Investment strategies in market uncertainty

The nature of the global economy is one of dynamic change. Shipping is a service industry with its demand related to changes in international trade levels and patterns. As a consequence shipping is subject to sometimes unpredictable swings in demand so that the operator is required to make strategic planning decisions while navigating through boom or bust environments. While boom economies generate rising freight rates which are welcomed and encourage investment, ship operators may also have to face falling freight demand and declining freight rates that may have significant impact on profitability, often falling to uneconomic levels for extended periods. In such a period of uncertainty and declining profitability management will make operational decisions to reduce costs. However, shipping lines operate in a market environment so any decisions made to rationalize the trade may have significant long-term competitive implications. For example, traditional micro economic theory might suggest that the prudent strategy to adopt would be to close down the operation and reopen when the market conditions improve. In a world of certainty or when costs of taking this action are zero, this would be a valid strategy. However, because of fear of competitors taking up a line's market share if the shipping company exits, even temporarily, this strategy cannot be valued simply in terms of shut-down and start-up costs. A further consideration is the fact that standard capital budgeting techniques, such as Net Present Value (NPV), cannot incorporate the flexibility to respond to new information and strategic responses explicitly into their investment analysis. This paper will demonstrate the use of Real Option Analysis (ROA) to provide guidelines for decisions about closing operations in adverse market conditions.     

The coastal edge of the Northeast Water polynya in spring 1993

Multidisciplinary, marine ecological observations were conducted at the shallow water edge of the Northeast Water in June, 1993. Although variable in size and shape, a small polynya was constantly present at Eskimonaes, at the fast-ice edge of Ingolfsfjord. A shallow stratified layer developed at the water sufface at negative water and air temperatures—an effect of sea ice melting in cold water early in the season. Nutrients were recorded in considerable quantities, although by mid July NO₃ had become depleted. The chlorophyll and phytoplankton maxima at 8–12 m depth had peak values of 2 mg chl a m⁻³, typical for Arctic algal blooms. The phytoplankton included over 90 species and was dominated by the Fragillariopsis group. Zooplankton was poor in biomass and density, but over 23 taxa were found, with the copepods Oithona similis and Pseudocalanus acuspes being numerically dominant. Sedimentation was approximately 0.2 g dry weight m⁻² d⁻¹ and suspended matter concentrations ranged from 4 to 19 mg l⁻¹. The benthos was represented by hard bottom forms only, with a surprisingly dense cover of macrophytes. Juvenile sea urchins (Strongylocentrotus droebachiensis), brittle stars (Ophiocten sericeum) and amphipods were dominant. Higher trophic levels were represented by benthic feeders, such as eiders and walruses. The area observed was more similar to high Arctic fjord ecosystems than to the offshore central Northeast Water polynya.     

LB-8型沥青混凝土拌和机的使用改造

本文通过对加热方式的改造,使产量增大了1.5倍以上,并在燃烧废柴油方面进行了一些有益的探索,同时对除尘石粉进行了回收改造,使用效果良好.     

无缝线路上铁路桥梁墩台制动力的计算方法

研究目的:制动力是影响桥梁墩台设计的重要因素之一,现针对无缝线路上铁路桥梁制动力的传力特点, 研究在中-活载作用下无缝线路上简支梁桥墩、台顶制动力的分配规律,提出更接近于实际的制动力计算方法、 研究方法:针对无缝线路上铁路桥梁的传力特点,采用将桥梁结构、台后部分路基以及上面的轨道结构作 为一个整体系统共同承受列车制动力的整体计算模型(即线-桥系统),运用有限元程序进行分析、计算。 研究结果:在对等跨度、桥墩等刚度的铁路多跨简支梁桥的墩、台顶制动力进行大量计算的基础上,找出了 影响多跨简支梁桥墩、台顶制动力分配的因素及其变化规律,提出了制动力的实用计算公式。 研究结论:通过对无缝线路上铁路桥梁的墩台顶制动力分配的影响因素分析,提出了铁路桥梁墩台顶制动 力的实用计算方法,经过分析该制动力实用计算方法,使用方便,操作简单,使制动力的计算更接近于实际。     

德国铁路电力机车动车概况

简要介绍德国铁路现有电力机车动车的各种系列、数量和主要改进.     

衡阳市光明立交桥预应力混凝土连续箱梁张拉施工

以衡阳光明立交桥连续箱梁预应力张拉施工为例,阐述该工程采用的LCM锚具及后张有粘结预应力施工技术,重点介绍超长预应力钢绞线的穿束和张拉施工工艺。     

Valuation of externalities through neo-classical methods by including institutional variables

Externalities are uncompensated influences that are not expressed in a market but that affect the production possibilities or the welfare level of third parties. An example is the noise pollution in airport areas. Although air transport is an important source of economic growth and employment in many countries, the social and environmental problems connected with this sector are rising rapidly. Consequently, airports are becoming a matter of concern to many politicians. On what kind of values should they base their decisions as to further growth or consolidation of the current situation? In this paper we discuss two approaches, one based on mainstream, neo-classical, economics, and one based on institutional approaches, more in particular new institutional economics, which can be seen as a development complementary to the mainstream.     

过程的监视和测量

“过程的监视和测量”是2000版ISO9001标准中的新增条款，正确理解及合理应用，将是组织有效实施ISO900l标准的一个重要标志。     

坚定信心抓住机遇全面推进总公司的改革发展

1认清形势,坚定信心,进一步巩固和开拓市场 2004年,我们经受了集采专供过渡期短短一年、转瞬即逝的严峻考验,经受了宏观调控、市场剧烈波动的严峻考验,经受了资源和煤电油运全面紧张的严峻考验,经受了主要用户和生产商同时挤压流通业利润空间的严峻考验.经过一年的努力,我们走出了总公司"二次创业、快速发展"的新路子,实现了由"官商"向社会自由商身份的转变.我们在风浪中学会了游泳,在竞争中实现了发展,成绩来之不易.一年的实践更坚定了我们走向市场的信心.     

直线电机地铁系统特点及应用分析

直线电机地铁是一种新型的城市轨道交通系统．采用直线感应电机牵引，轮轨系统支撑导向。它具有技术先进、安全可靠、经济合理以及绿色环保的特点。该系统主要有日本和加拿大两种技术模式，分别介绍了其模式特点。并且对该系统在我国的应用前景进行了分析。