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.     

Effects of the ‘Belt and Road’ initiative on the wine import logistics of China

China’s Belt and Road (BR) initiative is expected to facilitate international trade between the countries involved. In this study, we review the special requirements of wine logistics and the market growth potential of wine consumption in China. A model minimizing generalized logistical costs is developed and applied to wine imports in China, so that the best candidate cities in which to locate transport gateways and distribution centers can be identified. Our analysis suggests that the most preferred gateways are Shanghai, Tianjin, Guangzhou, and Hong Kong, which all have similar delivery costs. In comparison, Beijing and Chongqing have much higher delivery costs, mainly because they do not have good access to marine transport and/or efficient domestic distribution networks. For long-distance intercontinental transport of large volumes of wine, marine shipping remains the only viable delivery mode. However, wine distribution within China extensively uses air, road, and water transport. Therefore, cities with excellent multi-modal transport services are better positioned to become wine logistics gateways. Our study also highlights the importance of value-added services and good government support, which are important factors that influence distribution costs and quality.     

Property Evolution of Sulphoaluminate Grouting Material under Pressure Circulation北大核心CSCD

Water-sealed underground oil tank projects are quite different from traditional underground projects since the water-sealing conditions are very strict and the difficulties caused by the geological specificity, structural specificity and construction specificity are key factors affecting the project. In light of the significant early initial setting time and rapid temperature increase of sulphoaluminate cement-based grouting material for a large domestic water-sealed underground oil tank with pressurized cyclic grouting, a laboratory grouting simulation is conducted. It is found that the properties of the sulphoaluminate cement-based grouting material are quite different under different pressure cycles, the hydration exothermic peak time gets shorter with an increase of circulation time, the compressive strength decreases with an increase of circulation time, and the longer the circulation time the more obvious the de-crease of compressive strength. © 2018, Editorial Office of "Modern Tunnelling Technology". All right reserved.     

Mechanism of Tunnel Water Inflow Caused by Bending Failure of a Waterproof Dike Based on a Circular Thin Plate Mechanical Model北大核心CSCD

Water bursts during tunnel construction endanger construction, and it is therefore necessary to reserve a waterproof dike with the required thickness to avoid water bursts and to take reinforcement of the dike and treatment of the structure liable to trigger a water burst. Using the water burst at K5+398 of the Mingyueshan tunnel of the Shanghai-Chengdu expressway as an example, and considering the type of tunnel section and the upright mudstone of the dike, the waterproof dike at the work face is simplified as a round thin plate. A formula for the calculation of a minimum safety thickness for the critical waterproof dike is deduced by analyzing the force applied on the water-proof dike, and the minimum safety thickness for the water burst section at K5+398 of the Mingyueshan tunnel is cal-culated. The numerical simulation analysis demonstrates the critical thickness of waterproof dike at K5+398 of the Mingyueshan tunnel is 1.4-1.55 m, and the calculated water inflow and water burst basically agree with the actual condition. © 2018, Editorial Office of "Modern Tunnelling Technology". All right reserved.     

Effect of Seismic Parameters on the Safety Factor for an Underground Cavern北大核心CSCD

In order to quantitatively evaluate the safety of the surrounding rock of an underground cavern under seis-mic load, a comprehensive evaluation method for the stability of surrounding rock is proposed based on the general safety factor and point safety factor. A calculation method for the general safety factor of a cavern based on the prin-ciple of shear strength reduction of a rock mass is given, the run-through of the plastic zone between the main power-house and main transformer room is presented as a critical criterion for the overall instability of the cavern, and the general safety factor is obtained by searching for the reduction coefficient. A point safety factor calculation method based on the Mohr-Coulomb yield criterion is given. The influence of different seismic input parameters on the general safety factor of the cavern and the point safety factor of key positions are studied based on an underground power-house cavern of a hydropower station in Southwest China. The results show that the quantitative evaluation method for the stability of the surrounding rock based on the safety factor is feasible and can reflect the general safety de-gree and local safety degree of different positions of the cavern for different working conditions. It is found that the general safety factor of the cavern and the point safety factor of key positions decrease with an increase of the ampli-tude and duration of a seismic wave while they increase with an increase of the incident angle; additionally, the low frequency of a seismic wave has a great influence on the cavern while the high frequency has little effect. © 2018, Editorial Office of "Modern Tunnelling Technology". All right reserved.     

Effect of Explosion in a Gas Pipeline Compartment of a Utility Tunnel on Neighboring Metro Tunnels北大核心CSCD

In this paper the numerical simulation analysis of the effect of explosion in the gas pipeline compartment of a utility tunnel on neighboring metro tunnels was conducted using the software AUTODYN. The results show that the TNT equivalent in a fireproof partition with length of 200 m is 41.6 kg when the gas concentration in the gas pipeline compartment reaches 10%; the blast wave has much effect on the crown and arch waist of the round metro tunnel and it’s necessary to take some protective measures in both areas; when the surrounding soil is sand, the utili- ty tunnel is above the round metro tunnel and their alignments are in the same direction, the greater the vertical spacing between the utility tunnel and the metro tunnel, the smaller the effect of the blast wave on the metro tunnel; when the vertical spacing is 7.2 m, the maximum dynamic tensile stress is 1.86 MPa (including the static stress value of 1 MPa in the tunnel segment) and it is slightly smaller than the designed tensile strength of metro tunnel (about 1.89 MPa). The maximum vibration velocity and the maximum displacement meet the structural stability require- ments, so it is suggested the vertical spacing between the utility tunnel and metro tunnel shall not be less than 7.2 m. © 2018, Editorial Office of "Modern Tunnelling Technology". All right reserved.     

Experimental Study on Mechanical Behaviors of Prefabricated Column-Base Joint with Grouted Sleeves Connecting Longitudinal Reinforcements in Tunnels北大核心CSCD

In recent years, large shield tunnels with internal double-decked lanes have been developing rapidly in the field of highway tunnels, and prefabricated elements are increasingly adopted in internal structure. Based on the columns-base joint in Zhuguanglu tunnel, which is under construction, 2 full-scale specimens are designed for the quasi-static test, one specimen is connected with grout sleeve splicing and the other is cast in place. The test results show that: the bearing capacity of specimen with grout sleeve splicing is equal to that of cast-in-situ specimen, but its ductility and energy dissipation capacity are worse than that of the cast-in-situ specimen. And for the specimen with grout sleeve splicing, there exists crack concentration on the area above the sleeve. The crack width is too larger in this area. © 2018, Editorial Office of "Modern Tunnelling Technology". All right reserved.     

Soil Body Deformation Caused by Construction of a Double-Line Shield Tunnel with Multiple Factors北大核心CSCD

Considering the influence of many factors (soil loss, frontal additional thrust, the friction force of the shield shell and the additional grouting force), a method for improving the uniform soil body movement model is pro-posed, and a mechanical calculation model is established to study the calculation method for soil body deformation caused by double-line parallel shield driving. Based on the Mindlin solutions of elastic mechanics, the theoretical solutions for soil body deformations caused by the last three factors are calculated; considering the uniform soil body movement model, the theoretical solutions for soil body deformations caused by soil loss are calculated, then the to-tal theoretical solutions for soil body deformations under multiple factors are obtained by means of superposition. The vertical surface settlement, vertical horizontal displacement, and vertical displacements of the soil body at different depths of Hangzhou Metro Line 1 are calculated to analyze the variation laws. Meanwhile the influential factors for horizontal displacement variation are studied. The research shows that with a change of depth, the settlement of the soil body changes within the scope of 10 to 13 m in the horizontal direction near where the maximum settlement occurs;the direction of the horizontal displacement of the soil body changes with a change of the positional relationship be-tween the calculation points and the tunnel; and with an increase of interval J for the two tunnels, the horizontal dis-placement of the soil body of a deep double-line tunnel decreases while the displacement near the surface changes slightly. © 2018, Editorial Office of "Modern Tunnelling Technology". All right reserved.     

Analysis of the Circulation System of a Slurry Shield and the Muck Carrying Ability of a Dredging Pipe北大核心CSCD

The circulation system of a slurry shield is composed of a transportation system and a processing system.For shield construction, correct selection of the circulation system for the slurry shield is directly related to construc-tion speed. Using the Nanjing Yangtze tunnel as an example, the material balance calculation of the circulation sys-tem, sieving effect analysis, and analysis of the muck carrying ability of the dredging pipe are conducted for various strata. The practical results show that above mentioned calculations and analysis method provide a good reference for the proper selection of a slurry separation system and dredge pipe. © 2018, Editorial Office of "Modern Tunnelling Technology". All right reserved.