IDEAS home Printed from https://ideas.repec.org/a/taf/marpmg/v33y2006i2p141-158.html
   My bibliography  Save this article

Using system dynamics in maritime economics: an endogenous decision model for shipowners in the dry bulk sector

Author

Listed:
  • Steve Engelen
  • Hilda Meersman
  • Eddy Van De Voorde

Abstract

In this paper, we consider the benefits of applying system dynamics in maritime economics. We build an endogenous shipowners’ model for the dry bulk sector, incorporating both the decision process of individual shipowners and traditional shipping market conditions. The aim is to arrive at a simulation tool that can be used for a variety of applications, both for teaching/learning and for research purposes. Within the endogenous shipping model, we can distinguish between the strategic and the tactical choices shipowners face. As an application, we focus explicitly on a strategic decision-making process that is relevant to any shipowner, i.e. the sale of a vessel. System dynamics seems to be a tool well-suited for the detailed modelling of strategic and operational behaviour in the maritime business.

Suggested Citation

  • Steve Engelen & Hilda Meersman & Eddy Van De Voorde, 2006. "Using system dynamics in maritime economics: an endogenous decision model for shipowners in the dry bulk sector," Maritime Policy & Management, Taylor & Francis Journals, vol. 33(2), pages 141-158, May.
    • Handle: RePEc:taf:marpmg:v:33:y:2006:i:2:p:141-158
    DOI: 10.1080/03088830600612807
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1080/03088830600612807
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/03088830600612807?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Xiaoqiao Geng & Yuanqiao Wen & Chunhui Zhou & Changshi Xiao, 2017. "Establishment of the Sustainable Ecosystem for the Regional Shipping Industry Based on System Dynamics," Sustainability, MDPI, vol. 9(5), pages 1-18, May.
    2. Sun, Xiaolei & Liu, Chang & Wang, Jun & Li, Jianping, 2020. "Assessing the extreme risk spillovers of international commodities on maritime markets: A GARCH-Copula-CoVaR approach," International Review of Financial Analysis, Elsevier, vol. 68(C).
    3. Tuomas Kiiski & Tomi Solakivi & Juuso Töyli & Lauri Ojala, 2018. "Long-term dynamics of shipping and icebreaker capacity along the Northern Sea Route," Maritime Economics & Logistics, Palgrave Macmillan;International Association of Maritime Economists (IAME), vol. 20(3), pages 375-399, September.
    4. Sun, Xiaolei & Tang, Ling & Yang, Yuying & Wu, Dengsheng & Li, Jianping, 2014. "Identifying the dynamic relationship between tanker freight rates and oil prices: In the perspective of multiscale relevance," Economic Modelling, Elsevier, vol. 42(C), pages 287-295.
    5. Engelen, Steve & Norouzzadeh, Payam & Dullaert, Wout & Rahmani, Bahareh, 2011. "Multifractal features of spot rates in the Liquid Petroleum Gas shipping market," Energy Economics, Elsevier, vol. 33(1), pages 88-98, January.
    6. Fan, Lixian & Li, Ziyan & Xie, Jiaqi & Yin, Jingbo, 2023. "Container ship investment Decisions―Newbuilding vs second-hand vessels," Transport Policy, Elsevier, vol. 143(C), pages 1-9.
    7. Tsan‐Sheng Ng & Shao‐Wei Lam, 2011. "Dynamic maritime systems inquiry: The DIVER approach," Systems Engineering, John Wiley & Sons, vol. 14(3), pages 239-254, September.
    8. Catalani, Mauro, 2009. "Ship scheduling and routing optimization. An application to Western Mediterranean area," European Transport \ Trasporti Europei, ISTIEE, Institute for the Study of Transport within the European Economic Integration, issue 42, pages 67-82.
    9. Jane Jing Xu & Tsz Leung Yip, 2012. "Ship investment at a standstill? An analysis of shipbuilding activities and policies," Applied Economics Letters, Taylor & Francis Journals, vol. 19(3), pages 269-275, February.
    10. Laihao Ma & Xiaoxue Ma & Jingwen Zhang & Qing Yang & Kai Wei, 2021. "A Methodology for Dynamic Assessment of Laboratory Safety by SEM-SD," IJERPH, MDPI, vol. 18(12), pages 1-18, June.
    11. Yujiro Wada & Tatsumi Yamamura & Kunihiro Hamada & Shinnosuke Wanaka, 2021. "Evaluation of GHG Emission Measures Based on Shipping and Shipbuilding Market Forecasting," Sustainability, MDPI, vol. 13(5), pages 1-22, March.
    12. Yang, Zhongzhen & Jiang, Zhenfeng & Notteboom, Theo & Haralambides, Hercules, 2019. "The impact of ship scrapping subsidies on fleet renewal decisions in dry bulk shipping," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 126(C), pages 177-189.
    13. Siddiqui, Atiq W. & Basu, Rounaq, 2020. "An empirical analysis of relationships between cyclical components of oil price and tanker freight rates," Energy, Elsevier, vol. 200(C).
    14. Photis M. Panayides, 2006. "Maritime policy, management and research: role and potential," Maritime Policy & Management, Taylor & Francis Journals, vol. 33(2), pages 95-105, May.
    15. Papapostolou, Nikos C. & Pouliasis, Panos K. & Kyriakou, Ioannis, 2017. "Herd behavior in the drybulk market: an empirical analysis of the decision to invest in new and retire existing fleet capacity," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 104(C), pages 36-51.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:taf:marpmg:v:33:y:2006:i:2:p:141-158. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/TMPM20 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.