船舶在香港登记的优势和船籍港的正确书写

正0引言船舶所有人或经营人为能在日益激烈的市场竞争中不断发展壮大,除对保障船舶的运营安全外,还须增加揽货量和降低船舶营运成本。一般船舶会在本国进行登记,但出于降低营运成本,减少在登记费、吨税等方面的支出,部分船舶所有人会为其拥有的船舶在其本土之外的国家或地区登记。船舶悬挂他国国旗最早出现在16世纪,那时英国船队常悬挂西班牙国旗,同处于西班牙控制的位     

中日航线集装箱船舶营运能效的最佳操作

为建立船舶能效管理计划、公司/船舶能效管理体系及船舶能效数据库,满足船东、船舶经营人、租船方、货主、港口、主管机关及其他相关方在公司/船舶能效管理标准及船舶能效认证方面的要求,作者对中日航线某一集装箱班轮近几个月的能效管理数据和能效管理操作进行了跟踪和分析,在此基础上进一步综合分析了如何实现中日航线集装箱轮船舶营运燃油能效目标。最后,作者总结了集装箱船舶营运能效的最佳操作方案,对航运企业节能减排和监控船舶二氧化碳等温室气体的排放具有重大现实意义。     

码头生产能效指数设计

借鉴国际海事组织利用船舶能效营运指数及船舶能效管理计划推动国际航行船舶减少温室气体排放的思想,提出了码头生产能效指数的设想,码头生产能效指数能够有效衡量港口经营人节能工作开展水平,为深入开展码头生产能效指数的研究和未来实施港口能效管理计划奠定了基础。     

船舶物料和备品供应合同纠纷案——DLSS贸易有限公司诉LYKK船务有限公司、LH船舶物料和备品供应合同纠纷案

《海商法》等法律法规对船舶经营人概念、船舶经营人责任等规定并不十分明确,实践中容易对船舶经营人的内涵、外延和责任等认识混乱。以船舶经营人性质和现有法律法规的规定为基础,根据案件具体情形,准确识别船舶经营人,有利于防止真正责任人逃避责任,损害第三人的合法利益。     

船舶吨位丈量管理分析

介绍《船舶吨位丈量统一管理实施方案》的出台背景和内容,讨论新规定对于船舶安全检查的影响,以期能对船舶安全检查人员、船检机构、船员、船舶所有人、船舶经营人的工作有所帮助。     

东莞海事：助力涉客船舶恢复营运

正为确保节日安全,海事执法人员现场检查指导经营人做好节日期间游客乘坐游船安全措施近期,东莞市疫情防控指挥部发布了加快恢复正常生产生活秩序的通告,除涉及出入境的港澳高速客船外,原受疫情影响停止营运的华阳湖水上游船、中堂镇郭洲渡口、莞城樟村渡口等涉客船舶全部恢复营运,东莞海事局提前介入对涉客船舶开展全面安全检查及防疫宣传,助力恢复生产秩序。     

老龄船舶结构安全评估

通过文献提供的年平均磨损量，计算出营运中船舶各构件的剩余厚度，计算出船舶剖面模数，并将其与有关标准规范进行比较．以此来评估船舶的总纵强度及安全性，预报其剩余营运寿命，为船舶后期维修和保养提供有关数据和技术要求。通夺对98 00DWT油船计算给出分析结果。     

船舶营运碳强度指标计算方法的不足及其修正

MPEC76次会议通过了旨在提高营运船舶能效的船舶营运碳强度条款和四个技术导则,要求船舶在法规生效后每年计算年度营运碳强度并评价其能效等级.IMO将船舶年度二氧化碳排放量与船舶总载重吨或总吨与航行总距离的乘积之比定义为船舶年度营运碳强度指标.根据这一指标,对于某些特定船舶类型或营运特征,例如冰区航行船舶、载运冷箱的集装...     

川江及三峡库区变吃水干散货船的优化论证

川江及三峡库区航道水深季节性变化大,为了充分利用水深条件,船舶多采用变吃水设计,船舶航行时载况的变化会引起主机、螺旋桨的工况发生变化,因而船舶营运经济性的计算有别于常规船舶,对船舶营运经济计算中载货量、航速及经济参数进行分析,实例计算结果令人满意。     

碳强度指标主要影响因素及优化方案

IMO MEPC 76会议确定了船舶营运碳排放强度指标（CII）及其评级生效日期,即从2023年01月01日起,CII评级不达标的船舶或将被迫采取纠正措施,且船舶的正常营运及其在二手船市场的估值将受影响。为避免CII评级给船舶营运造成不利影响,文章探讨了船舶营运过程中CII评级的主要影响因素及优化CII评级的措施。通过采集多型实船营运数据,分别对其CII指标进行计算和分析,提出了航速、航线和污底为对CII影响最大的营运因素。对已投入营运的船舶,如经过营运优化后仍不能取得理想的CII评级,则进行燃料改造是最有效的方式。此外,文章还探讨了目前CII的评价标准可能会对大型散货船产生一定程度的不利影响,因此大型散货船更加需要注重船舶营运的优化。     

发展船舶融资租赁 引领航运事业振兴

文中对船舶融资租赁进行了概述,分析了我国船舶融资租赁业发展中存在的问题,探讨了金融危机下发展船舶融资租赁的必要性,并据此提出了对策和建议。     

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.     

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.     

Optimal portfolio choice for ship leasing investments

ABSTRACT

We develop an advanced portfolio analysis method to determine the optimal ship mix for a portfolio. A typical business model of a ship leasing firm is to acquire ships for charter income. However, transportation assets (such as ships and aircraft) are different from financial assets (e.g. stocks and bonds) as they are tangible and have a limited useful life. Thus, methodologies for financial portfolios cannot be simply extended to portfolios of transportation assets. Recently, ship leasing represents a non-traditional source of ship finance. A ship leasing firm can manage a certain number of ships across different ship types. Based on portfolio theory and industry-related evidence, we construct an optimal ship portfolio consisting of a manageable combination of carefully chosen ships. The expected return of the asset combination is examined with respect to various ship types and sizes. We quantify the freight risk for different categories of ships in different sectors to investigate the characteristics of ship portfolios. The estimation of such freight risk is of considerable interest to academics and practitioners alike, because determining the behaviour of freight risk has important implications for investment decisions regarding ships. Our portfolio method should strongly support the decision-making process involved in leasing ships.     

浅议船舶留置权

我国民法上对留置权的规定较为详细,但在船舶留置权方面,由于《海商法》自身的特殊性,使其与民法上的留置权存在一定差异。本文就船舶留置权在救助方的行使、留置权的取得以及光船租赁下的船舶留置权问题展开讨论并提出自己的观点。     

Worldscale: what does it actually measure?

Worldscale is the dominant system for setting freight rates in ocean-tanker shipping. Its structure is hampered by administrative rigidity which easily disguises the effects of rate changes and complicates the comparison of rates between vessel size segments. The angle is the charterer's, and the shipowner is left to his/her own devices. The sparseness of spot rates between ports (not regions) and the individuality of flat rates due to varying port charges, make functional generalizations between Worldscale (WS) and time charter equivalents (TCE) hazardous. The publishing of rate parameters for all ship segments and possibly port charges for each port would substantially upgrade the value of the system.     

Worldscale: what does it actually measure?

Worldscale is the dominant system for setting freight rates in ocean-tanker shipping. Its structure is hampered by administrative rigidity which easily disguises the effects of rate changes and complicates the comparison of rates between vessel size segments. The angle is the charterer's, and the shipowner is left to his/her own devices. The sparseness of spot rates between ports (not regions) and the individuality of flat rates due to varying port charges, make functional generalizations between Worldscale (WS) and time charter equivalents (TCE) hazardous. The publishing of rate parameters for all ship segments and possibly port charges for each port would substantially upgrade the value of the system.     

-statistic is the ratio between a normal (0,1) distributed variable and the square root of a centrally distributed chi-square variable divided by its expected value, i.e., its degree of freedom.

This paper evaluates empirically some very common theories of the freight rate generating process in the time charter markets. After a review of the most common assumptions made of the way time charter rates are set, the hypotheses are identified as follows: (a) the Zannetos Hypothesis, (b), the Lagged Zannetos Hypothesis, (c) the Koyck Lag Hypothesis, (d) the Rational Expectation Hypothesis, and (e) the Conventional Wisdom Hypothesis. These hypotheses are tested using statistical cointegration analysis that includes both an Augmented Dickey-Fuller (ADF), and a Johansen likelihood ratio test. Confronted with the data, hypotheses (a) and (b) are rejected outrightly. In the Koyck Lag case, the ADF statistic seem to confirm the hypothesis. A closer look at the numbers reveals that all of the impact on the time charter rates comes from the lagged dependent variable. Hence, the Koyck Lag Hypothesis is rejected. In the Rational Expectation case, the two tests conflicted. Based on the fact that the Rational Expectation Hypothesis includes the lagged dependent variable and that the Johansen test has been found to be a more robust test than the ADF test, the Rational Expectation Hypothesis is rejected. The fifth hypothesis is a reflection of the general bulk industry perception that the time charter rate is impacted by changes in the comparable spot rate and not much by the spot rate levels. In this case both the ADF and the Johansen test accepted the hypothesis for all markets. Thus, the paper concludes that the conventional market explanation of the time charter freight rate setting process is essentially correct-spot rate changes matter spot rate levels do not.     

Some properties of international maritime statistics

This paper tests two fundamental hypotheses concerning international maritime statistics. The first one deals with the question of stationary of the maritime market statistics. The second hypothesis tested is the assumption that the international maritime statistical time series are not distributed according to a normal of Guassian probability law, but rather belong to the same family of distributions with distinctly different critical parameters. Through well documented statistical methods, the paper concludes that the international freight rates observed on a day to day basis are generated by a random walk process. The paper finds that the shipping industry's conventioal wisdom is essentially correct. 'Last done' is as good a forecast of tomorrow's freight rate as any other generated by more sophisticated forecasting methods. Furthermore, freight rates and secondhand tonnage prices fluctuate closely together. The freight rates are generated by stochastic processes fully described by the Paretian family of distributions. The critical parameters of these distribution, the characteristic exponents, are such that the risk conscious ship operator can indeed reduce his exposure to risk by securing a correct set of freight rate contracts.     

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.