Risk and return of U.S. water transportation stocks over time and over bull and bear market conditions

The aim of this paper is to investigate the behaviour of water transportation company stock returns in the U.S. stock exchanges from 1985 to 1994 in order to determine whether the systematic risk of this industry is different from that of the 'average' company in the market, whether it has changed over the ten year period, over bull and bear market conditions, and whether there is a firm 'size' effect in the industry. In the context of the Capital Asset Pricing Model (Capm), we find that the systematic risk of the shipping industry return is not different from that of the 'average' company. It is also found that the covariance of water transportation companies with respect to the overall stock market return did not change over the ten year period although it appears that it has changed over normal upward/downward market movements. There is also reasonable evidence that the intercept of the equation might have changed over normal upward/downward market movements. Finally, we document contradictory evidence regarding the size effect; during the period 1985-1989 we find small companies to have significantly higher returns and risk while during the period 1990-1994 medium size companies tend to have higher risk than small and large firms, which is not however compensated by higher returns.     

Biologically induced modification of seawater viscosity in the Eastern English Channel during a Phaeocystis globosa spring bloom

To identify the potential relationship between Pheaocystis globosa bloom conditions and seawater properties, a hydrobiological survey was performed in the inshore waters of the Eastern English Channel over the course of the phytoplankton spring bloom. Chlorophyll concentration, auto- and hetero/mixotrophic composition of protists and standing stock, and seawater viscosity were measured weekly from March to June 2004. The decline of the bloom is characterized by a massive foam formation in the turbulent surf zone. Before foam formation, seawater viscosity significantly increased, showing a significant positive correlation with chlorophyll concentration. In contrast, after foam formation this correlation was negative, seawater viscosity kept increasing despite a sharp decrease in chlorophyll concentrations. No significant correlation has been found between seawater viscosity and the composition of the phytoplankton assemblages observed during the survey. However, significant positive correlations have been found between seawater viscosity and both the size and the abundance of P. globosa colonies. From the correlation patterns observed between chlorophyll concentration and seawater viscosity, we suggest that the rheological properties of seawater are mainly driven by extracellular materials associated with colony formation and maintenance rather than by cell composition and standing stock.     

Evasive manoeuvres with a steering robot

In the pursuit of an objective rating on vehicle stability performance, it is always desirable to reduce disturbances and inconsistencies during experimental evaluations, especially the ones introduced by human drivers. This paper presents the development of a steering robot designed for closed-loop steering tasks during evasive manoeuvres. It describes the controller structure and discusses experimental results, in addition to simulation/vehicle model verifications and theoretical control analysis.     

The role of professional associations in shipping

This article is in three parts. The first covers the historical development of qualifying associations. The second covers the particular role of maritime institutions that include The Royal Institution of Naval Architects, The Institute of Marine Engineering Science and Technology and The Nautical Institute. The third and final section considers the future for maritime professional associations in the context of international shipping.     

The market for second-hand ships: Further results on efficiency using cointegration analysis

This paper examines the dynamic behaviour of second-hand prices of tankers and dry-cargo vessels over various time periods, with a view to determining whether or not the markets for such assets are efficient. It extends and re-analyses the results of an earlier study by Hale and Vanags, published in this journal in 1992. Using a more modern method of testing for cointegration, it is shown that both the tanker and dry cargo markets appear to be cointegrated, a fact which would suggest that these markets are inefficient. It is suggested that the existence of cointegration does not necessarily imply market inefficiency, if the factors that create the common trends are themselves stochastic in nature. With this in mind, it is argued that the evidence put forward in this paper is still consistent with market efficiency in the long run.     

Mathematical Modelling of Vibrations and Loading of Railway Tanks Taking into Account the Liquid Cargo Mobility

Dynamics and loading of railway tank cars transporting liquid cargo are investigated. The approach based on the mechanical-pendulum analogy for the liquid cargo mobility simulation is proposed. Hydrodynamic parameters of the mechanical analogy are determined using the solution of the boundary-value problem for the liquid cargo vibrations in a cavity with the tank boiler shape. The fitting of the developed mathematical models is proved by comparison of calculated results and test data. Vibration characteristics and loading of tank-cars under their shunt collisions and motion along straight and curved track in trains are evaluated. It is shown that as a rule the liquid cargo mobility has an essential influence on tank dynamic properties.     

Effect of fatigue strain range on properties of high-strength structural steel

Ship hulls are built with stiffened steel plates and experience continuous fatigue load cycles when in service. Mechanical properties of the steel are expected to change due to the application of these cyclic loads. Therefore, the mechanical properties of the material at various levels of fatigue damage need to be understood. This paper presents two test series that were conducted to determine the effect of two different strain ranges (2000 and 3000 micro strains) of fatigue cycles on the mechanical properties of high-strength structural steel. The test results indicate that the cycle-dependent behaviours of the material can cause a slight increase or a significant decrease in the yield strength when compared to its virgin state. However, the ductility of the steel does not change much as the strain cycle increases.     

Subsidy and public transit performance: A factor analytic approach

The need to measure and evaluate transit system performance has led to the development of numerous performance indicators. However, depending upon the indicator, we oftentimes reach different conclusions regarding transit system performance. The research reported in this paper uses factor analytic methods to generate a set of underlying attributes (factors) that capture the performance of public transit systems in Indiana. Similar to what is reported in the literature, this study finds three attributes that best describe transit system performance: efficiency, effectiveness, and overall performance. Based upon systemsÕ factor scores, the study finds that systems scoring highly on one attribute generally perform well on the remaining attributes. Further, there is an inverse relationship between system performance and subsidies, a finding that supports performance based subsidy allocations.