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Operational shadow pricing in back haul container shipping |
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| Institution: | 1. Department of Computer Science and Management, Koszalin University of Technology, Sniadeckich 2, 75-453 Koszalin, Poland;2. Department of Mechanical and Manufacturing Engineering, Aalborg University, Aalborg East, Denmark;3. Department of Business Informatics, Warsaw University of Technology, Narbutta 85, 02-524 Warsaw, Poland;1. Institute of Physical Internet, School of Intelligent Systems Science and Engineering, Jinan University (Zhuhai Campus), Zhuhai, China;2. HKU-ZIRI Lab for Physical Internet, Department of Industrial and Manufacturing Systems Engineering, The University of Hong Kong, Hong Kong;1. Faculty of Maritime and Transportation, Ningbo University, Ningbo, China;2. School of Automotive and Transportation Engineering, Hefei University of Technology, Hefei, China |
| Abstract: | Minimum acceptable rates for back haul cargo are difficult for carriers to establish in practice. They depend on complex factors such as availability of empty containers in the vicinity, cost of repositioning empties and container on-hiring decisions. A shadow pricing and “shadow credit” approach is proposed and applied to an inland network. Such a model can help carriers undertake yield management at the operational level to improve financial performance in a post-conference era. Results also suggest a positive relationship between variability in the imbalance situation of laden containers in a particular trade and volatility of short-term back haul freight rates. |
| Keywords: | Shadow price Back haul shipping Container repositioning Spot market |
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