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。     

Optimal container ship size: a global cost minimization approach

ABSTRACT

Currently, the best container ship size in a service is determined mainly by the liner operator, considering only the economies of scale of ships. Its external diseconomies to the ports and shippers are usually not considered in the decision-making process, which may reduce the overall efficiency and lead to global nonoptimality. This study incorporates the cost to the shipping companies at the main lines, ports, and feeder services, as well as the external costs to shippers and ports in a hub-and-spoke network, and determines the best ship size and the number of weekly services to minimize the overall costs. The external cost to the shippers in the feeder ports is assumed to be proportional to the feeder cost, and a sensitivity analysis is provided. The maximum container ship size is estimated according to different levels of freight demand. A numerical analysis shows that the optimal size should be smaller than the current biggest container ships in service.     

西江干线集装箱船船型论证

按照改善船舶技术经济性、提高航道和船闸通航效率原则,对西江干线新一代集装箱船型进行论证。采用划分典型航段、典型吨级的方法对西江干线集装箱船型进行优化,得到各航段的最佳船型。结果表明,最佳船型的技术和经济性能与现有优秀船型相比有明显的提高。     

The pros and cons of leasing in ship financing

Ship leasing is as old as shipping itself. As a financing device it is an alternative to equity financing through ship mortgages. Ship financing methodologies are in themselves highly sophisticated, and within that domain, the principal varieties of leases, namely, the operating lease and the finance lease are both fairly complex mechanisms in terms of their respective uses. Ships are assets; as such ship leasing falls under asset financing and is subject to the fundamental rules of equipment leasing. But ship leasing also has its own distinctive characteristics not only in relation to the unique features of the shipping industry and ship financing, but also, the legal regime within which ship leasing operates. There are variations in the legal regime which in turn impact on economic considerations. Thus, there are pros and cons involved in ship leasing, and they depend on a number of variables. This article is an attempt to critically examine these pros and cons from the relative perspectives of theory-based economists on the one hand, and law and accounting practitioners on the other. To that end, a two-fold literature review of the subject area is presented. The article concludes that economists identify ship leasing with a positive tax advantage and an enhanced financial disposition of the lessee. In contrast, the views of practitioners are complex and inconsistent. It is evident that the literature focuses on the legal arrangements involved in these transactions. These legal arrangements stem from the inherent risks associated with ships and shipping operations and have led to some disadvantages with respect to ship leasing.     

Valuation mismatch and shipping q indicator for shipping asset management

ABSTRACT

This paper aims to develop an adaptation of the Tobin Q investment model for the shipping asset management in order to monitor valuation mismatch and bubble pricing of shipping assets. In this circumstance, the market prices of various shipping assets (e.g., Capesize or Panamax dry bulk carriers in different age profiles) are compared to the measured long-term asset value with second-hand ship prices. The mark-to-market prices of shipping assets are led by current market trends and freight rates, while the long-term asset value is estimated by using past data under certain assumptions (mean reversion, trend reversion). The discrepancy between market prices and the long-term nominal value of a shipping asset reflects any mispricing, which in turn sheds light on investment timing and market entry-exit decision.     

船舶企业财务分析指标重视程度的研究

采用抽样调查法划定船舶企业关注的财务分析指标范围,并用层次分析法对企业财务分析指标的重要程度进行研究.结果发现:尽管不同类型船舶企业对财务指标的重视程度各有侧重,但排序基本与造船类企业总排序一致.其中,重视程度相对最高的四项指标是净资产报酬率、净利润增长率、销售净利润率和利润总额;重视程度相对较低的四项指标是流动比例、总资产周转率、存货周转率和利息保障倍数.     

中国船舶融资租赁生态链

国内船舶融资租赁业在经过了狂飙突进后正逐渐回归理性,如何使租赁业惠及各相关利益方,则要看国内突破制约力度和各企业创新的速度。＂这几年国内船舶融资租赁业迅猛发展,船舶订单也在反弹,可国内仍有不少船厂和船东愁眉不展,因为他们感觉这一切既在身边,却又距离他们很遥远。＂前不久在上海举办的一个航运金融论坛上一位参会人士的一句话,折射出了国内船舶融资租赁业在快速发展中遭遇的一些深层次问题。     

长江航运新船型开发与设计

总结长江干线干散货船、集装箱船、油船、化学品船、汽车滚装船、川江载重汽车滚装船、江海直达运输船在系列化、专业化、标准化、大型化方向已有的技术成果,展望长江航运对船型及相应技术的需求,分析发展趋势。     

长江上游船舶大型化对典型污染排放的影响

长江上游船舶大型化趋势明显,评估其对典型污染排放的影响对航道建设规划具有重要意义.收集计算长江上游船舶吨位、船舶交通流、船舶燃油消耗及典型污染物排放等数据,分析了长江上游船舶大型化对典型污染物排放的综合影响.结果表明:1)2008—2019年长江上游三省一市船舶平均吨位从249 t增加到874 t,船舶流量显著减小,货...     

Methodology for ro-ro ship and fleet sizing with application to short sea shipping

A novel methodology is developed for determining the characteristics of a cargo roll-on/roll-off (ro-ro) ship and the fleet size required for a given short sea shipping route. The ship and required fleet size to satisfy the transportation demand (for each pair of speed and freight rate) are determined using a database of existing cargo ro-ro ships to obtain the main technical characteristics of the most suitable ship. The time charter, voyage costs and revenue are then calculated considering the technical characteristics of each ship. Fuel costs are corrected for the actual ship speed and loading condition. A number of restrictions in the transportation problem are considered leading to the exclusion of unfeasible solutions. The maximum profit over the period of a year is identified among the feasible pairs of speed and freight rate. This general methodology is applied in a case study that considers the route between Leixões (Portugal) and Rotterdam (Netherlands). The study allows the identification of the most suitable ship and fleet sizes for different market penetration levels and quantifies the impact on shipping company profit of changes in parameters such as fuel costs, time charter costs, emission control area, installed propulsion power and stacking factor.     

Voyage-based statistical fuel consumption models of ocean-going container ships in Korea

ABSTRACT

Accurately estimating fuel consumption of ships is crucial for shipping companies, port authorities, and environmental protection agencies. The bottom-up approach is becoming increasingly popular because it can estimate ship fuel consumption by accounting for ship activity conditions, such as changes in voyage speed, time, and distance; however, its use is still limited when estimating ship fuel consumption. Ship-specific information, such as the daily fuel consumption rate for main and auxiliary engines for every vessel, is expensive to gather, and generally not collected from private shipping companies. To address this research gap, we develop simplified and composite ship fuel consumption models for ocean-going container ships by size using a regression model. To estimate the fuel consumption models for container ships, we rely on ship activity data, including average speed and sailing time, distance, and actual fuel consumption for main and auxiliary engines. This information is obtained from a major container shipping company in Korea. We estimate and validate the parameters associated with fuel consumption for five different container ship sizes, all of which are smaller than the Post-Panamax container ship (15,000 TEU and above).     

基于驾驶实践的无人船智能避碰决策方法

[目的]为实现沿海无人驾驶船舶自主航行,充分考虑无人驾驶船舶智能避碰决策的合理性和实时性后,提出并建立一种基于驾驶实践的无人船智能避碰决策方法.[方法]首先,以本体论为基础,设计无人驾驶船舶航行态势本体概念模型,并结合《国际海上避碰规则》及良好的船艺将船舶航行态势量化划分为12种会遇场景;然后,从驾驶实践的角度改进影响...     

中国船舶融资租赁业蝶变史

与国外船舶融资租赁业相比,中国船舶融资租赁业属于典型的后来者。但随着世界金融危机的持续蔓延,以及船市的持续低迷,世界船舶融资开始出现“西退东进”趋势,中国船舶融资租赁业也因此迎来一波发展高潮,而上海自贸区的成立,更是给了国内航运和造船更多的猜想和期待。那么,中国船舶融资租赁业迅速崛起的背后,经历了怎样一段艰难曲折的发展历程？未来的发力点在哪里？     

乌江银盘水电站通航建筑物建设规模优化研究

根据银盘水电站工程河段航运条件和近几年乌江实际发生的货运量,采用灰色系统模型,对船闸设计水平年内的客货运量增长情况进行了预测,并结合该河段代表船型和合理的运输组织,对银盘水电站通航船闸建设规模进行了优化研究,提出了既满足设计水平年内运量增长需要、又节省工程投资的船闸建设方案,研究成果已为工程建设采用。     

舰船自动智能避碰数学模型及其仿真研究

为了提高舰船航行的安全和效率,达到最佳操船效果,需要建立舰船自动智能避碰数字模型.当前模型在分析舰船避碰风险度的基础上,通过人工智能、进化计算和软计算等方法实现舰船自动智能避碰,存在避碰识别准确率较低的问题.本文提出一种新的舰船自动智能避碰数学模型,首先对舰船会遇态势进行判断;然后建立预测舰船碰撞风险判断模型,预测本舰船实施自动智能避碰方案后的复航时机是否已到,以及本舰船立即复航是否能够让清目标舰船或其他所有目标舰船;最后依据舰船碰撞风险判断结果,以当前舰船潜在碰撞风险为例,建立舰船自动智能避碰数学模型.仿真结果证明,所提模型能够实现舰船自动智能避碰.     

长江干线水运量和承载能力研究

考虑长江水运与生态环境相互作用影响,引入资源环境学科的承载能力概念,研究界定了长江干线水运承载能力的内涵。构建了与货运量、航道通过能力、船流密度、船舶污染物排放等诸多因素相关联的长江干线水运承载能力的算法。以船舶污染物排放总量不增长为前提,得出了2035年长江干线水运承载能力。分析表明,如果环境容量允许适度增长,或进一步优化运输组织、改善提高船舶技术性能、应用清洁能源、控制污染物排放,长江干线水运承载能力尚有较大提升空间。     

码头前系泊船舶的附加紧水体质量系数

船舶附加水体质量是影响系泊船舶撞击力的重要因素之一.为了制定更为合理的系泊船舶荷载设计标准.需要针对船舶的附加水体质量系数开展深入的参数研究.采用三维频域方法,分别对无限开敞水域和半无限开敞水域中不同船型进行了计算,分析了船舶尺度、水深、装载度和码头类型等因素对附加水体质量系数的影响.结果表明:船舶尺度(或装载度)越大...     

江苏内河集装箱船标准船型设计分析

为提升江苏内河集装箱运输船舶标准化水平,实现船型与船闸、航道等通航基础设施发展相匹配,通过梳理内河标准船型主尺度标准和通航管理规定的修订情况,结合京杭运河江苏段集装箱营运船舶的调研,在船舶主尺度、舱室布置、船体结构和新能源动力的应用等方面分析江苏内河集装箱船标准船型的设计要点,完成48 TEU、64 TEU和96 TEU标准集装箱船设计。虽然受限于内河航运关注船舶成本的现状,标准集装箱船的设计更多采用传统基础船型设计思路,但研发运用先进技术、满足内河EEDI的绿色节能型船舶是标准船型的重要发展方向。     

船舶融资租赁登记的行政风险研究

船舶融资租赁登记起到将物上权利登记公示后保护交易各方利益的重要功能。现行船舶融资租赁以光船租赁形式进行登记,存在将两者实质化混淆的行政风险。文中归纳了现行制度中船舶融资租赁登记的特有审查要点。然后依据《民法典》对特殊动产登记的定位,辨析了现行登记制度中将船舶权利登记行政化处理导致登记机关诉讼风险和社会资源浪费的现状。最后回归船舶融资租赁登记的社会价值,借鉴民用航空器登记制度、美国申明登记制度等从立法、部门规章及实务操作方面提出了完善船舶融资租赁登记制度的建议。     

船行波对双船系靠LNG泊位系泊稳定性的影响

双船系靠LNG泊位对系泊稳定性要求高,而目前尚无船行波对双船系靠泊稳定性影响的定量分析方法。结合工程实例,以Flory-Remery单船系泊船行波荷载计算方法为基础,结合双船系靠泊位的特点予以修正,利用数值分析软件定量分析船行波过程对双船系靠泊位系泊稳定性的动态影响。结果表明,典型系泊条件下,双船系靠泊位系泊倒缆受力及纵移运动量受船行波影响最大,当船行波与系泊船间距50 m时系泊稳定性不满足要求;当船行波与系泊船间距100 m时系泊稳定性满足要求;当船行波与系泊船间距150 m时系泊稳定性基本不受船行波影响。