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.     

A selection method of offshore production systems considering uncertainties

Journal of Marine Science and Technology - The development of an offshore deepwater oilfield is a complex and risky task. One core problem in this project is the selection of a production system...     

Observations on colony formation by the cosmopolitan phytoplankton genus Phaeocystis

Few marine phytoplankton have heteromorphic life cycles and also often dominate the ecosystems in which they occur. The class Prymnesiophyceae contains a notable exception: the genus Phaeocystis includes three species that form gelatinous colonies but also occur within their ranges as solitary cells. Phaeocystis antarctica and P. pouchetii are exclusively high latitude taxa, and are notable for regionally tremendous blooms of the colony stage. P. globosa occurs circumglobally, yet its colony blooms primarily are confined to colder waters within its range. Three additional species are warm water forms that have been reported only as solitary cells or loose aggregations that bear little resemblance to the organized colonies of the other taxa. Interpretation of existing data indicates that resource availability (light, temperature and nutrients) by itself is not sufficient to explain this distinction between cold-water colony-forming taxa and warm water solitary cell taxa, nor why colony development in P. globosa is essentially a spatially restricted phenomenon within a much broader geographic range. Colony development by P. globosa in situ has been observed at temperatures ≥20 °C, but only rarely and generally under conditions of seasonally or anthropogenically elevated nutrient supply. Data presented here demonstrate colony development at 20–22 °C in natural plankton communities from oligotrophic waters that were pre-screened through 63 μm mesh (i.e. lacking mesozooplankton and large microzooplankton), but not in unscreened communities containing microzooplankton and >63 μm zooplankton. Reduction of colony proliferation at higher temperatures by mesozooplankton grazing remains as an intriguing possibility that is consistent with available evidence to help explain differences in latitudinal extent of in situ colony development. These data are interpreted within a theoretical framework regarding the potential advantages and disadvantages of the two life cycle stages.     

天然海水中15CDV6/MDN138及15CDV6/MDN250合金的电流相互作用（英文）

The galvanic corrosion behavior of the metal combinations 15 CDV6/MDN138 and 15 CDV6/MDN250, with 1:1 area ratio, has been studied in natural seawater using the open well facility of CECRI's Offshore Platform at Tuticorin for a year. The open circuit potentials of MDN138, MDN250, and 15 CDV6 of the individual metal, the galvanic potential and galvanic current of the couples 15 CDV6/MDN138 and 15 CDV6/MDN250, were periodically monitored throughout the study period. The calcareous deposits on MDN138 and MDN250 in galvanic contact with 15 CDV6 were analyzed using XRD. The electrochemical behavior of MDN138, MDN250, and 15 CDV6 in seawater was studied using an electrochemical work station. The surface characteristics of MDN138 and MDN250 in galvanic contact with 15 CDV6 have been examined with a scanning electron microscope. The results of the study reveal that the galvanic protection offered by15 CDV6 to MDN250 and MDN138 in natural seawater amounts to 93% and 98%, respectively, implying that the galvanic protection offered by 15 CDV6 is continuous and effective, which has been further evinced from the adherent nature of the calcareous deposit film comprising compounds such as CaCO_3(calcite, aragonite, and vaterite), MgCO_3(magnesite),Mg(OH)_2(brucite), and MgO(brucite).     

Recreational Leasing of Alaska Commercial Halibut Quota: The Early Years of the GAF Program in Alaska

The Pacific Halibut Catch Sharing Plan formalized the process for allocating halibut between the Alaska commercial and recreational charter sectors. It included a new program intended to allow for “flexibility” through inter-sectoral trading, permitting charter operators to lease commercial halibut pounds to relax client harvest restrictions. Here we evaluate the first two years of lease market activity and participation. Participation from some commercial quota holders in the lease market suggests that the program provided beneficial flexibility; in fact, the number of transfers to the charter sector was greater than transfers within the commercial sector for some quota types. We also identified a high proportion of self-leasers. However, transfers to the charter sector were on average smaller than within-sector commercial transfers, and total poundage leased by the charter sector was low compared with commercial transfers. Usage of leased quota by the recreational charter sector enables the harvest of larger fish or additional fish, and provides flexibility in catch composition on halibut closure days. Finally, the value-per-pound may be higher in the charter sector, as commercial-to-charter transfer prices approached the commercial ex-vessel price.     

Estimates of vertical mixing during a Lagrangian experiment off the Galician coast

An adjoint 1-D model was used to determine vertical diffusivity coefficients from temperature profiles collected within a filament escaping from the Galician coast following an upwelling event. The optimisation scheme ended with relatively high diffusivity values within the thermocline (9×10⁻⁵ m² s⁻¹). Such high values are relevant for biogeochemical exchanges between surface and deep waters in stratified areas.The optimised values were several orders of magnitude higher than the bulk of diffusivity measurements recorded with a free-falling device; however, the optimisation solution was consistent with the arithmetic mean of the measurements in the thermocline (7.7×10⁻⁵ m² s⁻¹), giving more weight to the few largest values. Below the thermocline, the data assimilation method failed because of the three-dimensional nature of the advective field of the upwelling system. Ignoring this advective forcing in the model led to estimates that were two orders of magnitude too high.The results suggest that turbulent mixing is a random process where a few intense events determine the average mixing that drives the long-term evolution of the water column structure. This statistical property is very important when one wants to use instantaneous diffusivity measurements for modelling purposes.     

A study of vibration and vibration control of ship structures

This paper examines the vibration characteristics and vibration control of complex ship structures. It is shown that input mobilities of a ship structure at engine supports, due to out-of-plane force or bending moment excitations, are governed by the flexural stiffness of the engine supports. The frequency averaged input mobilities of the ship structure, due to such excitations, can be represented by those of the corresponding infinite beam. The torsional moment input mobility at the engine support can be estimated from the torsional response of the engine bed section under direct excitation. It is found that the inclusion of ship hull and deck plates in the ship structure model has little effect on the frequency-averaged response of the ship structure. This study also shows that vibration propagation in complex ship structures at low frequencies can be attenuated by imposing irregularities to the ring frame locations in ships. Vibration responses of ship structures due to machinery excitations at higher frequencies can be controlled by structural modifications of the local supporting structures such as engine beds in ships.     

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.     

A citation network analysis of sustainability development in liner shipping management: a review of the literature and policy implications

ABSTRACT

Based on an analysis of 253 related papers drawn from the Web of Science database, this study examines holistic sustainability research in liner shipping management literature using a citation network analysis (CNA) approach followed by a qualitative analysis of findings. We identify four major research domains, namely shipping performance, port selection and management, shipping markets, and environment, as well as related sub-domains of shipping performance. We discuss the current research trends and focal issues in these domains with a focus on their implications for policy development. Our results indicate that while the sustainability discourse in the literature has developed and matured significantly over the last decade, generating valuable insights for practitioners and regulators alike, it still struggles with blurry terminology and a lack of holistic frameworks jointly addressing the different aspects of sustainability: Economic considerations of liner shipping are still the main concern, while environmental and social issues are less regarded in the academic discourse. Furthermore, we identify a dearth of studies rooted in managerial or economic theory. In this regard, our study provides insights on the scope of the holistic sustainability discourse in liner shipping management, its contributions to theory and practice, and its implications for the further development of policies addressing sustainability in liner shipping management. We advocate further construct development for sustainability in liner shipping, as well as empirical tests of the antecedents of sustainability practice adoption in the industry for future research.