Problems in Optimal Fleet Deployment

Abstract

The problem of minimum-cost operation of a fleet of ships that has to carry a specific amount of cargo between two ports in a given time period for a specific, fixed contract price is studied. Detailed and realistic operating cost functions are developed. Sensitivity analyses are performed to study the effects of small or large changes of one or more cost components on the total cost. A realistic model for the annual transport capacity as a function of speed is also used, in contrast to the linear relation used in the literature.