Two-stage stochastic integer programming model for multiperiod sea cargo mix problem in container shipping industry

James S K Ang, Chengxuan Cao, Mahmut Parlar, Hengqing Ye

Research output: Journal article publicationJournal articleAcademic researchpeer-review

7 Citations (Scopus)

Abstract

In this paper, we consider the cargo mix problem under uncertainty in the container shipping industry. We seek to determine the optimal cargo mix in a multiperiod planning horizon with the objective of maximizing the total expected profit derived from all freight bookings received in the planning horizon. We present a two-stage stochastic integer programming model and propose a heuristic algorithm for multiperiod sea cargo mix problem under uncertainty. Finally, numerical experiments on a wide range of randomly generated problem instances are conducted to demonstrate the efficiency of the algorithm.
Original languageEnglish
Pages (from-to)460-465
Number of pages6
JournalIEEE Transactions on Systems, Man, and Cybernetics Part A:Systems and Humans
Volume39
Issue number2
DOIs
Publication statusPublished - 15 Jan 2009

Keywords

  • Container shipping industry
  • Heuristic algorithm (HA)
  • Sea cargo mix
  • Two-stage stochastic integer program

ASJC Scopus subject areas

  • Control and Systems Engineering
  • Electrical and Electronic Engineering
  • Computer Science Applications
  • Human-Computer Interaction
  • Information Systems
  • Software

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