Trading strategies in the market for tankers

This paper introduces a new approach in timing the sale and purchase of ships in the tanker market and examines the performance of this trading strategy over the period January 1976 to September 2004. Based on the long-run cointegration relationship between earnings and price, we establish a trading model which can be used as an indicator of investment or divestment timing decisions. We also perform statistical tests using the bootstrap approach in order to discount the possibility of data snooping biases and test the robustness of our trading models. Our results indicate that trading strategies based on earning-price ratios significantly out-perform buy and hold strategies in the tanker market.     

Performance Potential and Power Consumption of Slow-Active Suspension Systems with Preview

Two possible layouts of a slow-active suspension model are analysed. Optimal control laws for different actuator bandwidths and various amounts of road preview are generated, and estimates of power consumption are made. Higher bandwidth systems (10Hz) require less preview to obtain a given level of performance than those with a lower bandwidth (3Hz) but use more energy in doing so. Similar performance is available from the two systems considered, although the second uses considerably less energy to obtain that performance.     

Biochemical composition of marine sediment from the eastern Weddell Sea (Antarctica): High nutritive value in a high benthic-biomass environment

Within the SCAR's international EASIZ programme, as part of the benthic–pelagic coupling experiment, grain size and organic matter contents in marine surface sediment were measured. Samples were taken during the austral autumn of 2000 from 3 regions in the eastern Weddell Sea: Kapp Norvegia, Four Seasons Bank, and Austasen.In general, sediments were fine sand with a grain size fraction < 200 μm representing more than 40% of the total weight. The sediments from Four Seasons Bank (64 to 107 m depth) were coarser than those from Austasen and Kapp Norvegia (209 to 480 m depth), presumably due to winnowing of fine sediment at shallow depths. Organic carbon (OC) content ranged from 0.25% to 1.2% and constituted 10% to 97% of the total carbon. The samples from Kapp Norvegia presented the highest OC values. Overall, protein (PRT), lipid (LPD), and carbohydrate (CHO) contents were similar to those in sediment from cold regions (e.g., the North Atlantic and the Ross Sea) but higher than those in sediment from other Antarctic and more septentrional regions (e.g., the Ross Sea and the Mediterranean). The difference within the Antarctic is explained through the local conditions in Terra Nova Bay and Kapp Norvegia. In the Antarctic, PRT and LPD carbon were the main contributors to the biopolymeric carbon (BPC). In the eastern Weddell Sea shelf, the BPC accounted for more than 90% of the OC in most of the samples. More than 82% of the total PRT, LPD, and CHO were present in the fraction < 200 μm. This work remarks the existence of sediments with a high nutritional value persistent several weeks after the spring–summer pulse of fresh organic matter. It is also highlighted the high potential availability of these sediments (due to its grain size) for the benthic communities inhabiting this high-latitude continental shelf.     

The importance of Öresund and the Drogden Sill for Baltic inflow

Based on high resolution current and salinity measurements from the Flinten and Drogden Channels, this paper assesses the relative importance of major Baltic inflows on ‘everyday' flow conditions of highly saline water (S>17 PSU) through the Öresund for a period of 43 months. During years with no major Baltic inflows, 1994–1996, it is found that the Öresund on average supplies 1.2 Peta-grams (Pg) of salt net/year to the Baltic, while inflow above 17 PSU is in the order of 2.3 to 4.0 Pg/year. Sixty percent of this inflow is in the salinity range 17–23 PSU; the remainder has a higher salinity. It is, thus, concluded that normal and regularly occurring flow in the Öresund plays a much larger role in supplying salt to the Baltic than is usually assumed.     

Quantifying erosion rates and stability of bottom sediments at mussel aquaculture sites in Prince Edward Island,Canada

Downward fluxes of organic biodeposits under suspended mussel culture cause benthic impacts such as microbial mat production. Quantifying sediment erosion in these coastal ecosystems is important for understanding how fluxes of organic matter and particulates contribute to benthic–pelagic coupling. Critical shear velocity (u?), erosion rates and particle size distributions of resuspended sediment were measured at two sites; an impacted muddy site with extensive mussel culture (site 1), and a coarser sandier site with less mussel influence (site 2), using a new method for assessing sediment erosion at Tracadie Bay, Prince Edward Island in August 2003. Shear forces were generated by vertically oscillating a perforated disc at controlled frequencies. These forces correspond to shear velocity, using a re-designed and calibrated Particle Erosion Simulator. Undisturbed sediment cores obtained by divers and grab (sub-cored using a Plexiglas? cores) were exposed to shear stress to compare differences between collection methods. Microbial mats were present at site 1 which initially biostabilized sediment against erosion due to ‘armoring’ of the sediment, but onset of erosion was abrupt once these mats failed. Erosion sequences at site 2 (without mat cover) were smoother resulting in less material being eroded. Mean mass of material eroded was 47 and 23 g m^? 2 min^? 1 at sites 1 and 2 respectively. Mat area cover and shear velocity was strongly related. Critical shear velocities varied between 1.70 and 1.77 cm s^? 1, with no obvious differences between location or collection method, so sediments from these two contrasting sites had identical mean critical shear velocities. Significant differences existed in the concentrations of chlorophyll a, colloidal and bulk carbohydrates, between mats and bare sediment from site 1. Particle sizes measured by videography of resuspended sediment at different shear velocities ranged from 100 μm (the minimum diameter capable of being detected by the system), to large mat fragments of 1700 μm for both sites. These results provide evidence of the relevance of using a portable erosion device to indicate how sediment erodability is affected by mussel–microbial relationships.     

机车轴悬式电机悬挂齿轮副变形的三维有限元分析

本文用三维有限元方法对东风_4型内燃机车的整个牵引电机传动系统进行了计算。其计算模型利用假想的二力杆连接齿轮副的啮合点,人为地造成了均匀传递啮合力的力学条件,从而计算出了合理的齿轮修形量。     

Changes in the relationships between transport,communications and urban form

Transport, communications and urban form cover an overlapping area of rising academic and practical concern. This paper traces several of the many themes brought together under different professional banners, and shows how a confluence of interest is emerging.The themes are the developments in urban planning analysis, transport and time use studies, telecommunications and industrial location, all of which contribute to the area of locational effects of improved telecommunications technology, and are affected by alterations in the nature of work and the uses made of time by individuals. The convergence of geographical, planning, transportation and communication developments now requires explicit investigation, as the timings of technological and theoretical developments appear to coincide with the emergence of a significant need to do so. Some of the gaps between present knowledge and expertise that need to be filled are specified.These include the investigation of the testing and use of current land use integrated analyses for road and development assessment, investigation of the nature and characteristics of work and education which are most affected by telecommunications and computer support, development of longitudinal monitoring methods for overall urban development leading indicators, exploitation of newly-available cross-sectional household and city data sets in conjunction with historical data for longitudinal investigations and forward projections, accounting for altered family structure and activity patterns and the anticipation and assessment of probable further technological change, which can and will undermine many current long term commitments.     

Overturning Stability of Three Wheeled Motorized Vehicles

Three wheeled motorized vehicles are a major mode of public transport in many countries. These vehicles are prone to overturning even during normal turning and obstacle avoidance maneuvers. This paper presents a parametric analysis of a mathematical model of the vehicle and evolves guidelines for improving the overturning stability in terms of vehicle geometry and suspension properties.

Differential equations governing the dynamic behavior of the vehicle are derived on the basis of a six degree of freedom model. The vehicle response to variations in steering, engine power and braking inputs is then numerically simulated. The effects of vehicle geometry and elasto-damping suspension coefficients on the vehicle stability are presented. The results indicate an optimum position of the center of gravity where the vehicle is most stable. While stiffer suspensions favour stability, there exists an optimum value of suspension damping for which the minimum wheel load is a maximum.