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A scenario-based dynamic programming model for multi-period liner ship fleet planning

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  • Meng, Qiang
  • Wang, Tingsong

Abstract

This paper proposes a more realistic multi-period liner ship fleet planning problem for a liner container shipping company than has been studied in previous literature. The proposed problem is formulated as a scenario-based dynamic programming model consisting of a number of integer linear programming formulations for each single planning period, and the model can be solved efficiently by a shortest path algorithm on an acyclic network. A numerical example is carried out to illustrate the applicability of the proposed model and solution method. The numerical results show that chartering in ships may not always be a better policy for a long-term planning horizon though it is much cheaper than buying ships in the short-term. Purchasing ships seems to be a more profitable investment in the long run.

Suggested Citation

  • Meng, Qiang & Wang, Tingsong, 2011. "A scenario-based dynamic programming model for multi-period liner ship fleet planning," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 47(4), pages 401-413, July.
    • Handle: RePEc:eee:transe:v:47:y:2011:i:4:p:401-413
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