碩士 / 國立臺灣海洋大學 / 航運管理學系 / 96 / The bulk shipping market is close to perfect competitive market; therefore, bulk shipping corporations have to face drastic competitions. Moreover, bulk shipping operation, which can be affected by politics, economics, weather and so on, is risky and uncertain. Take account of maritime business cycle, shipping corporations operating in time charter forms not only disperse risk but also increase the stability of earnings. In other words, thus, it has become a crucial issue in recent years. Shipping corporations have to consider numerous and complex factors in order to improve their competitiveness. Some literature has discussed the chartering decisions. However, chartering decisions have neither been analyzed systematically nor quantified. Therefore, this study uses the Analytical Hierarchy Process (AHP) as the core method to construct key influence factors for chartering decisions and a hierarchical analysis framework for portfolios. Furthermore, we amend the Importance-Performance Analysis (IPA) by adding the concept of “Tolerance” so as to analyze the importance, performance and tolerance of key influence factors of time chartering operations. We also take corporations policies and the difference in managers’ risk preference into account to build the most suitable chartering portfolio of T/C in maritime business cycle. The results of this study indicated that:
1.At key influence factors of time charter operation, on the whole, “shipping market and pricing” is the most crucial influence factor for timecharter operations, followed by “ship regulations and conditions”, ”operating limit and regulation”, and “contract and parties”. Among the twenty criteria “daily charter hire” is the most important, followed by “forecast of market price”, “chartering period”, “reputation”, and “speed and consumption”.
2.At satisfaction of degree time chartering operation, the results of IPA analyses show that shipowners’ priority is to improve “trading limit” and “chartering period” first in trip time charter operation; under the circumstances of 1 year operation, the primary issue which Shipowners should cope with is “delivery/redelivery fuel price”; for an operation lasting for 1 to 3 years, Shipowner need to improve “age of ships” and “payment condition”. As for an over 3 year operation, Shipowners should modify “sublet” and “payment condition” first. The result of IPTA show that under different circumstances, the two criteria of “reputations of the concerned parties” and “forecast of market price” are relatively of higher importance and performance, but of lower tolerance for time charterers.
3.At chartering portfolios of time chartering operations, when the economy is booming, shipowners should consider “Trip Time charter” primarily; during a period of economic recession, the prior consideration should be long-term time charter; when there is a depression, short-term time charter should be implemented mostly; while the economy recovers, long-term time charter can be applied as the main strategy.
The results of this study can contribute strategic references on Time Chartering decision making to dry bulk corporations.
| Identifer | oai:union.ndltd.org:TW/096NTOU5301010 |
| Date | January 2008 |
| Creators | Chia-Pei Chang, 張嘉珮 |
| Contributors | Cheng-Chi Chung, 鍾政棋 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 83 |
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