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The impact of ship scrapping subsidies on fleet renewal decisions in dry bulk shipping
Yang, Z.; Jiang, Z.; Notteboom, T.; Haralambides, H. (2019). The impact of ship scrapping subsidies on fleet renewal decisions in dry bulk shipping. Transp. Res., Part E Logist. Trans. Rev. 126: 177-189. https://dx.doi.org/10.1016/j.tre.2019.04.008
In: Transportation Research. Part E, Logistics and Transportation Review. Pergamon: Exeter. ISSN 1366-5545; e-ISSN 1878-5794
Peer reviewed article  
Available in  Authors 
Keyword
    Marine/Coastal
Author keywords
    Ship scrapping subsidies; Fleet renewal; Time-series forecasting; Drybulk market; COSCO
Authors  Top 
  • Yang, Z.
  • Jiang, Z.
  • Notteboom, T.
  • Haralambides, H.
Abstract
    We introduce a novel dimension to the fleet renewal decisions of a shipping company, taking into account the effects of ship scrapping subsidies. The fleet renewal behavior of a company is analyzed with focus on early scrapping decisions prompted by the subsidy. We present a fleet renewal decision model which maximizes firm profit given market demand and the features of a scrapping subsidy. To assess the effects of a potential subsidy on corporate decisions, we compare the optimal fleet renewal schemes with and without the subsidy. We calculate the outcome of such a policy measure for China COSCO Shipping.
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