The market for second-hand ships: Further results on efficiency using cointegration analysis

This paper examines the dynamic behaviour of second-hand prices of tankers and dry-cargo vessels over various time periods, with a view to determining whether or not the markets for such assets are efficient. It extends and re-analyses the results of an earlier study by Hale and Vanags, published in this journal in 1992. Using a more modern method of testing for cointegration, it is shown that both the tanker and dry cargo markets appear to be cointegrated, a fact which would suggest that these markets are inefficient. It is suggested that the existence of cointegration does not necessarily imply market inefficiency, if the factors that create the common trends are themselves stochastic in nature. With this in mind, it is argued that the evidence put forward in this paper is still consistent with market efficiency in the long run.     

Driver requirements and road traffic informatics

Initially the driver's role as a link in the driver-vehicle-road-traffic control-chain is discussed in a historical perspective. The gradual changes and the advantages and problems arising from these changes are discussed from behavioural point of view.Then the driver tasks are analyzed. A separation is made between trip planning, navigation, road following, traffic interaction, rule compliance, other than traffic tasks, car handling and speed choice. The relations between and the weights of these subtasks are discussed. Some existing driver behaviour models are reviewed in relation to the above mentioned tasks.Finally an effort is made based on the analyses of driver tasks and driver models to specify some general and some more specific potential advantages and problems with expected future RTI-systems.     

Effect of fatigue strain range on properties of high-strength structural steel

Ship hulls are built with stiffened steel plates and experience continuous fatigue load cycles when in service. Mechanical properties of the steel are expected to change due to the application of these cyclic loads. Therefore, the mechanical properties of the material at various levels of fatigue damage need to be understood. This paper presents two test series that were conducted to determine the effect of two different strain ranges (2000 and 3000 micro strains) of fatigue cycles on the mechanical properties of high-strength structural steel. The test results indicate that the cycle-dependent behaviours of the material can cause a slight increase or a significant decrease in the yield strength when compared to its virgin state. However, the ductility of the steel does not change much as the strain cycle increases.     

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.     

A review of the Effect of α/W ratio on fracture toughness （Ⅱ） experimental investigation in LEFM

In part I of this series, experimental investigation in EPFM （elastic-plastic fracture mechanics） had been discussed. In this paper, experimental investigation in LEFM （ linear elastic fracture mechanics） is given. Fracture toughness tests had been carried out on three different strength steels, using both through-cracked specimens with different α/W ratio and semi-elliptical cracked specimens with variable crack size and shape. Results show that the fracture toughness KIC increases with decreasing α/W when α/W 〈 0.3 for three-point-bend specimens, and that for α/W 〉 0.3, it is independent of α/W. Shallow crack specimens, both through-cracked and surface-cracked, gave markedly higher values than deeply notched specimens. However, the effect of crack shape on fracture toughness is negligible. Results also show that the LEFM approach to fracture is not tenable for design stresses where αc is often very small, far less than 2.5 （ KIC/σy）^2.     

GLUTAMATE－IMMUNOREACTIVE NEURONS IN MEDULLARY RAPHE－CEREBELLUM PATHWAY IN THE KITTEN

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The design of bus route systems — An interactive location-allocation approach

An interactive modelling approach is developed to solve the practical problem of bus route network design. Possible bus routes are identified with facilities which can be located. Zones or pairs of zones in the urban area are identified with customers who will be allocated to the established facilities. It is shown that the classical Set Covering Problem is useful under the assumption of fixed demand; the Simple Plant Location Problem is effective under the assumption of demand which is sensitive to the level of bus service provided.     

Micro-Grinding Performance of Hard-Brittle Chip Materials in Precision Micro-Grinding Microgroove

The micro-structure on hard-brittle chip materials (HBCMs) surface can produce predominant functions and features. The micro-grinding with diamond wheel micro-tip is an efficient method to machine microstructure on HBCMs. However, different HBCMs and crystal orientation may have a significant influence on the micro-grinding performance. In this paper, the micro-grinding performance along different crystal orientation of HBCMs is investigated. First, a dressed 600^# diamond grinding wheel is used to micro-grind micro-structure on HBCMs. Then, the experiment of micro-grinding force test is completed. Finally, the quality of microgroove, the grinding ratio and the micro-grinding force are investigated and they are related to the crystal orientation of HBCMs. It is shown that the stronger resistance to the micro-crack propagation has the best quality of microgroove and the smallest grinding ratio. Moreover, the hardest single-crystal SiC has the best machinability and the micro-grinding force is 38.9%, 10.8% and 46.8% less than the one of sapphire, single-crystal Si and quartz glass, respectively. The direction to micro-grind easily is the crystal orientation 〈10\(\overline 1 \)0〉 for single-crystal SiC and sapphire. In addition, the micro-grinding force increases with the increase of the micro-grinding depth and feed rate and decreases with the increase of the grinding wheel speed.     

Lattice-based group signature with verifier-local revocation

Among several post quantum primitives proposed in the past few decades, lattice-based cryptography is considered as the most promising one, due to its underlying rich combinatorial structure, and the worst-case to average-case reductions. The first lattice-based group signature scheme with verifier-local revocation(VLR) is treated as the first quantum-resistant scheme supported member revocation, and was put forward by Langlois et al. This VLR group signature(VLR-GS) has group public key size of O(nm log N log q), and a signature size of O(tm log N log q log β). Nguyen et al. constructed a simple efficient group signature from lattice, with significant advantages in bit-size of both the group public key and the signature. Based on their work, we present a VLR-GS scheme with group public key size of O(nm log q) and signature size of O(tm log q). Our group signature has notable advantages: support of membership revocation, and short in both the public key size and the signature size.     

A simple formulation for predicting the ultimate strength of ships

The aim of this study is to derive a simple analytical formula for predicting the ultimate collapse strength of a single- and double-hull ship under a vertical bending moment, and also to characterize the accuracy and applicability for earlier approximate formulations. It is known that a ship hull will reach the overall collapse state if both collapse of the compression flange and yielding of the tension flange occur. Side shells in the vicinity of the compression and the tension flanges will often fail also, but the material around the final neutral axis will remain in the elastic state. Based on this observation, a credible distribution of longitudinal stresses around the hull section at the overall collapse state is assumed, and an explicit analytical equation for calculating the hull ultimate strength is obtained. A comparison between the derived formula and existing expressions is made for largescale box girder models, a one-third-scale frigate hull model, and full-scale ship hulls.List of symbols A _B total sectional area of outer bottom - A _B total sectional area of inner bottom - A _D total sectional area of deck - A _S half-sectional area of all sides (including longitudinal bulkheads and inner sides) - a _s sectional area of a longitudinal stiffener with effective plating - b breadth of plate between longitudinal stiffeners - D hull depth - D _B height of double bottom - E Young's modulus - g neutral axis position above the base line in the sagging condition or below the deck in the hogging condition - H depth of hull section in linear elastic state - I _s moment of inertia of a longitudinal stiffener with effective plating - l length of a longitudinal stiffener between transverse beams - M _E elastic bending moment - M _p fully plastic bending moment of hull section - M _u ultimate bending moment capacity of hull section - M _uh ,M _us ultimate bending moment in hogging or sagging conditions - r radius of gyration of a longitudinal stiffener with effective plating [=(I _s /a _s )^1/2] - t plate thickness - Z elastic section modulus at the compression flange - Z _B ,Z _D elastic section modulus at bottom or deck - slenderness ratio of plate between stiffeners [= (b/t)(_y/E)^1/2] - slenderness ratio of a longitudinal stiffener with effective plating [=(l/r)(_y/E)^1/2] - _y yield strength of the material - _yB , _yB , _yD yield strength of outer bottom, inner bottom - _yS deck, or side - _u ultimate buckling strength of the compression flange - _uB , _uB , _uD ultimate buckling strength of outer bottom - _uS inner bottom, deck, or side