This paper introduces an econometric model to explain the determinants of expenditure in ship maintenance and repair. The data refer to 112 vessels of different types that operated in 1999 and were collected from ten Greek ship owning and management companies. On the methodological plain the best functional form is obtained when estimating a semi log-linear model.As expected from theory, the empirical results show that maintenance expenditure is positively related to utilization, age, and size. In addition the effect of age is found to be stronger on vessels younger than 20 years. This may be due to the fact that vessels less than 20 years old can be sold more easily in the second-hand market, whereas older vessels have a shorter lifetime and are also constrained by safety regulations. Therefore, ship owners are more reluctant to spend more once the vessel passes its 4th and especially its 5th special survey. To trace the effect of company policies we included in the model company dummy variables. We found that such effects are present particularly when stores expenses are estimated separately. In turn, this suggested that company policies have still some control on maintenance expenses. Another result is that the elasticities of maintenance expenses with respect to utilization, age, and size at least in 1999 were uniformly less than one, thus revealing the existence of significant economies of scale. And still another result is that the type of ship, the flag, the classification and even the yard where maintenance takes place are significant determinants of the respective outlays.VB大学排课系统论文英文文献翻译
1. Introduction
Ship owning and management companies are facing new pressures and challenges in
procuring an effective and cost efficient maintenance schedule. During the 90’s a new stream of regulations and the increasing activity of State Port Authorities in ensuring that visiting vessels satisfy their seaworthiness certificates changed the perception on how ship maintenance should be dealt. Indeed, the new policy trend towards eliminating substandard ships aims at improving seaworthiness and at raising the quality and quantity as well as the frequency of maintenance.Overhauling, in terms of VB机票预订系统(数据库+论文+任务书+源码) way and by how much towards maintenance effectiveness may assist managers optimize the allocation of respective resources in their efforts to determine the useful lives of their vessels, and thus, to an extent, their policies regarding fleet composition.The literature to which we could turn for helpful leads in our research focuses mainly on the theory of scrapping and replacement and much less on utilisation, maintenance and the other decisions pertaining to ships in particular and to equipment in general. Recently Jin and Kite-Powel (1999) studied the issue of fleet renewal and found that ship replacement and ship operating
decisions are taken jointly so as to permit maximum fleet utilisation. But they did not pay
attention to maintenance. A decade earlier Evans (1989) analysed the problem of ship replacement under technological obsolescence and ship modifications, but without considering the2438