The dynamic relationships between paper petroleum refining and physical trade of crude oil into the United States

This article examines the relationship between refinery margins traded on paper using petroleum futures (the paper refinery) and the physical trade of crude oil into the US. Computations of a 3:2:1 crack spread were constructed using daily observations of second- and third-nearby unleaded gasoline and heating oil futures contracts traded on the New York Mercantile Exchange (NY MEX) and spot Brent crude oil prices. The crack spread represents the margin between the cost of crude oil feed stock today and the value of the products produced by a refinery in the future. Unit root tests on each of the time series found crack spreads to be stationary while crude oil imports were found to be non-stationary. A s the two series were found to be integrated of different order, cointegration analysis of the two series was not deemed appropriate. Instead, linear relationships between crack spreads and imports were examined using causality tests. It was found that the 2-month 3:2:1 crack spread Granger-causes crude oil imports and that this causality is unidirectional. The significance of these findings lies in the fact that other industries like tanker shipping derive their demand from the demand for, and trade in, petroleum. Crack spreads, therefore, can provide a leading indicator for short term developments in tanker demand. For a chartering manager who has ships on the spot market, crack spreads can help him/her anticipate demand developments and influence vessel deployment and chartering decisions.     

Some Thoughts on Flags of Convenience

The purpose of this article is to formulate the problem, to assess its magnitude, and at the same time to suggest the areas that must be investigated before any practical policy recommendations can be made.     

100%液态氟硅橡胶:一种耐燃油和机油的液态硅橡胶

氟硅橡胶(FVMQs)由于其独特的物性而使其需求量并未得到更大的增长.氟硅橡胶(FSRs)用于制造接触发动机燃料/汽车燃料.溶剂和机油的汽车产品,其用量正在不断增长.随着更多的生产商使用FSRs来生产产品,加工工艺的优化与零件的生产效率日益变得重要,但是这些问题却仍是难以解决的.     

International cooperation in Maritime casualty Investigations: an analysis of IMO RESOLUTION A.637 (1 6)

On 19 October 1989, the International Maritime Organization adopted a joint uslliberian resolution meant to advance international cooperation in maritime casualty investigations. This resolution reflected an international determination to achieve greater cooperation between different states in investigative matters, in a manner consistent with international law. This paper examines how the IMO resolution addresses some of the inherent problems in such a multi-national industry. It also examines the question of whether us lawmakers may, or should, impose stricter controls and restrictions unilaterally on foreign-flag ships which call on us ports.     

Route choice of cyclists in Zurich

This paper presents the first route choice model for bicyclists estimated from a large sample of GPS observations and overcomes the limitations inherent in the generally employed stated preference approach. It employs an improved mode detection algorithm for GPS post-processing to determine trips made by bicycle, which are map matched to an enriched street network. The alternatives are generated as a random sample from an exhaustive, but constrained search. Accounting for the similarity between the alternatives with the path-size factor the MNL estimates show that the elasticity with regards to trip length is nearly four times larger than that with respect to the share of bike paths. The elasticity with respect to the product of length and maximum gradient of the route is small. No other variable describing the routes had an impact. The heterogeneity of the cyclists is captured through interaction terms formulated on their average behaviour.     

Location of bus garages

The location of bus garages is a complex issue that has received recent attention in the literature. Given a bus system, the number of bus garages and their locations depend on garage cost, deadheading cost and environmental impacts. An approximate analytical model is used to determine the number of bus garages that minimizes the above costs. The concept of a slowly varying density of bus-route origins (hence deadheads) per unit area is used to model deadheading costs. The increased deadheading caused by breakdowns and accidents is also considered. The garage cost is modeled as a function of the number of buses stored. A closed-form solution is obtained for the optimal density of garages, when the garage cost function is linear. The actual locations of garages and the allocations of buses to the garages are found using a discrete space location-allocation model formulated so as to consider the environmental impact associated with buses deadheading through populated neighborhoods.     

Liner shipping between East and West Europe: competitive developments in the Poland-United Kingdom trade

This paper provides an analysis of the development of the liner route between the UK and Poland and the activities of the two main operators—EuroAfrica of Poland and United Baltic Corporation of London. The most significant factors driving the development of this trade are analysed using a combination of an industrial survey and government statistics for the route, before going on to examine the threat to the trade presented by the growth of the trucking mode.