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.     

加强项目管理提高企业经济效益

工程项目经理部的全部管理行为的本质，是运用项目管理原理和各种方法来降低成本，创造经济效益。提高经济效益，必须坚持开源与节流相结合的原则。一方面要加强项目成本管理，另一方面要加强合同预算管理，两者相结合，以取得最大的经济利益。     

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.     

大跨度混合梁斜拉桥抗风性能分析

某主跨480 m的混合梁斜拉桥,地处台风多发区,风环境较为恶劣。根据设计情况,笔者采用空间有限元法计算分析了其动力特性,并对其抗风性能进行评估,得知其抗风稳定性满足要求。另外,对主梁的抖振、涡激振及斜拉索的风雨振等问题进行了阐述。     

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.     

奥运会与城市轨道交通

沉痛的教训 1996年,美国亚特兰大举办奥运会.在举办奥运会前,亚特兰大除有著名的国际机场和高速公路网外,还以现代化的城轨交通、巴士运输系统而闻名于世.亚特兰大为成功举办奥运,动用巨资为巴士系统增辟道路、新建车站、购买新车,努力建设和完善巴士运输系统,认为采取这些措施足够胜任奥运的运输任务.而原有的轨道交通维持原状,对于拥有280万人口的亚特兰大来说,原有约80km长的城轨交通在平时确实绰绰有余,但奥运会期间当成千上万的人们涌向这座城市时,如此少量的轨道网络不堪重负.     

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.