Document Type
Article Restricted
Publication Date
2012
Journal Title
Transportation Research Part D: Transport and Environment
Volume Number
17
Issue Number
2
First Page
97
Last Page
103
Abstract
This paper provides an algorithm to minimize the fixed ordering, purchase, and inventory-carrying costs associated with bunker fuel together with ship time costs; and environmental costs associated with greenhouse gas emissions. It determines the optimum ship speed, bunkering ports, and amounts of bunker fuel for a given ship’s route. To solve the problem, we use an epsilon-optimal algorithm by deriving a property. The algorithm is illustrated by applying it to typical sample data obtained and the effects of bunker prices, carbon taxes, and ship time costs on the ship speed are analyzed. The results indicate that the ship speed and CO2 emissions are highly sensitive to the factors considered.