Perceptions of foreign exchange rate risk in the shipping industry

This is an analysis of the impact of exchange rate risk on the performance of major shipping companies from two important maritime nations, Japan and Norway. For the shipping industry, such risk is exacerbated by freight rates fixed in US dollars which must then be converted into numerous other currencies. The appreciation of the Yen against the US dollar has been such that Japanese companies have been impelled to insulate themselves from exchange rate movements by natural hedging. For Norway, where fluctuations of the Krone against the US dollar have been less dramatic, exposure has been maintained, allowing an element of speculation. In both cases the market indicates that exchange rate risk is a significant factor in the determination of corporate performance.     

Evaluating the service requirements of dedicated container terminals: a revised IPA model with fuzzy AHP

The purpose of this article is to evaluate the service requirements of dedicated container terminals (DCTs). In this article, the service attributes (SAs) of DCTs were first discussed. A fuzzy analytic hierarchy process model was then constructed to measure the users’ perceived importance and dissatisfaction for each of the SAs. Based on these two measurements, a revised importance-performance analysis model was proposed to identify the SAs that should be improved. To validate the model, the dedicated container terminal of Evergreen Marine Corp. (EMC DCT) at Kaohsiung Port and its users were empirically investigated. With respect to the empirical results, managerial implications of the findings in improving service quality for the EMC DCT are discussed.     

Full scale ice sea trials of Korean ice breaking research vessel ‘Araon’ on the big floes near Antarctica

A speed sea trial was performed in the Amundsen Sea in February and March of 2012. The Korean ice breaking research vessel “Araon” was used to check speed performance on the big floes. Two of ice trial cases were carried out. We describe the time history of location, the engine power, and the revolutions per minute during the ice trial, and the trajectory of the ship. Additionally, the measured ice properties are considered and discussed. The ice trial results were analyzed according to variation in ice thicknesses, ice strength, propulsion power, and the speed level of the ship. Our analysis results are compared to model test results and ice trial results. A correction to the target ice thickness was used to compare the power and speed relation in the same ice thickness because it is easy to know the relative speed performance of the ship. The Hamburgische Schiffbau-Versuchs Anstalt method was applied for the correction. The speed of Araon in big floes was higher than the speed in level ice. The speed after the correction at 10 MW of power and 103 cm of ice thickness was 5.4 knots based on analysis results.     

Impact of Everyday Weather on Individual Daily Travel Behaviours in Perspective: A Literature Review

Despite the hundreds of billions of dollars being spent on infrastructure development -- from roads, rail and airports to energy extraction and power networks to the Internet -- surprisingly little reliable knowledge exists about the performance of these investments in terms of actual costs, benefits and risks. This paper presents results from the first statistically significant study of cost performance in transport infrastructure projects. The sample used is the largest of its kind, covering 258 projects in 20 nations worth approximately US$90 billion (constant 1995 prices). The paper shows with overwhelming statistical significance that in terms of costs transport infrastructure projects do not perform as promised. The conclusion is tested for different project types, different geographical regions and different historical periods. Substantial cost escalation is the rule rather than the exception. For rail, average cost escalation is 45% (SD=38), for fixed links (tunnels and bridges) it is 34% (62) and for roads 20% (30). Cost escalation appears a global phenomenon, existing across 20 nations on five continents. Cost estimates have not improved and cost escalation not decreased over the past 70 years. Cost estimates used in decision-making for transport infrastructure development are highly, systematically and significantly misleading. Large cost escalations combined with large standard deviations translate into large financial risks. However, such risks are typically ignored or underplayed in decision-making, to the detriment of social and economic welfare.     

Node-based scheduling method for easy migration from CAN to FlexRay in in-vehicle networking systems

As vehicles become more intelligent, in-vehicle networking (IVN) systems such as controller area network (CAN) are essential for the convenience and safety of drivers. To expand the applicability of IVN systems, attention is currently being focused on chassis networking systems that require increased network capacity and real-time capabilities. FlexRay was developed to replace CAN protocol in chassis networking systems, to remedy the shortage of transmission capacity and unsatisfactory real-time transmission delay of conventional CAN. However, FlexRay network systems require a complex scheduling method, which is a barrier to their implementation as chassis networking systems. In particular, if we want to migrate from a CAN network to a FlexRay network using the well-defined CAN message database, which has been specifically constructed for chassis networking systems by automotive vendors, a new type of scheduling method is necessary to reduce scheduling efforts during the software development process. This paper presents a node-based scheduling method for easy migration from a CAN network to a FlexRay network system. To demonstrate the feasibility of the technique, its performance is evaluated in terms of various software complexity indices.     

Simulation of flow in diesel particulate filter system using metal fiber filter media

Metal fiber is introduced as a new filter media in wall-flow Diesel Particulate Filter (DPF) system. This technology has high temperature durability which is required for filter regeneration, and can maintain the mechanical strength even in the extreme exhaust-related vibrations of vehicles. However, the regeneration near the wall (outer layer) is more difficult because of the heat loss and reduced gas flow near the wall. In this study, a flow is simulated to determine the flow control method for the more uniform flow in all filter layer. By using Star CCM+ commercial software, we obtain local velocity, streamline, and pressure distributions in the filter, which are typically difficult to obtain from measurements. The major control factors are the filter porosity, size and location of the distribution plate, and the number of blades of the swirler. By placing the distribution plate in front of the filter, the flow velocity near the wall was increased. The optimum location and size of the flat plate were chosen. By attaching the blade on the plate the flow velocity near the wall was increased more. Therefore, the regeneration efficiency is increased by using the swirler-type metal fiber DPF system.     

Construction Risk Management for Deep Excavation Adjacent to In operation Bored Tunnels

营运中的盾构隧道在邻近施工时周围地盘的应力可能因扰动而重新分布,使得盾构隧道暴露在因变形或位移衍生的结构损坏或营运中断等高风险下。为降低相关风险发生的可能性或后果的严重性,高雄计划将高雄车站段地下化工程捷运-R11永久站施工纳入风险管理,通过风险辨识、分析、评估以及以监测、巡检及沟通为基础的风险追踪查核等手段执行风险管理。依本计划执行成果,位于基地两侧营运中的盾构隧道在永久站主体工程开挖施工期间,各项风险均受到妥善的追踪、管控及处置。     

Prediction of wave parameters by using fuzzy inference system and the parametric models along the south coasts of the Black Sea

Forecasting of sea-state characteristics has a great importance in coastal and ocean engineering studies. Therefore, the purpose of this study was to investigate performances of Adaptive-Network-Based Fuzzy Inference System (ANFIS) and several parametric methods in the Black Sea. For this purpose, different fuzzy models with different input combinations were developed for two different wind data sources (TSMS and ECMWF) at two offshore buoy stations. It also aimed to apply several approaches to event-based data sets for wave predictions. Generally, in literature the tendency is to use time series data for wave predictions. In this kind of prediction approach, lagged time series data are taken as inputs and current or future variables are taken as output. In this study, event-based data for each independent storm were extracted from time series data. Simultaneous or concurrent data of wind speed, blowing duration, fetch length and wave characteristics were detected for each single storm. These event data were then used to set up models. The hindcast results were validated with significant wave height and mean wave period data recorded in Hopa and Sinop buoy stations. The performance of developed fuzzy models were also compared with that of four different parametric methods (Wilson, SPM, Jonswap, and CEM methods) applied for two wind data sources at both buoy stations. Finally, it was determined that in the prediction of both wave parameters (H _s and T _z) the ANFIS models (R = 0.66, squared correlation coefficient, and MAE = 0.37 m, mean absolute error, for the best model in prediction of H _s) were more accurate than the parametric methods (R = 0.63 and MAE = 0.75 m for the best model in prediction of H _s).     

Analysis of a regenerative braking system for Hybrid Electric Vehicles using an Electro-Mechanical Brake

The regenerative braking system of the Hybrid Electric Vehicle (HEV) is a key technology that can improve fuel efficiency by 20∼50%, depending on motor size. In the regenerative braking system, the electronically controlled brake subsystem that directs the braking forces into four wheels independently is indispensable. This technology is currently found in the Electronic Stability Program (ESP) and in Vehicle Dynamic Control (VDC). As braking technologies progress toward brake-by-wire systems, the development of Electro-Mechanical Brake (EMB) systems will be very important in the improvement of both fuel consumption and vehicle safety. This paper investigates the modeling and simulation of EMB systems for HEVs. The HEV powertrain was modeled to include the internal combustion engine, electric motor, battery and transmission. The performance simulation for the regenerative braking system of the HEV was performed using MATLAB/Simulink. The control performance of the EMB system was evaluated via the simulation of the regenerative braking of the HEV during various driving conditions.