Changes in the external costs of freight surface transport In Spain

This paper studies the external costs of surface freight transport in Spain and finds that a reduction occurred over the past15 years. The analysis yields two conclusions: trucks have experienced a reduction in external costs, and rail has lower externalities. The external costs of road freight transport decrease between 1993 and 2007 (44%). The external costs of rail freight increase by 12%. During this period, the external costs of road freight related to climate increase by 16%, oppositely than those from air pollution and accidents (51 and 44%). The external costs of rail related to pollutant emissions and climate increase by 4% and 43%. Oppositely, the external costs related to accidents decrease by 27%. Road freight generates eight times the external costs of rail, 2.35 Euro cents per tonne kilometre in 2005 (5.6% accidents, 74.7% air pollution and 19.7% climate) vs. 0.28 (13.4% accidents, 53.9% air pollution and 32.7% climate).     

Impacts of increased rail infrastructure charges in Sweden

The impacts of the already decided increase in rail infrastructure charges in Sweden are described for various market segments within the rail transport system and on the aggregate level for society as a whole. The need for complementary measures in the road transport system is also discussed. Likewise, the paper also mentions the impact of increased rail infrastructure charges on certain significant industrial sectors. An increase in rail charges may reduce social welfare even though the reduction in rail transport mileage is small. This is mainly due to large non-internalised absolute externalities for road freight. For commuter trains, the infrastructure charges' share of the costs of rail transport is expected to rise to 13 percent, which in an international perspective still will be small.     

The impact of dry port operations on container seaports competitiveness

The concepts of intermodal logistics and distribution networks have made integration of the inland freight distribution system essential for an efficient container seaport system. Inland components, such as dry ports, which exist within the seaport system, have become important in shaping the performance and competitive strategies of container seaports. Owing to the importance of interdependence between dry ports and container seaports, this paper aims to investigate the impact of dry port operations on container seaport competitiveness. It conducted an empirical study in Malaysia through 120 online surveys to key stakeholders of dry ports, including freight forwarders, shippers, seaports, rail operator, shipping lines, and haulers. The data collected were analysed using exploratory factor analysis (EFA). The results from EFA show that Malaysian dry port operations have impacts on seaport competitiveness. These include enhancing seaport performance, increasing service variations for seaports, improving seaport-hinterland proximity, increasing seaport trade volume, and enhancing seaport capacity.     

The role for rail in port-based container freight flows in Britain

As supply chains become increasingly global and companies seek greater efficiencies, the importance of good, reliable land-based transport linkages to/from ports increases. This poses particular problems for the UK, with its high dependency on imported goods and congested ports and inland routes. It is conservatively estimated that container volumes through British ports will double over the next 20 years, adding to the existing problems. This paper investigates the potential for rail to become better integrated into port-based container flows, so as to increase its share of this market and contribute to a more sustainable mode split. It identifies the trends in container traffic through UK ports, establishes the role of rail within this market, and assesses the opportunities and threats facing rail in the future. The analysis combines published statistics and other information relating to container traffic and original research on the nature of the rail freight market, examining recent trends and future prospects. The paper concludes that this is an important market for rail, with considerable growth potential but to realize this it is important that a number of constraints are overcome, otherwise the long-term prospects for this rail market will be compromised.     

The role for rail in port-based container freight flows in Britain

As supply chains become increasingly global and companies seek greater efficiencies, the importance of good, reliable land-based transport linkages to/from ports increases. This poses particular problems for the UK, with its high dependency on imported goods and congested ports and inland routes. It is conservatively estimated that container volumes through British ports will double over the next 20 years, adding to the existing problems. This paper investigates the potential for rail to become better integrated into port-based container flows, so as to increase its share of this market and contribute to a more sustainable mode split. It identifies the trends in container traffic through UK ports, establishes the role of rail within this market, and assesses the opportunities and threats facing rail in the future. The analysis combines published statistics and other information relating to container traffic and original research on the nature of the rail freight market, examining recent trends and future prospects. The paper concludes that this is an important market for rail, with considerable growth potential but to realize this it is important that a number of constraints are overcome, otherwise the long-term prospects for this rail market will be compromised.     

新型交通工具在交通运输中的应用进展和展望

为了应对快速城镇化发展中的城市交通问题,城市新型交通工具发展迅速。文中综述了国内外11种新型交通工具的关键技术和特性,包括城市轨道交通、地面交通及航空交通,考察新型交通工具在公路、铁路、航空等不同模式下的具体应用,并从资源环境约束、技术经济性能、系统服务性能、产业发展潜力等方面讨论新型交通工具的发展态势。提出多模式一体化综合交通系统发展的关键特征在于共享、畅达、绿色、公平。     

Spatial efficiency in the bulk freight market

In the short run, there can be substantial differences in spot freight earnings between geographical regions of the global freight market for bulk carriers. Such differences can be consistent with an efficient market if they are temporary and if they cannot be exploited financially by pursuing chartering strategies that are based on publicly available information. In this paper, we apply a simple optimal switching model to evaluate whether such chartering strategies exist. We model the spot freight rate differential between the Atlantic and Pacific basins as a mean-reverting Ornstein–Uhlenbeck process and the entry–exit decision using the discount factor approach, which results in optimal trigger values for the entry/exit from each basin. Our empirical results suggest that the market is spatially efficient during normal freight market conditions when there is a surplus of vessels. The tight market conditions during the 2003–2008 freight market boom caused a persistent upward bias in Atlantic freight rates, but also here we find little added value from pursuing an active switching strategy.     

Development of Motorways of the Sea in the Adriatic region

Freight volumes are increasing worldwide, following almost the same growth rate as the Gross Domestic Product (GDP). This has resulted in congested sections of the road system and increase of traffic accidents. Consequently, several governments in Europe are promoting alternative modes of transport. Besides the use of railways, the European Union is promoting the use of maritime transport for short distances. This initiative, ‘Motorways of the Sea (MoS)’, aims at the establishment of more efficient and competitive maritime services between different countries. The present paper analyzes the development of an MoS network in the East Adriatic area, linking the Greek Ports of Igoumenitsa and Patras in the Ionian Sea. This is done by identifying financially viable MoS corridors, servicing the freight and passenger demand of the area. Initially, the freight and passenger flows of MoS in the East Adriatic/Ionian Seas region, based on the application of the four-step methodology for transport planning, are estimated. Then, the financial viability of each MoS is elaborated, based on the estimated flows. Hence, the network of MoS services is determined for the area. Thus, the paper provides a useful tool to maritime operators, port authorities and policy makers to investigate the financial viability of an MoS network.     

Rail vehicles,environment, safety and security

This paper starts with a discussion on typical vehicles. The concepts and the usual practice for rail wagon design, both freight and passengers are presented. A discussion on rail and the environment comes next followed by Truck-Trains. Accident theories, metaphors and investigation methods are widely discussed; Hazard – Barrier – Target Model, Swiss Cheese Model, Bow-Tie Model, Fault Tree Analysis and Event Tree Analysis are explained. This paper concludes with a technical discussion on safety and security of rail vehicles, standards for safety and measures against terrorist attacks.     

Combination hedging strategies for crude oil and dry bulk freight rates on the impacts of dynamic cross-market interaction

The fluctuation of freight rates revenue and the fierce volatility of oil cost are two of the most key risk exposures in the shipping industry. However, neglecting the dynamic interrelationship between the cost and the revenue markets leads to the overestimation or underestimation of hedging ratios, which makes the present single hedge strategy less efficient. This paper proposes an optimal combination hedging model for a shipowner trading the derivatives of crude oil and dry bulk freight rates simultaneously with the cross-market economic linkages. We investigate the impacts of spillover transmission, structural breaks, and dynamic conditional correlations (DCCs) on the optimal combination hedging trading. It is found that the significant volatility transmission between oil future and dry bulk forward freight agreements suggests a high dependence of the Capesize sector on the oil fluctuations, which means that the dynamic cross-market interactions have significant impacts on the aggregate risk exposures. Furthermore, the DCCs incorporating structural breaks significantly improve the performance of the combination hedge, which is superior to the two separate hedging strategies. Our study offers new insights into how the freight rates and oil markets relate to a combination hedging, which can be used to promote the risk management in the market.     

Results so far and prospects of Kazakhstan passenger rail franchising

From 1991 till 2004 passenger rail transportation in Kazakhstan was organized by a public company without financial contribution from the state budget. As in any post-Soviet country losses from passenger sector in the integrated rail company were covered at the expense of the freight transportations. From 2005 the Government is trying to introduce competition in passenger rail industry by competitive tendering rights to operate on particular route and providing subsidies.This paper reviews the Kazakhstan passenger rail franchising policy from statement and implementation with analysis of results so far. To get sense about the current policy’s perception survey among managers of the government bodies and railway companies had been performed. It indicates respondents’ opinion about main concerns and suggestions for improvement in passenger rail industry. According to provided analysis there are opportunities for improvements in operation of public and private companies as well as in the Government policy.     

Market efficiency in the bulk freight market revisited

Given that the freight rate is the price of a transportation service that cannot be traded or stored; the traditional form of the efficient market hypothesis (EMH) does not apply to the freight rate price process. However, the notion of market efficiency still applies in the freight market. In particular, under the hypothesis that the market is semi-strong-form efficient, it should not be possible to make excess profit by taking chartering positions in the freight market based on public information such as past levels of the spot freight rate or the shape of the term structure of freight rates. This paper contributes to the literature by proposing an alternative test of market efficiency in the bulk freight market. We utilize technical analysis based on the history of spot freight rates and investigate the profitability of such chartering strategies for a tanker operator. The chartering decisions are based on identification of the peaks and troughs in the freight market cycles using kernel smoothing of the spot freight rate history. The empirical results suggest that a large tanker operator (e.g. a pool) could have achieved significant profits without investing in ships by trading on such information, although this does not hold in the most recent subset of the sample.     

Competitiveness between short sea shipping and road freight transport in mainland port connections; the case of two Greek ports

While road freight transport is essential to any modern economy, short sea shipping (SSS) offers a competitive alternative mode of freight transport in terms of private and social costs, when applied in the connection of mainland ports. This mainly stems from the fact that within the context of the latter costs, accidents and environmental impacts in many road links constitute undesirable externalities with which road freight transport is heavily burdened. This paper compares the aforementioned economics of road and sea transport with reference to the connection of the port of Patra (the main western freight gate of Greece) with West Attica (the biggest Greek industrial centre), aiming at providing a viable solution towards the promotion of SSS in the transport chain between mainland ports.     

Panama Canal expansion: alleviating global climate change

This paper quantifies likely changes in greenhouse gas emissions which contribute to anthropogenic climate change, resulting from the expansion of the Panama Canal and the consequent increase in ship-borne commercial transportation from east Asia to the US east coast. Ocean transportation offers higher fuel economy and lower pollutant emissions compared with land transport. Additionally, truck and train transportation of cargo along the US land bridge threatens to overwhelm existing highway and rail systems and limit economic growth. The alternate transportation route for easterly transit of the Panama Canal will reduce overland traffic congestion and enhance economic development by maintaining freight flow efficiency.     

A journey from adversary to partnership bus reform in NSW

This paper continues to debate the importance of understanding in the NSW Bus reform process of the relationship between central agencies, service providers, the academic community, key consultants and contractors within the setting of the transport service organisation framework. Sydney is a modern city with heavy rail, light-rail, monorail and an extensive Harbour, with bus services owned by Government as well as private interests. The paper addresses the case for reforms, the approach taken, competition policy, the subsequent development of partnerships, performance of the regulator, passenger benefits, growth and the differences between Metropolitan/Outer Metropolitan and Regional and Rural bus services.     

The external cost of speed at sea: An analysis based on selected short sea shipping routes

According to the mid-term review of the EU White Paper on Transport, Short Sea Shipping (SSS) is expected to grow at a rate of 59% (metric tonnes) between 2000 and 2020. If we consider that the overall expected increase in both freight exchanges and volume is 50%, sea transport is one of the most feasible alternatives to reduce traffic congestion on European roads. Maritime transportation may compete with road transport as far as certain traffics are concerned, but only when assuming external costs. This paper analyzes several intermodal transport chains involving a sea leg by comparing the effect of pollutant emissions from different ship types and road transport in terms of potential external cost savings. The translation of these emissions into environmental costs shows, for certain conditions, savings in the case of sea transport that would justify the use of an environmental bonus to promote the sea option.     

Eastern/Western European shipping companies and multimodal transport operations

The purpose of this article is to discuss the current developments in multimodal cargo flows in North European freight transports from Eastern and Western European shipping companies' point of view. Four types of options were identified for shipping companies in multimodal transport operations, namely: (i) the full service operator option, (ii) the feeder operator option in container trades, (iii) the ro-ro operator option, and (iv) the ferry operator option. Option (i) requires a global transport network together with efficient information handling capabilities. This option can be reached by a limited number of mega-carriers. The scope of investment and know-how in this option is such that Eastern European operators are unlikely to achieve this level. In (ii), fleets from (or registered in) the former socialist countries have an advantage as low cost operators, provided that the quality of the operation conforms to principals' requirements. However, the supply side in the intra-European container feeder trades seems to be quite saturated, and new market shares will be very difficult to acquire in the 1990s. In ro-ro shortsea trades the major freight transport operators are well integrated into either freight forwarder driven arrangements (Sweden, Germany), or into major shippers (Finland). As providers of port-to-port transports for road-based cargoes, ferry operators continue to play an important part in international transports. However, the major incentive (and revenue) for passenger/car ferry operations is usually derived from consumers' vacational or travelling needs. Along with the ongoing transition process and a higher level of economic stability that is hopefully achieved in these countries, mergers and acquisitions by Western partners are likely to follow.     

Competing for level of service in the provision of mobility services: Concepts, processes and measures

One of the most striking problems societies currently deal with is to assure adequate quality standards while improving accessibility within and between cities. In addition there is also a growing awareness that, to achieve a sustainable balance between private and public means of mobility, policies have to be able to send the correct signals in order to induce users adaptive behaviour, which in turn will provide the system with a reliable feedback on the needs for further investment and expansion of transport facilities. The definition and measurement of quality of service of the transport system is thus an objective aimed by both users and producers and it is often represented by the rather holistic concept of Level of Service (LoS). However, the LoS concept is not consciously used by users, on the contrary the user concentrates her comparative evaluation on what is simply known as quality. It is the planner that translates planned quality into LoS concept. So, LoS is a concept at the interface between the provider and the user. Given the interface character of the LoS concept an accounting framework for LoS should thus take into account the need to segregate the evaluation for passengers and freight transport and also distinguish between types of travellers in the case of passenger transport and types of commodities or logistic families in the case of freight transport. Moreover the bridge between the planner and the user view must be ensured. This paper reports the results of a research work dedicated to this topic.     

The value of options for time charterparty extension: an artificial neural networks (ANN) approach

The most frequently associated options in the physical shipping market are options to extend the charter period on time charters and additional shipment options on contracts of affreightment. The value of freight options, in practice, is estimated mostly by referring to forward curves. An option on freight has different properties from its financial counterparts, and the straightforward adoption of theoretical models does not produce promising results. In this paper, extension options, which have the property of options on futures, were transformed into regular European options before the application of the Black-Scholes model (BSM). The efficient market hypothesis, which justifies the parity of the performance of a long-term charter to that of repetitive short-term charters, worked as the basis for the transformation. The option values determined by the BSM were compared with actual realized values. Additionally, the artificial neural networks (ANN) was employed to derive the option values. This study is meaningful as the first-time application of both the closed-form solution and the ANN to the valuation of physical freight options. The research results can contribute to the quality of chartering decisions. The results could also be used in quantifying credit risk, as extension options tend to be granted to charterers with more creditability.