دانلود رایگان مقاله به حداکثر رساندن میزان بازدهی سرمایه مورد استفاده در بازسازی ظرفیت حمل و نقل

Abstract

Decisions regarding investments in capacity expansion/renewal require taking into account both the operating fitness and the financial performance of the investment. While several operating requirements have been considered in the operations research literature, the corresponding financial aspects have not received as much attention. We introduce a model for the renewal of shipping capacity which maximizes the Average Internal Rate of Return (AIRR). Maximizing the AIRR sets stricter return requirements on money expenditures than classic profit maximization models and may describe more closely shipping investors' preferences. The resulting nonlinear model is linearized to ease computation. Based on data from a shipping company we compare a profit maximization model with an AIRR maximization model. Results show that while maximizing profits results in aggressive expansions of the fleet, maximizing the return provides more balanced renewal strategies which may be preferable to most shipping investors.

5. Conclusions

Strategic decisions related to capacity expansions or renewal, besides considering various operating constraints, may require attention to a number of financial indicators, such as the Average Internal Rate of Return (AIRR) besides or in addition to net present values. In this paper we focused on the case of maritime shipping capacity renewal. Shipping is a capital intensive industry where uncertainty plays a major role. In addition shipping capacity is characterized by a long economic life. For these reasons, particular attention must be paid to the financial, in addition to the technical, fitness of investments in maritime shipping capacity.