Increased globalization has resulted in increased competition in the shipping industry. Since large carriers control over 70% of the total shipping industry, small carriers are left with only 30% of the market share to compete for. Ultimately, profit margins for small carriers have become very minimal. There is, therefore, need to develop a strategy that will aid in optimizing the profits of carriers. The goal of this paper is to develop a model that will help determine the minimum weight for a particular container design. The validity of the model is important in the sense that minimum container weight will optimize the amount of cargo carried by containers thereby increasing company profits. In developing the model, the dimensions of the container are considered. The solution to the model gives the critical values of the dimensions that will yield the minimum weight for container design. Precisely, the study employs the concept of differentiation in determining the critical values for an optimized design. The model, therefore, proves to be a useful tool for container design for a particular ship.
"Minimizing Container Weight,"
Undergraduate Journal of Mathematical Modeling: One + Two:
1, Article 6.
DOI: https://doi.org/10.5038/2326-36188.8.131.5299 Available at: https://scholarcommons.usf.edu/ujmm/vol9/iss1/6
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Arcadii Grinshpan, Mathematics and Statistics
Hadi Charkhgard, Industrial & Management Systems Engineering
Joseph Dietz, Physics
Problem Suggested By:
Adel Al-Shayea, King Saud University, Industrial Engineering