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A heuristic to solve a sea cargo revenue management problem

In: Container Terminals and Cargo Systems

Author

Listed:
  • L. H. Lee

    (National University of Singapore)

  • E. P. Chew

    (National University of Singapore)

  • M. S. Sim

    (National University of Singapore)

Abstract

In this paper, we will introduce a heuristic to solve a single leg revenue management problem with postponement, arising from the sea cargo industry. Based on previous work, it was shown that the optimal policy to allocate the capacity of the ship is a threshold policy. Based on the sample average approximation method, we formulate a mixed integer linear programming problem to determine the stationary threshold policy. A heuristic (known as the perturbation approach) is proposed to solve the problem. From the numerical result, it is shown that our approach performs better than some of the methods used to solve the mixed-integer programming problem.

Suggested Citation

  • L. H. Lee & E. P. Chew & M. S. Sim, 2007. "A heuristic to solve a sea cargo revenue management problem," Springer Books, in: Kap Hwan Kim & Hans-Otto Günther (ed.), Container Terminals and Cargo Systems, pages 351-364, Springer.
    • Handle: RePEc:spr:sprchp:978-3-540-49550-5_17
    DOI: 10.1007/978-3-540-49550-5_17
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    Citations

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    Cited by:

    1. Wang, Tingsong & Meng, Qiang & Wang, Shuaian & Qu, Xiaobo, 2021. "A two-stage stochastic nonlinear integer-programming model for slot allocation of a liner container shipping service," Transportation Research Part B: Methodological, Elsevier, vol. 150(C), pages 143-160.
    2. Yu Guo & Ran Yan & Hans Wang, 2021. "Maximization of container slot booking profits for carriers in the liner shipping industry," Journal of Shipping and Trade, Springer, vol. 6(1), pages 1-10, December.
    3. Ming Yin & Zheng Wan & Kap Hwan Kim & Shi Yuan Zheng, 2019. "An optimal variable pricing model for container line revenue management systems," Maritime Economics & Logistics, Palgrave Macmillan;International Association of Maritime Economists (IAME), vol. 21(2), pages 173-191, June.
    4. Wang, Tingsong & Xing, Zheng & Hu, Hongtao & Qu, Xiaobo, 2019. "Overbooking and delivery-delay-allowed strategies for container slot allocation," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 122(C), pages 433-447.
    5. Jin, Jie & He, Junliang & Wang, Xudong & Han, Chuanfeng & Meng, Lingpeng, 2024. "Contract design in ocean shipping market: A performance credit leveraged mechanism," International Journal of Production Economics, Elsevier, vol. 272(C).
    6. Ruina Yang & Chung-Yee Lee & Qian Liu & Song Zheng, 2019. "A carrier–shipper contract under asymmetric information in the ocean transport industry," Annals of Operations Research, Springer, vol. 273(1), pages 377-408, February.

    More about this item

    Keywords

    Sea cargo; Revenue management;

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