Investment strategies in market uncertainty

The nature of the global economy is one of dynamic change. Shipping is a service industry with its demand related to changes in international trade levels and patterns. As a consequence shipping is subject to sometimes unpredictable swings in demand so that the operator is required to make strategic planning decisions while navigating through boom or bust environments. While boom economies generate rising freight rates which are welcomed and encourage investment, ship operators may also have to face falling freight demand and declining freight rates that may have significant impact on profitability, often falling to uneconomic levels for extended periods. In such a period of uncertainty and declining profitability management will make operational decisions to reduce costs. However, shipping lines operate in a market environment so any decisions made to rationalize the trade may have significant long-term competitive implications. For example, traditional micro economic theory might suggest that the prudent strategy to adopt would be to close down the operation and reopen when the market conditions improve. In a world of certainty or when costs of taking this action are zero, this would be a valid strategy. However, because of fear of competitors taking up a line's market share if the shipping company exits, even temporarily, this strategy cannot be valued simply in terms of shut-down and start-up costs. A further consideration is the fact that standard capital budgeting techniques, such as Net Present Value (NPV), cannot incorporate the flexibility to respond to new information and strategic responses explicitly into their investment analysis. This paper will demonstrate the use of Real Option Analysis (ROA) to provide guidelines for decisions about closing operations in adverse market conditions.     

The coastal edge of the Northeast Water polynya in spring 1993

Multidisciplinary, marine ecological observations were conducted at the shallow water edge of the Northeast Water in June, 1993. Although variable in size and shape, a small polynya was constantly present at Eskimonaes, at the fast-ice edge of Ingolfsfjord. A shallow stratified layer developed at the water sufface at negative water and air temperatures—an effect of sea ice melting in cold water early in the season. Nutrients were recorded in considerable quantities, although by mid July NO₃ had become depleted. The chlorophyll and phytoplankton maxima at 8–12 m depth had peak values of 2 mg chl a m⁻³, typical for Arctic algal blooms. The phytoplankton included over 90 species and was dominated by the Fragillariopsis group. Zooplankton was poor in biomass and density, but over 23 taxa were found, with the copepods Oithona similis and Pseudocalanus acuspes being numerically dominant. Sedimentation was approximately 0.2 g dry weight m⁻² d⁻¹ and suspended matter concentrations ranged from 4 to 19 mg l⁻¹. The benthos was represented by hard bottom forms only, with a surprisingly dense cover of macrophytes. Juvenile sea urchins (Strongylocentrotus droebachiensis), brittle stars (Ophiocten sericeum) and amphipods were dominant. Higher trophic levels were represented by benthic feeders, such as eiders and walruses. The area observed was more similar to high Arctic fjord ecosystems than to the offshore central Northeast Water polynya.     

德国铁路电力机车动车概况

简要介绍德国铁路现有电力机车动车的各种系列、数量和主要改进.     

Valuation of externalities through neo-classical methods by including institutional variables

Externalities are uncompensated influences that are not expressed in a market but that affect the production possibilities or the welfare level of third parties. An example is the noise pollution in airport areas. Although air transport is an important source of economic growth and employment in many countries, the social and environmental problems connected with this sector are rising rapidly. Consequently, airports are becoming a matter of concern to many politicians. On what kind of values should they base their decisions as to further growth or consolidation of the current situation? In this paper we discuss two approaches, one based on mainstream, neo-classical, economics, and one based on institutional approaches, more in particular new institutional economics, which can be seen as a development complementary to the mainstream.     

Eddies around Madagascar — The retroflection re-considered

The Agulhas Current with its retroflection and attendant eddy-shedding is the cause of some of the greatest mesoscale variability in the ocean. This paper considers the area to the south and east of Madagascar, which provides some of the source waters of the Agulhas Current, and examines the propagating sea surface height signals in altimetry and output from a numerical model, OCCAM. Both show bands of variability along the axis of the East Madagascar Current (EMC) and along a zonal band near 25°S. Sequences of images plus associated temperature data suggest that a number of westward-propagating eddies are present in this zonal band. The paper then focuses on the region to the south of the island, where ocean colour and infra-red imagery are evocative of an East Madagascar Retroflection. The synthesis of data analysed in this paper, however, shows that remotely observed features in this area can be explained by anticyclonic eddies moving westward through the region, and this explanation is consistent with numerical model output and the trajectories of drifting buoys.     

Second-order perturbation added mass fluctuation on vertical vibration of tension leg platforms

Total motion in waves can be considered as a superposition of the motion of the body in still water and the forces on the restrained body. In this study the effect of added mass fluctuation on vertical vibration of tension leg platforms (TLP) in the case of vibration in still water for both free and forced vibration subjected to axial load at the top of the leg is presented. This effect is more important when the amplitude of vibration is large. Also this is important in fatigue life study of tethers. The structural model used here is very simple. Perturbation method is used to formulate and solve the problem. First- and second-order perturbations are used to solve the free and forced vibrations, respectively.     

Ground truthing sediment profile imagery with traditional benthic survey data along an established disturbance gradient

Macrobenthic surveys are an expensive, slow and labour intensive means to establish the health of benthic communities. Sediment profile imagery (SPI) is a means of rapid reconnaissance for monitoring large areas of the benthos. SPI has often been used to monitor gross anthropogenic disturbance. The aim of this study is to determine if SPI can be used as a tool to reliably map change in communities along natural estuarine gradients. Macrobenthic sampling was carried out at five stations along an established estuarine gradient. This faunal data was analysed using standard multivariate techniques and to ground truth a concurrent SPI survey. Faunal analysis showed that habitat quality in Inner Galway Bay was generally good, with some localised disturbance from the River Corrib and the sewage out flow exterior to the city dock. Four distinct groups were identified with a degree of overlap occurring between stations 3 and 4. While existing SPI indices mapped habitat quality in the same manner as the faunal data for end member stations, the level of distinction between the habitats of an intermediate staging was found to be poor. This lack of distinction amongst the stage 2 and 3 stations was overcome by developing a tailored index, the Galway Bay index of habitat quality (GBHQ). This index was derived from the 5 observed variables in the SPI data that were determined to best match the faunal distribution by permutative mantel testing. The 5 observed variables from the SPI data were the depth of the apparent redox potential discontinuity (aRPD), the depth of penetration by the prism, and the presence/absence of infauna, surface faecal pellet layer and biogenic mounding. The GBHQ was able to distinguish between the 5 stations to a greater extent than previously described indices, showing clearly the separate groupings defined by the faunal data. The index was tested on a follow up SPI survey and shown to be applicable in mapping a broader range of habitats in Galway Bay. Indices generated for localised mapping of estuarine gradients should be derived from observed features and be ground truthed using faunal data. Some aspects of the GBHQ should be generally applicable to fine grained boreal estuarine sediments (aRPD/penetration), while others may be of limited utility in other locations depending on the digging characteristics of the particular SPI camera, and local factors influencing the persistence of biogenic features in the profile. This derivation technique provides a simple way to optimise SPI to particular studies and localities.     

开目CAPP在武船机制的应用

武昌造船厂机械制造分厂(简称武船机制)是武昌造船厂的下属核心企业,主要进行武船配套零部件的工艺设计与制造。在推进信息化建设过程中,采用了开目CAPP解决方案,取得了较好的效果。武船机制工艺信息化系统需求分析1.产品和工艺特点分析(1)产品的质量要求高,工期要求严格,对工艺设计质量和效率有很高的要求。(2)采用按订单生产的方式,进行独立的成本核算和控制。(3)需从总厂ERP系统中提取工程任务树,建立工艺设计与制造任务。设计完成的工艺数据也需按照ERP系统要求的格式进行统计并向ERP系统进行传递。(4)不同订单中的工艺专业种类繁…     

RPR和MPLS技术及其在城域网中的应用

本文介绍了RPR、MPLS的基本概念及技术优势,以及目前支持这两种技术的MSTP设备现状,并分析了这两种技术在城域传送网中的应用前景。