基于最小一乘回归的物价对舰船维修工时费影响分析

根据最小一乘回归只考虑偏差绝对值而具有受异常点影响小的特点,将其应用于物价因素对舰船维修工时费用的影响分析中,验证了物价因素对工时费用影响较为显著的结论。通过与最小二乘回归求解该问题进行比较发现,最小一乘方法具有较好的回归效果和稳健性。     

Measuring the Cost of Beach Retreat

We estimate the cost over the next 50 years of allowing Delaware's ocean beaches to retreat inland. Since most of the costs are expected to be land and capital loss, especially in housing, we focus our attention on measuring that value. We use a hedonic price regression to estimate the value of land and structures in the region using a data set on recent housing sales. Then, using historical rates of erosion along the coast and an inventory of all housing and commercial structures in the threatened coastal area, we predict the value of the land and capital loss assuming that beaches migrate inland at these historic rates. We purge the losses of any amenity values due to proximity to the coast, because these are merely transferred to properties further inland. If erosion rates remain at historic levels, our estimate of the cost of retreat over the next 50 years in present value terms is about $291 million (2000$). The number rises if we assume higher rates of erosion. We compare these estimates to the current costs of nourishing beaches and conclude that nourishment make economic sense, at least over this time period.     

Modelling the investment decision of the entrepreneur in the tanker sector: choosing between a second-hand vessel and a newly built one

It is often the case that the investor in the shipping sector faces the dilemma of investing in a second-hand vessel or building a new one. This happens because an active second-hand market for almost all kinds of vessels exists. We argue that one of the prime considerations for the investment decision should not be the price of the vessel per se, second-hand (SH) or newly built (NP) but

• ?(a)?the relative price ratio (SH/NP) second-hand price over the new building price and

• ?(b)?the movement of this ratio.

We investigate the determinants of this ratio across different vessel sizes in the tanker sector and show that it can be used as an effective tool in investment decision as well as in asset appraisal.

We employ monthly data between 1995 and 2006 for four different ship sizes–VLCC, Suezmax, Aframax and Handysize–and implement an error correction model.

The investment decision depends on a number of risk and return variables as well as the perceived speed of adjustment of the price ratio to its equilibrium level.

Overall we claim that the cyclicality of the shipping sector together with expectations formed by the agents operating in it (the entrepreneur, the ship-owner and the broker), determine the movement of the ratio and hence the decision of the entrepreneur.     

舰船维修工时单价预测问题研究

在国家经济水平持续发展和舰船建造费用日益增加的趋势下,确定合理的舰船维修工时单价是非常重要的.在分析舰船维修工时单价影响因素的基础上,根据国家"五年计划"的经济发展策略,提出了舰船维修工时单价的分段回归预测模型,并对各厂的舰船维修工时单价进行了预测,为决策部门提供参考.     

Determinants of the severity of passenger vessel accidents

This study investigates determinants of the number of injured, deceased and missing occupants and the damage cost of passenger vessel accidents that were investigated by the US Coast Guard for the years 1991-2001. Negative binomial and Poisson regression estimates suggest that: (1) passenger-freight combination vessel accidents incur greater injuries than other types of passenger vessels, (2) deaths are greater when precipitation weather and poor visibility exist and (3) missing occupants are greater for capsize accidents and larger the vessel. The damage cost per vessel gross ton is less for ocean cruise and steel-hulled vessels. The major conclusion of the study is that human (as opposed to environmental and vessel) causes of passenger vessel accidents result in increases in the number of injured, deceased and missing occupants.     

Strategic trade-off between vessel delay and schedule recovery: an empirical analysis of container liner shipping

In this paper, we empirically test the relationship between the delay of containerships and the scheduled operations in a terminal, based on a dataset containing information on 352 containership arrivals during a 9-month period at seven terminals of three North American ports. We find that a vessel is less likely to be delayed when there are more operations scheduled shortly (up to 3 days) after the vessel’s berthing window in the terminal. Moreover, we also find that the more containers a vessel needs to unload in the terminal, the less likely that it would be delayed. Both findings support the hypothesis that liners strategically balance the trade-off between delay cost and schedule recovery cost.     

Determinants of the damage cost and injury severity of ferry vessel accidents

This study investigates determinants of the property damage cost and injury severity of ferry vessel accidents. Detailed data of individual ferry vessel accidents for the 11-year timeperiod 1991–2001 that were investigated by the U.S. Coast Guard are used to estimate ferry-vessel accident property damage cost and injury severity equations. Tobit regression is used to estimate the former equation and the ordered probit model is used to estimate the latter. Property damage costs include damage costs to the vessel itself, its cargo and contents, and other-property damage (e.g., damage to pier structures and waterfront facilities). Injury severity for a ferry vessel accident is measured as an ordinal variable — no injuries, non-fatal injuries and fatal injuries. Damage cost and injury severity of individual ferry vessel accidents are expressed as functions of the type of vessel accident, vessel characteristics, vessel operation phase, weather/visibility conditions, type of waterway, type of vessel propulsion, type of vessel hull construction and cause of vessel accident. The property damage estimation results suggest that allision, collision and fire ferry vessel accidents incur more vessel property damage cost per vessel gross ton than other types of accidents. The injury severity estimation results suggest that injury severity is greater when the ferry vessel accident is caused by human error as opposed to vessel and environmental factors.     

Price formation of dry bulk carriers in the Chinese shipbuilding industry

In this paper, we present, for the first time, the price formation of Chinese dry bulk carriers based on the historical shipbuilding contract prices. Price determinants include generic market factors as well as Chinese elements. Principal component regression analysis is employed as the solution for the multicollinearity problem among explanatory variables. The result indicates that the time charter rate has the most significant positive impact on shipbuilding price; increases in three other factors, namely the cost of shipbuilding, the price-cost margin and the shipbuilding capacity utilisation, have positive influences in the descending order. Unlike the traditional perception of newbuilding price that shipbuilding cost has the most significant effect, we assert that the most important role the time charter rate plays is attributed mainly to the ‘China Factor’ in the bulk carrier sector. In addition, simulations are performed to investigate what would happen to the Chinese dry bulk carrier prices under changes in the time charter rate and shipbuilding cost. The findings are useful for Chinese shipyards, shipowners and emerging shipbuilders.     

Panama Canal expansion: fuel economy and logistical risk

Since cargo capacity increases faster than fuel consumption, the significantly larger capacity fleets which will accompany expansion of the Panama Canal will introduce additional fuel economies and cost savings. Enabling larger, more fuel-efficient vessels to carry cargo the entire distance from Asia to US east-coast ports allows vessel operators to realize significant and meaningful savings compared with the alternatives of using smaller Panamax vessels for the whole distance, or sending the cargo over the US land bridge by train or truck. Fuel savings are quantified along with the monetary savings based on various assumptions for the price of fuel. These savings are dramatic and will increase directly with the price of crude petroleum. Finally, microeconomic theory is deployed to determine how cost savings will be distributed between shipping customers and vessel operators.     

Determinants of the property damage costs of bulk barge accidents

This study investigates determinants of the vessel, cargo, and other-property damage costs of bulk barge accidents in US inland waterways. Tobit estimation of a three-equation recursive model suggests that, in bulk barge accidents: (1) vessel damage cost is greater for collision, fire/explosion, and material/equipment failure accidents than for groundings; (2) cargo damage cost is greater at night and when the weather is foggy and increases with barge age; and (3) otherproperty damage cost is greater for multi-vessel accidents, but decreases with barge size. A dollar of vessel damage cost increases other-property damage cost by $1.38, while a dollar of cargo damage cost increases this cost by $6.90. An important result for formulating bulk barge accident cost-reduction policies is that a given determinant might have a negative effect on one type of damage cost but a positive effect on another.     

The comparison of general cargo ship economic performance by simulation

Cargo ship designs offered by shipbuilders differ in characteristics such as deadweight, speed, fuel consumption and cargo equipment. The best vessel for high freight markets and high fuel prices may not be the best for low freight markets and low fuel prices. A model has been developed to compare by simulation a number of multi-purpose general cargo vessels suitable for the trade of a Turkish shipowner. The model simulates the operation of each vessel under a variety of operating scenarios, e.g. fuel prices and freight profiles over the ships' lives, and estimates the distribution of resulting net present values. The techno-economic simulation model incorporates variables including ship size, speed, first cost, fuel consumption, load factor and port days.

Results are presented for six standard vessels of around 20 000 dwt operating over a long and a short route. Although the ranking of the six varies with assumptions, one design is shown to be superior under most operating conditions.     

Integrated ports clusters and competitive advantage in an extended resource pool for the Antwerp Seaport

In the context of increased scale of carriers and vessel sizes, stakeholder opposition to port expansion, and heavy regulation, ports prepare their strategic response. A port’s competitive strength strongly depends on its capability of developing or retaining competitive advantages. Ports consider options such as strategic partnerships, or any form of collaboration, which could help them to create more or alternative combinations of unique resources as sources of competitive advantage. Taking an extended resource base perspective, the competitive advantages of the Antwerp port cluster are analyzed, using both linear regression and factor analysis, for its integrated hinterland network area, on data of 59 port experts. The results of our analysis show that the port’s hinterland extension did not (yet) result in new sources of competitive advantages. This leads us to the reflection that we cannot assume integrated port clusters always lead to projected positive strategic outcomes.     

多护舷分配的船舶撞击能计算和护舷选型

国内外规范和标准均未明确船舶有效撞击能量在护舷中如何分配,通常考虑由单个护舷完全吸收。以海外某重力式码头护舷选型为例,研究船舶有效撞击能量由多护舷分配的可能性,阐述基于PIANC指南的多护舷分配的有效撞击能量计算方法和护舷选型过程。研究结果表明:在护舷的破损不至于引起码头结构严重损害的前提下,基于PIANC指南的船舶有效撞击能量考虑多护舷分配是合理的。这一设计理念能够降低对单个护舷的吸能要求,降低码头结构造价,对海外码头工程的设计具有借鉴意义。     

Shipping freight derivatives: a survey of recent evidence

In an industry that is characterized by highly volatile prices, seasonality, strong business cycles, cyclicality and capital intensiveness, risk management is extremely important. Ship-owners and charterers face enormous risks, which emanate from fluctuations in freight rates, bunker prices, interest rates, foreign exchange rates and vessel values. These risks substantially affect the interplay between revenue and cost. Modern risk management techniques, involve the use of financial derivatives products, some of which have been developed exclusively for protecting (hedging) against the adverse price fluctuations of the aforementioned sources of risk in shipping. By using derivatives products, ship-owners and charterers can secure (stabilize) the level of their future income or costs and thus reduce uncertainty and unforeseen volatility of their cash-flow. To explore the importance of hedging freight rate risk in shipping operations, a survey of recent empirical evidence that has appeared in economic studies has been conducted. Developments over the past 20 years have been fast, with certain amount of research carried, which has helped to understand better the special features of these derivatives markets. They are all summarized in the current study, which can provide the stepping stone for further work in the area of shipping derivatives and risk management in shipping.     

Shipping freight derivatives: a survey of recent evidence

In an industry that is characterized by highly volatile prices, seasonality, strong business cycles, cyclicality and capital intensiveness, risk management is extremely important. Ship-owners and charterers face enormous risks, which emanate from fluctuations in freight rates, bunker prices, interest rates, foreign exchange rates and vessel values. These risks substantially affect the interplay between revenue and cost. Modern risk management techniques, involve the use of financial derivatives products, some of which have been developed exclusively for protecting (hedging) against the adverse price fluctuations of the aforementioned sources of risk in shipping. By using derivatives products, ship-owners and charterers can secure (stabilize) the level of their future income or costs and thus reduce uncertainty and unforeseen volatility of their cash-flow. To explore the importance of hedging freight rate risk in shipping operations, a survey of recent empirical evidence that has appeared in economic studies has been conducted. Developments over the past 20 years have been fast, with certain amount of research carried, which has helped to understand better the special features of these derivatives markets. They are all summarized in the current study, which can provide the stepping stone for further work in the area of shipping derivatives and risk management in shipping.     

Determinants of crew injuries in vessel accidents

This study investigates determinants of the number of non-fatal crew injuries, fatal crew injuries and missing crew in freight ship, tanker and tugboat vessel accidents based upon individual accidents investigated by the US Coast Guard for the 1991–2001 period. Poisson and negative binomial regression estimates suggest that: (1) freight ship and tanker non-fatal injuries are higher when the vessel is moored or docked and during high winds and cold temperatures; (2) tugboat non-fatal injuries are higher during poor visibility; (3) freight ship fatal injuries increase with vessel age and tanker and tugboat fatal injuries are higher for fire and capsize accidents, respectively; and (4) freight ship missing crew increase with vessel age and tugboat missing crew are higher for fire and lake accidents.     

Determinants of crew injuries in vessel accidents

This study investigates determinants of the number of non-fatal crew injuries, fatal crew injuries and missing crew in freight ship, tanker and tugboat vessel accidents based upon individual accidents investigated by the US Coast Guard for the 1991-2001 period. Poisson and negative binomial regression estimates suggest that: (1) freight ship and tanker non-fatal injuries are higher when the vessel is moored or docked and during high winds and cold temperatures; (2) tugboat non-fatal injuries are higher during poor visibility; (3) freight ship fatal injuries increase with vessel age and tanker and tugboat fatal injuries are higher for fire and capsize accidents, respectively; and (4) freight ship missing crew increase with vessel age and tugboat missing crew are higher for fire and lake accidents.     

Price and volume dynamics in second-hand dry bulk and tanker shipping markets

The relationship between trading volume, prices and return volatility is thoroughly investigated in different second-hand dry bulk and tanker market segments. The objective is to gain fruitful insight on the sale and purchase market dynamics, and the sensitivity of vessel price movements following the arrival of new information signals in the shipping markets. Contemporaneous relationships are identified between returns and volume, particularly in the markets of handysize and panamax bulks as well as of handysize and aframax tankers. Price changes are found to have an impact on trading volume indicating that expectations to higher capital gains induce increases in trading activity. Volume appears to have a negative impact on the volatility of price changes mainly in the dry bulk market; this may be due to thin trading, limited transaction transparency and absence of vessel price quotes. The empirical findings can contribute to a better understanding of shipping markets' microstructure and price volatility dynamics by market participants. This, in turn, can be useful for investors who construct their portfolios of real assets with a view to attain superior capital gains, controlling for the underlying investment risk.     

Price and volume dynamics in second-hand dry bulk and tanker shipping markets

The relationship between trading volume, prices and return volatility is thoroughly investigated in different second-hand dry bulk and tanker market segments. The objective is to gain fruitful insight on the sale and purchase market dynamics, and the sensitivity of vessel price movements following the arrival of new information signals in the shipping markets. Contemporaneous relationships are identified between returns and volume, particularly in the markets of handysize and panamax bulks as well as of handysize and aframax tankers. Price changes are found to have an impact on trading volume indicating that expectations to higher capital gains induce increases in trading activity. Volume appears to have a negative impact on the volatility of price changes mainly in the dry bulk market; this may be due to thin trading, limited transaction transparency and absence of vessel price quotes. The empirical findings can contribute to a better understanding of shipping markets’ microstructure and price volatility dynamics by market participants. This, in turn, can be useful for investors who construct their portfolios of real assets with a view to attain superior capital gains, controlling for the underlying investment risk.     

最优截面法在工程设计中的应用

介绍一种构件截面尺寸的确定方法——最优截面法。通过最优截面法,可以依据钢筋及混凝土的现行价格对截面尺寸进行计算,计算出最优构件截面尺寸和配筋面积组合,达到节约工程造价的目的。