Sailing Speed Optimization Model for Slow Steaming Considering Loss Aversion Mechanism

<table class="table-group" id="tab2"><tr><td><table class="table"><tr><td class="thead-hr" colspan="3"><hr/></td></tr><tr class="thead"><td class="align_left">Risk factors</td><td class="align_center">Potential failure effects</td><td class="align_center">Potential failure mode</td></tr><tr><td class="thead-hr" colspan="3"><hr/></td></tr><tr><td class="align_left">Fuel consumption</td><td class="align_center">Increase operation cost (−)</td><td class="align_center" rowspan="3">Weight inexperience of risky decision-making in slow steaming operations; improper decision on sailing speed</td></tr><tr><td class="align_left">SO<sub>x</sub> emission</td><td class="align_center">Emit unnecessary SO<sub>x</sub> and violate the regulation (−)</td></tr><tr><td class="align_left">Delayed of shipment delivery</td><td class="align_center">Vessel delay and decrease customer dissatisfaction (−)</td></tr><tr class="table-tr"><td colspan="3"><hr class="tbody-hr"/></td></tr></table></td></tr></table>

<div>Gains or losses generated by main risk factors of slow steaming.</div>

Journal of Advanced Transportation

tab2

Table 2

Table 2: Sailing Speed Optimization Model for Slow Steaming Considering Loss Aversion Mechanism 