Analysis of containership speed optimization algorithms

Authors

Shuaian Wang, Old Dominion University, University of WollongongFollow
Qiang Meng, National University of Singapore
Zhiyuan Liu, Monash University

RIS ID

88390

Publication Details

Wang, S., Meng, Q. & Liu, Z. (2012). Analysis of containership speed optimization algorithms. Transportation & Logistics Management: Proceedings of the 17th International Conference of Hong Kong Society for Transportation Studies (HKSTS 2012) (pp. 49-55).

Abstract

Containership speed optimization is important for liner shipping companies because bunker cost constitutes a large proportional of their total operating cost and bunker consumption is sensitive to the ship sailing speed. Speed optimization problems can be formulated as mixed-integer nonlinear programming (MINLP) models. However, the MINLP models developed for the large-scale problems are not solvable by using existing optimization solvers. This paper first analyzes the exiting solution algorithms for solving the MINLP model and then proposes a few novel algorithms which are capable of solving large-scale problems.