An integrated approach for port selection, ship scheduling and financial analysis

• Published in: Netnomics Vol. 11; no. 1; pp. 33 - 46
• Main Author: Lam, Jasmine Siu Lee
• Format: Journal Article
• Language: English
• Published: Boston Springer US 01.04.2010; Springer; Springer Nature B.V
• Subjects: Algorithms; Costs; Data Structures and Information Theory; Decision making; Dynamic programming; e-Commerce/e-business; Economic Growth; Economic Theory/Quantitative Economics/Mathematical Methods; Economics; Economics and Finance; Financial analysis; Heuristic; Integrated approach; Intelligent systems; IT in Business; Liners; Literature reviews; Maritime industry; Modules; Operators; Optimization; Planning; Ports; Scheduling; Selection; Shipping; Shipping industry; Ships; Studies; User interface; Liner shipping; Financial analysis; Optimisation; Ship scheduling; Intelligent system; Port selection
• ISSN: 1385-9587; 1573-7071
• DOI: 10.1007/s11066-009-9036-3

Ship routing and scheduling is an important activity for ship operators at both planning and operation levels. Ship operators, as commercial entities, have to closely monitor routing and scheduling in relation to their financial implications. This paper presents an integrated approach for port selection, ship scheduling and financial analysis. It aims to discuss the architecture and the major features of an integrated intelligent system for liner shipping. Currently many liners still perform ship routing and scheduling manually based on professional knowledge and experience. The proposed system is developed with an international liner company and is flexible to account for user inputs according to the real situation in the port selection module. Also the system provides two modes in the scheduling module: automatic and manual. The automatic mode makes use of an optimisation model to find the optimal proforma schedule (PFS). The manual mode allows manual modifications to be performed to accommodate the existing liners to allow for a smooth implementation. The financial analysis module examines the financial consequences of the PFS which are crucial for making commercial decisions. As a whole, the solution algorithm calls for an integrated approach that can integrate data from various sources with different levels of certainties and accuracies, knowledge gained from practical operations and optimisation routines. The system will be useful for ship operators in liner shipping.