赁权的物权性质

租赁合同在当事人之间既产生债权法律关系,又产生物权法律关系。租赁权的法律性质应当是用益物权性质。光船租赁中的承租人具有船舶所有人的某些权能,其光船租赁权属于自物权。     

Effect of risk preference on the valuation of time charter contracts with extension options

ABSTRACT

The literature on valuation of time charter contracts and real options in shipping generally relies on the complete markets hypothesis and the risk-neutrality of agents. However, these assumptions fail completely in some shipping market segments. This study proposes a numerical approach—based on discounting the certainty equivalent payoff at the risk-free rate—which incorporates the agent’s risk preferences through an exponential utility function. The method comprises an iterative Monte Carlo nested simulation with the real probability measure. This method is applied to a case of Suezmax tankers. The stochastic evolution of the time charter rates is modelled as a geometric mean-reverting process. The case study supports the applicability of the proposed method and evidences that the effect of risk preference may be significant, mainly for more risk-averse agents. Although the method involves intensive computation, it has the benefits of theoretical ease and flexibility, which could encourage utilisation by practitioners.     

购建船舶与融资租赁船舶的财务决策研究

自上世纪九十年代以来 ,融资租赁船舶由于其投融资的特殊性在我国航运企业逐渐增多 ,如何进行购建船舶与融资租赁船舶的财务决策成了航运经济界探讨的一个重要问题。提出一种购建船舶与融资租赁船舶的差异现金流量财务决策方法 ,建立了在相同的财务风险条件下 ,购建与融资租赁船舶财务决策过程中租赁租金支付的盈亏平衡点公式 ,对这一盈亏平衡点公式作了进一步的论证。举例表明 ,所建立的融资租赁船舶租金支付的盈亏平衡点确定公式可以使购建船舶与融资租赁船舶的财务决策变得便捷而有效 ,对于其他行业购置与融资租赁某一资产的财务决策同样可以应用。     

Price formation of dry bulk carriers in the Chinese shipbuilding industry

In this paper, we present, for the first time, the price formation of Chinese dry bulk carriers based on the historical shipbuilding contract prices. Price determinants include generic market factors as well as Chinese elements. Principal component regression analysis is employed as the solution for the multicollinearity problem among explanatory variables. The result indicates that the time charter rate has the most significant positive impact on shipbuilding price; increases in three other factors, namely the cost of shipbuilding, the price-cost margin and the shipbuilding capacity utilisation, have positive influences in the descending order. Unlike the traditional perception of newbuilding price that shipbuilding cost has the most significant effect, we assert that the most important role the time charter rate plays is attributed mainly to the ‘China Factor’ in the bulk carrier sector. In addition, simulations are performed to investigate what would happen to the Chinese dry bulk carrier prices under changes in the time charter rate and shipbuilding cost. The findings are useful for Chinese shipyards, shipowners and emerging shipbuilders.     

Adapting to Catch Shares: Perspectives of West Coast Groundfish Trawl Participants

Abstract

Catch share programs are used in fisheries management to meet goals such as species recovery, overcapacity reduction, and economic efficiency. Anticipated impacts include fleet consolidation, infrastructure reduction, and social disruption within communities. The Pacific Coast Groundfish Fishery Social Study (PCGFSS) aims to understand social changes related to the recently implemented West Coast Groundfish Trawl Catch Share Program. In this article, we use a subset of PCGFSS data to explore the ways remaining fishery participants have thus far adapted to catch shares. While some vessels have left the fishery, we found that many participants are adapting to this catch shares program despite challenges. Quota leasing strategies, fishery diversification, gear innovation, and community quota funds are some of the tools participants are using to continue operating under the catch shares program. These early challenges and adaptations to the catch share program are worthy of continued tracking, as researchers, managers, and fishing communities, would benefit by considering first-hand perspectives of the on-the-ground realities of harvesting groundfish in the rationalized fishery.     

U.S. Fishery Management Councils as Ecosystem-Based Management Policy Takers and Policymakers

The United States has a new national ocean policy that adopts ecosystem-based management (EBM) as its first principle for managing U.S. ocean spaces and marine resources. However, U.S. laws that govern the uses of ocean spaces present a challenging tangle of authorities and mandates that do not easily facilitate ecosystem-based policies. For over 30 years, U.S. marine fisheries management has been guided by eight Regional Fishery Management Councils. Working under the many laws that guide setting stewardship priorities for ocean ecosystems, councils provide the Federal Government with advice on fisheries harvest levels, fish habitat protections, and fishing community needs. Implementing EBM for any ocean ecosystem requires a careful examination of the laws and policy processes that affect human interaction with that ecosystem. This article explores the U.S. perspective on federal ecosystem-based fisheries management, its part in U.S. national ocean policy, and how fishery management councils might position themselves as both EBM policymakers and policy takers for ocean resource management.     

Valuation of VLCCs under income uncertainty

In this paper two alternative ways of modelling the stochastic nature of the time charter equivalent spot rate in the market for Very Large Crude Carriers (VLCC) are presented. It has been proposed that the freight rate follows an Ornstein-Uhlenbeck process. We follow up this approach of relating uncertainty directly to the rate process itself by suggesting a geometric mean reversion process. Empirical findings are presented. Then we address the question of valuing a VLCC. Due to the presence of uncertainty, flexibility to choose operation policy influences the value. We focus on lay up and scrapping as alternatives to spot operation. The option to lay up is relatively more important for a new vessel than for an old one, whereas the option to scrap becomes relatively more valuable as the vessel gets older.     

基于PSO-BP神经网络的船体分段任务包工时定额模型

为解决船体分段任务包工时定额的计算过度依赖线性公式而忽略工时定额与工艺参数之间的非线性关系的问题,提高工时定额计算的效率和精确度,将PSO-BP神经网络技术应用到船体分段任务包工时定额中。通过对影响船体分段中间产品额定工时的工艺参数进行分析,建立多输入单输出的PSO-BP神经网络模型,并应用实际数据对PSO-BP神经网络进行训练,测试仿真结果与实际值之间的误差在允许范围内。验证结果表明,采用PSO-BP神经网络建立船体分段任务包工时定额模型,能对任务包作业工时进行准确预测。     

船舶管件加工智能生产线的设计与实现

传统管件加工车间依靠工人进行劳动密集型加工、储运,对生产过程数据和质量数据缺乏必要的管控手段和技术。通过梳理工艺流程,并将智能制造理念与传统管件加工生产线现有的制造模式深度融合,设计一条面向中小管件柔性加工的管法兰焊接加工无人生产线。通过现场运行调试,实现管法兰焊接生产线的可靠、稳定运行,提高焊接质量和生产效率,满足企业的预期要求。     

The Origins and Early Implementation of the Magnuson-Stevens Fishery Conservation and Management Act of 1976

The Magnuson-Stevens Fishery Management and Conservation Act, enacted in 1974, is the primary federal fishery management legislation in the United States. The political impetus that led to enactment was the extensive foreign fish off U.S. shores that expanded following World War II and the failure of international negotiations to prevent the decline in many fisheries relied upon by domestic fishers. In Congress, there was uncertainty as to whether a comprehensive management program would be created along with a unilateral extension of fishery management jurisdiction out to 200 nautical miles. The delay in agreement over a new United Nations Law of the Sea Treaty and resolution of the extent of coastal nation jurisdiction over fisheries culminated in enactment of the legislation sponsored by Senator Warren Magnuson, a Democrat from Washington State, and Senator Ted Stevens, a Republican from the State of Alaska.     

Economic value of fish,wildlife, and recreation in Michigan's coastal wetlands

On the basis of annual expenditures by recreational participants and standard values of recreation days, as well as estimated sport and commercial harvests, the gross annual return from Michigan's 105,855 acres of coastal wetlands has been estimated. Analysis of fish, wildlife, and recreational values revealed that in 1977 these wetland areas generated an economic value of $489.69 per wetland acre, for a direct annual gross of $51.8 million. Specifically, these average return values per wetland acre/year, in descending order, are sport fishing ($286), nonconsumptive recreation ($138.24), waterfowl hunting ($31.23), trapping of furbearers ($30.44), and commercial fishing ($3.78). These gross annual return values were calculated in an effort to sensitize the general public to the diversity and possible magnitude of selected wetland functions.     

Management of corals and coral ecosystems in the United States

Abstract

Corals and coral communities provide substantial societal benefits by virtue of their recreational and esthetic appeal, the habitat provided for commercially harvested fish and shellfish, the structural foundation provided for productive coastal ecosystems, and the market value of harvested coral specimens. Coral resources are subject to adverse effects from pollution, dredging, specimen collecting, anchor damage, commercial fishing, overharvesting, and activities related to offshore petroleum development. Management programs which protect coral resources in the United States comprise a patchwork of separate federal and state programs. They attempt to adapt broad regulatory authorities for parks, fisheries, offshore mineral resources, and other subjects for the purpose of coral conservation. These programs embody species‐specific, area‐specific, and generic approaches to coral management. This paper traces the evolution of U.S. coral management programs and comments on their respective strengths and weaknesses. Alternative approaches for strengthening management systems could include new coordinating committees, legislation, memoranda of agreement between involved agencies, and others.