Initial public offerings in the port industry: exploring the determinants of underpricing

The capital-intensive nature of the port industry and the long payback period of port investments traditionally determine high financial needs for operating the business. Due to the growing financial requirements for developing greenfield mega-projects and feeding international terminal operators’ overseas expansion, equity markets are expected to extend their role in promoting the industry. In this perspective, the underpricing phenomenon, which represents a direct cost for the issuer during initial public offering (IPO) and discourages companies from going public, is neglected by port literature. The paper explores the antecedents of IPO underpricing in ports. Building upon extant finance and port literature, firm characteristics, transaction features, and country-specific variables are tested as determinants of IPOs’ initial returns. For the aim of this study, 58 port-related IPOs taking place on international stock exchanges are examined, and ordinary least squares regression analysis is performed. The study offers unprecedented understandings of the phenomenon and supports port managers in facing financial challenges. Before launching the IPO, financial executives are invited to carefully identify time-window opportunities, and to monitor underwriters’ reputation when selecting financial partners. Findings bring insights for policymakers, as the public listing of port companies emerges a viable option for implementing port reform.     

排桩整流技术内涵及应用

针对船闸下游引航道口门区横向流速超标问题,分析多种导流建筑物削弱口门区回流的机理,提出运用排桩调整水流流态的技术,并将排桩的概念进行延拓,涵盖以往多种导流建筑形式。结合物理模型试验,将排桩技术运用于大藤峡枢纽船闸下游引航道口门区水流条件改善中。成果表明:采用LD为1.0的排桩整流能降低口门区回流流速。     

航道保护及其范围划定方法探讨

针对航道保护的现状和需求,分析航道保护的内容及影响航道稳定的主要因素,提出核心保护区、敏感区的概念及相应保护措施,探讨航道保护范围划定的基本要求以及需要开展的基础工作等内容。以长江南京以下12.5 m深水航道一期工程航道保护的范围划定为例,对航道保护范围的划定流程提出可操作的建议。     

整体推进式桩基码头结构设计与施工

针对在拉美和非洲地区部分码头建设中,存在大型船机设备缺乏和长周期波较为明显、常规打桩船作业和预制构件安装困难的问题,基于一般桩基码头结构,在设计和施工两个方面进行优化,采用桩顶施工行走平台方法施工,利用桩基自身作为支撑结构,大量采用叠合式上部结构,实现将海上施工转化为陆上施工的创新,形成整体推进式桩基码头结构,规避大型船机设备缺乏和长周期波较为明显的问题,具有良好的经济性和对强震区的适应性。     

How Do Governments Support the Development of Public Private Partnerships? Measuring and Comparing PPP Governmental Support in 20 European Countries

Abstract

Taking an institutional perspective, in this article we develop an index of the governmental support for public private partnership (PPP) — a ‘PPP Governmental Support Index’ (GSI) — which aims to measure the extent to which national governments provide an institutional framework that is either conducive or preventive for the introduction and diffusion of PPPs within transport infrastructure and other sectors. First, based on a substantive review of the literature, we define the elements of the PPP GSI, including the policy and political commitment regarding PPPs, the legal and regulatory framework, and the presence/absence of dedicated PPP-supporting arrangements. Second, we calculate the PPP GSI for 20 European countries, cluster them and compare similarities and differences in national governmental support of infrastructure PPPs. Third, we explore the potential link between national institutional index scores and infrastructure PPP activity in the 20 countries. Lastly, we discuss the potential and usefulness of the presented PPP GSI, as well as methodological limitations, and elaborate on how this index might be utilised to strengthen future comparative research on PPP in transport and other sectors.     

The planning and analysis of a new group rapid transit system: the SkyCabs monobeam system in Auckland

This paper examines a case study of the SkyCabs system as a way to alleviate some of the traffic problems of Auckland, New Zealand. SkyCabs is an elevated two-way monobeam carrying light eight-seater cabs on tracks on each side of the beam, available on demand, providing fast, pollution-free, unimpeded travel above the footpath with panoramic views of the city. The aim of this study is to investigate the attractiveness of implementing the SkyCabs system to and from Auckland central business district (CBD) and Auckland international airport by examining four variables: different routes, different number of stops/stations, different passenger demand levels, and different number of cabs in the system. The analysis utilizes geographical information system and simulation tools for the various scenarios considered. The results show that it is possible to assess the cost–benefit of alternative routes in terms of those four variables and rate of return on investment.     

船舶操纵模拟器上海洋山港港区三维视景仿真

针对船舶操纵模拟中的三维视景仿真的特点,开展船舶操纵模拟器中关于上海洋山港港区三维视景仿真的研究。以Google Earth提供的电子地形图像为基础,经过等高线和矢量化方法的处理,生成数字高程模型(Digital Elevation Model,DEM),并利用Multigen Creator建立直观的上海洋山港港区三维地形模型,再利用Vega的三维视景渲染功能对其进行渲染和驱动。根据该方法建立的上海洋山港港区三维视景模型库在模型精细度、逼真度和实时运算等方面,都能满足船员实操练习所需的条件。     

梯级电站变动回水区设计最低通航水位确定方法

梯级电站变动回水区受上游电站下泄流量与下游坝前水位双重影响,设计最低通航水位的确定十分复杂。传统的设计最低通航水位保证率主要对流量进行统计,指标不够全面;而且设计最低通航水位计算工况组合的选取具有一定的偶然性,实际设计过程中可操作性不强。提出入库流量与坝前水位组合保证率计算方法,该方法综合考虑了入库流量与坝前水位遭遇组合的概率。利用该方法可合理确定梯级电站变动回水区设计最低通航水位,同时结合电站调度方案,在电站可接受的调度方式下,投入最少的资金对航道进行整治,以达到最优的效果。     

跨海大桥桥区航道智能助航系统研发

跨海大桥桥区航道是典型的船舶航行受限水域,船桥碰撞安全风险大,桥区航道智能助航技术有助于提高桥区航道安全保障水平。分析了桥区航道通航风险因素以及水文气象分布规律,按通航规则将水域划分为预警、警戒、航道等不同区块,构建了桥区航行的船舶动态领域风险辨识模型。研发了自主检测船舶动态并向其播发防撞预警信息的装置,以及自动管理和运行软硬件设施的桥区航道船舶避碰智能助航系统。该系统已应用在福建省平潭海峡大桥桥区航道,有效改善了桥区水域的航道通航安全形势。     

自升式平台运行工况对危险区域设备选型的影响

分析和总结了大连中远海运重工建造并交付的Super 116E系列自升式钻井平台的危险区域部分设备选型问题;重点讲述了钻井平台危险区划分,危险区域内设备选型与平台设计运行工况之间的相互关联,可为后续海工钻井平台项目的危险区划分及设备选型工作提供参考和借鉴。