Shipping companies repeatedly face the problem of adjusting their vessel fleet to meet uncertain future transportation demands and compensating for aging vessels. In this paper, a new multi-stage stochastic programming formulation for strategic fleet renewal in shipping is proposed. The new...

This paper presents a literature survey on the fleet size and mix problem in maritime transportation. Fluctuations in the shipping market and frequent mismatches between fleet capacities and demands highlight the relevance of the problem and call for more accurate decision support. After...

We review research on ship routing and scheduling and related problems during the new millennium and provide four basic models in this domain. The volume of research in this area about doubles every decade as does the number of research outlets. We have found over a hundred new refereed papers...