The Annual Economic Survey of Federal Gulf Shrimp Permit Holders: Report on the Design, Implementation, and Descriptive Results for 2006

This technical memorandum documents the design, implementation, data preparation, and descriptive results for the 2006 Annual Economic Survey of Federal Gulf Shrimp Permit Holders. The data collection was designed by the NOAA Fisheries Southeast Fisheries Science Center Social Science Research Group to track the financial and economic status and performance by vessels holding a federal moratorium permit for harvesting shrimp in the Gulf of Mexico. A two page, self-administered mail survey collected total annual costs broken out into seven categories and auxiliary economic data. In May 2007, 580 vessels were randomly selected, stratified by state, from a preliminary population of 1,709 vessels with federal permits to shrimp in offshore waters of the Gulf of Mexico. The survey was implemented during the rest of 2007. After many reminder and verification phone calls, 509 surveys were deemed complete, for an ineligibility-adjusted response rate of 90.7%. The linking of each individual vessel’s cost data to its revenue data from a different data collection was imperfect, and hence the final number of observations used in the analyses is 484. Based on various measures and tests of validity throughout the technical memorandum, the quality of the data is high. The results are presented in a standardized table format, linking vessel characteristics and operations to simple balance sheet, cash flow, and income statements. In the text, results are discussed for the total fleet, the Gulf shrimp fleet, the active Gulf shrimp fleet, and the inactive Gulf shrimp fleet. Additional results for shrimp vessels grouped by state, by vessel characteristics, by landings volume, and by ownership structure are available in the appendices. The general conclusion of this report is that the financial and economic situation is bleak for the average vessels in most of the categories that were evaluated. With few exceptions, cash flow for the average vessel is positive while the net revenue from operations and the “profit” are negative. With negative net revenue from operations, the economic return for average shrimp vessels is less than zero. Only with the help of government payments does the average owner just about break even. In the short-term, this will discourage any new investments in the industry. The financial situation in 2006, especially if it endures over multiple years, also is economically unsustainable for the average established business. Vessels in the active and inactive Gulf shrimp fleet are, on average, 69 feet long, weigh 105 gross tons, are powered by 505 hp motor(s), and are 23 years old. Three-quarters of the vessels have steel hulls and 59% use a freezer for refrigeration. The average market value of these vessels was $175,149 in 2006, about a hundred-thousand dollars less than the average original purchase price. The outstanding loans averaged $91,955, leading to an average owner equity of $83,194. Based on the sample, 85% of the federally permitted Gulf shrimp fleet was actively shrimping in 2006. Of these 386 active Gulf shrimp vessels, just under half (46%) were owner-operated. On average, these vessels burned 52,931 gallons of fuel, landed 101,268 pounds of shrimp, and received $2.47 per pound of shrimp. Non-shrimp landings added less than 1% to cash flow, indicating that the federal Gulf shrimp fishery is very specialized. The average total cash outflow was $243,415 of which $108,775 was due to fuel expenses alone. The expenses for hired crew and captains were on average $54,866 which indicates the importance of the industry as a source of wage income. The resulting average net cash flow is $16,225 but has a large standard deviation. For the population of active Gulf shrimp vessels we can state with 95% certainty that the average net cash flow was between $9,500 and $23,000 in 2006. The median net cash flow was $11,843. Based on the income statement for active Gulf shrimp vessels, the average fixed costs accounted for just under a quarter of operating expenses (23.1%), labor costs for just over a quarter (25.3%), and the non-labor variable costs for just over half (51.6%). The fuel costs alone accounted for 42.9% of total operating expenses in 2006. It should be noted that the labor cost category in the income statement includes both the actual cash payments to hired labor and an estimate of the opportunity cost of owner-operators’ time spent as captain. The average labor contribution (as captain) of an owner-operator is estimated at about $19,800. The average net revenue from operations is negative $7,429, and is statistically different and less than zero in spite of a large standard deviation. The economic return to Gulf shrimping is negative 4%. Including non-operating activities, foremost an average government payment of $13,662, leads to an average loss before taxes of $907 for the vessel owners. The confidence interval of this value straddles zero, so we cannot reject, with 95% certainty, that the population average is zero. The average inactive Gulf shrimp vessel is generally of a smaller scale than the average active vessel. Inactive vessels are physically smaller, are valued much lower, and are less dependent on loans. Fixed costs account for nearly three quarters of the total operating expenses of $11,926, and only 6% of these vessels have hull insurance. With an average net cash flow of negative $7,537, the inactive Gulf shrimp fleet has a major liquidity problem. On average, net revenue from operations is negative $11,396, which amounts to a negative 15% economic return, and owners lose $9,381 on their vessels before taxes. To sustain such losses and especially to survive the negative cash flow, many of the owners must be subsidizing their shrimp vessels with the help of other income or wealth sources or are drawing down their equity. Active Gulf shrimp vessels in all states but Texas exhibited negative returns. The Alabama and Mississippi fleets have the highest assets (vessel values), on average, yet they generate zero cash flow and negative $32,224 net revenue from operations. Due to their high (loan) leverage ratio the negative 11% economic return is amplified into a negative 21% return on equity. In contrast, for Texas vessels, which actually have the highest leverage ratio among the states, a 1% economic return is amplified into a 13% return on equity. From a financial perspective, the average Florida and Louisiana vessels conform roughly to the overall average of the active Gulf shrimp fleet. It should be noted that these results are averages and hence hide the variation that clearly exists within all fleets and all categories. Although the financial situation for the average vessel is bleak, some vessels are profitable. (PDF contains 101 pages)

Rarefied gas dynamics: fundamentals, simulations and micro flows

Formation Mechanism Of Lamellar Chips During Machining Of Bulk Metallic Glass

The uniqThe unique lamellar chips formed in turning–machining of a Vit 1 bulk metallic glass (BMG) are found to be due to repeated shearband formation in the primary shear zone (PSZ). A coupled thermomechanical orthogonal cutting model, taking into account force, free volume and energy balance in the PSZ, is developed to quantitatively characterize lamellar chip formation. Its onset criterion is revealed through a linear perturbation analysis. Lamellar chip formation is understood as a self-sustained limit-cycle phenomenon: there is autonomous feedback in stress, free volume and temperature in the PSZ. The underlying mechanism is the symmetry breaking of free volume flow and source, rather than thermal instability. These results are fundamentally useful for machining BMGs and even for understanding the physical nature of inhomogeneous flow in BMGs.ue lamellar chips formed in turning–machining of a Vit 1 bulk metallic glass (BMG) are found to be due to repeated shearband.

Influence of Rayleigh-Taylor Instability on Liquid Propellant Reorientation in a Low-Gravity Environment

A computational simulation is conducted to investigate the influence of Rayleigh-Taylor instability on liquid propellant reorientation flow dynamics for the tank of CZ-3A launch vehicle series fuel tanks in a low-gravity environment. The volume-of-fluid (VOF) method is used to simulate the free surface flow of gas-liquid. The process of the liquid propellant reorientation started from initially flat and curved interfaces are numerically studied. These two different initial conditions of the gas-liquid interface result in two modes of liquid flow. It is found that the Rayleigh-Taylor instability can be reduced evidently at the initial gas-liquid interface with a high curve during the process of liquid reorientation in a low-gravity environment.

Oscillatory integral operators related to pointwise convergence of Schrödinger operators

In this thesis we consider smooth analogues of operators studied in connection with the pointwise convergence of the solution, u(x,t), (x,t) ∈ ℝ^n x ℝ, of the free Schrodinger equation to the given initial data. Such operators are interesting examples of oscillatory integral operators with degenerate phase functions, and we develop strategies to capture the oscillations and obtain sharp L^2 → L^2 bounds. We then consider, for fixed smooth t(x), the restriction of u to the surface (x,t(x)). We find that u(x,t(x)) ∈ L^2(D^n) when the initial data is in a suitable L^2-Sobolev space H^8 (ℝ^n), where s depends on conditions on t.

Towards a Comprehensive Approach to Quantifying and Mapping Ecosystem Services Flows

25 p.

Los grupos de empresas en los sectores y subsectores cotizados: la banca y cajas de ahorro

El sector Bancario y de Caja de Ahorros está compuesto por diversas entidades, y la mayoría son entidades cotizadas, pero mucha de estas entidades forman entre si grupos financieros o también denominados conglomerados financieros. Un conglomerado financiero existe cuando un grupo de compañías controladas por la misma entidad, las actividades de las entidades que lo forman se encuentran en el área financiera, pero hay al menos dos actividades distintas dentro el entrono financiero. Una vez que hemos delimitado el tipo de grupo empresarial que tenemos, pasamos a realizar un análisis fundamental, elemento que permite determinar el valor de la empresa. Usamos ratio tales como el ratio PER (Price Earning Ratio), el BPA (Beneficio Por Accion) o el Precio/Cash-Flow que nos permite emitir un valor de cotización. En España, encontramos 3 principales grupos financieros, estos son el BBVA, el Santander y CaixaBank, los cuales tienen valores de cotización distintos, mostrándonos que el BBVA, por cotización, es el mejor grupo financiero español. Mientras que si hubiésemos hecho un análisis contable, diríamos que el mejor sería el grupo Santander. Lo cual nos lleva a hacer una apreciación general, no tiene porque basarte solo en la información contable, sino que hay que tener también en cuenta elementos externos que puedan afectarnos. Trabajo realizado en Castellano.

Self-Similarity and helical symmetry in vortex generator flow simulations

According to experimental observations, the vortices generated by vortex generators have previously been observed to be self-similar for both the axial (u(z)) and azimuthal (u(circle minus)) velocity profiles. Further, the measured vortices have been observed to obey the criteria for helical symmetry. This is a powerful result, since it reduces the highly complex flow to merely four parameters. In the present work, corresponding computer simulations using Reynolds-Averaged Navier-Stokes equations have been carried out and compared to the experimental observations. The main objective of this study is to investigate how well the simulations can reproduce the physics of the flow and if the same analytical model can be applied. Using this model, parametric studies can be significantly reduced and, further, reliable simulations can substantially reduce the costs of the parametric studies themselves.

Um estudo comparativo entre os indicadores de inovação utilizados pelos métodos de scorecard para o cálculo de ativos intangíveis com os utilizados pelos fundos de capital de risco para investimentos em empresas spin-offs acadêmicas incubadas.

Este trabalho pretende verificar o alinhamento entre os indicadores de inovação utilizados pelos métodos Scorecard de mensuração dos ativos intangíveis e pelas agências governamentais nacionais e internacionais com aqueles utilizados pelos fundos de capital de risco na cidade do Rio de Janeiro, para investimento em empresas spin-offs acadêmicas incubadas. A metodologia constou de uma revisão bibliográfica sobre os métodos de mensuração e valoração dos ativos intangíveis, indicadores de inovação propostos por agências governamentais nacionais e internacionais e fundos de capital de risco que atuam na cidade do Rio de Janeiro. Além de serem aplicados questionários nas empresas de fundos de capital de risco desta cidade. Foram levantados diversos métodos Scorecards na literatura com seus indicadores, além dos indicadores de inovação de agências governamentais nacionais e internacionais. Adicionando-se a isso, identificou-se o foco de investimento, o processo de seleção, o método utilizado de avaliação de oportunidades de investimento e indicadores relevantes para as empresas de capital de risco da cidade do Rio de Janeiro. Observou-se que os ativos intangíveis, entre eles os de inovação, não são avaliados individualmente. A informação obtida com as empresas que receberão investimentos dessas empresas de capital de risco é utilizada para se entender a origem dos fluxos de caixa projetados e os principais fatores de risco. E esses dados aplicados ao método do fluxo de caixa descontado permitem que se estime o valor da empresa. Pela vasta experiência dos gestores dos fundos de capital de risco com micro e pequenas empresas inovadoras, espera-se que o estudo das práticas deste segmento traga importantes reflexões para as discussões relativas aos ativos intangíveis e a inovação.

The development of turbine exit flow in a swan-necked inter-stage diffuser

This paper describes both the migration and dissipation of flow phenomena downstream of a transonic high-pressure turbine stage. The geometry of the HP stage exit duct considered is a swan-necked diffuser similar to those likely to be used in future engine designs. The paper contains results both from an experimental programme in a turbine test facility and from numerical predictions. Experimental data was acquired using three fast-response aerodynamic probes capable of measuring Mach number, whirl angle, pitch angle, total pressure and static pressure. The probes were used to make time-resolved area traverses at two axial locations downstream of the rotor trailing edge. A 3D time-unsteady viscous Navier-Stokes solver was used for the numerical predictions. The unsteady exit flow from a turbine stage is formed from rotordependent phenomena (such as the rotor wake, the rotor trailing edge recompression shock, the tip-leakage flow and the hub secondary flow) and vane-rotor interaction dependant phenomena. This paper describes the time-resolved behaviour and three-dimensional migration paths of both of these phenomena as they convect downstream. It is shown that the inlet flow to a downstream vane is dominated by two corotating vortices, the first caused by the rotor tip-leakage flow and the second by the rotor hub secondary flow. At the inlet plane of the downstream vane the wake is extremely weak and the radial pressure gradient is shown to have caused the majority of the high loss wake fluid to be located between the mid-height of the passage and the casing wall. The structure of the flow indicates that between a high pressure stage and a downstream vane simple two-dimensional blade row interaction does not occur. The results presented in this paper indicate that the presence of an upstream stage is likely to significantly alter the structure of the secondary flow within a downstream vane. The paper also shows that vane-rotor interaction within the upstream stage causes a 10° circumferential variation in the inlet flow angle of the 2nd stage vane.

Numerical simulations of unsteady wet steam flows with non-equilibrium condensation in the nozzle and the steam turbine

Numerical techniques for non-equilibrium condensing flows are presented. Conservation equations for homogeneous gas-liquid two-phase compressible flows are solved by using a finite volume method based on an approximate Riemann solver. The phase change consists of the homogeneous nucleation and growth of existing droplets. Nucleation is computed with the classical Volmer-Frenkel model, corrected for the influence of the droplet temperature being higher than the steam temperature due to latent heat release. For droplet growth, two types of heat transfer model between droplets and the surrounding steam are used: a free molecular flow model and a semi-empirical two-layer model which is deemed to be valid over a wide range of Knudsen number. The computed pressure distribution and Sauter mean droplet diameters in a convergent-divergent (Laval) nozzle are compared with experimental data. Both droplet growth models capture qualitatively the pressure increases due to sudden heat release by the non-equilibrium condensation. However the agreement between computed and experimental pressure distributions is better for the two-layer model. The droplet diameter calculated by this model also agrees well with the experimental value, whereas that predicted by the free molecular model is too small. Condensing flows in a steam turbine cascade are calculated at different Mach numbers and inlet superheat conditions and are compared with experiments. Static pressure traverses downstream from the blade and pressure distributions on the blade surface agree well with experimental results in all cases. Once again, droplet diameters computed with the two-layer model give best agreement with the experiments. Droplet sizes are found to vary across the blade pitch due to the significant variation in expansion rate. Flow patterns including oblique shock waves and condensation-induced pressure increases are also presented and are similar to those shown in the experimental Schlieren photographs. Finally, calculations are presented for periodically unsteady condensing flows in a low expansion rate, convergent-divergent (Laval) nozzle. Depending on the inlet stagnation subcooling, two types of self-excited oscillations appear: a symmetric mode at lower inlet subcooling and an asymmetric mode at higher subcooling. Plots of oscillation frequency versus inlet sub-cooling exhibit a hysteresis loop, in accord with observations made by other researchers for moist air flow. Copyright © 2006 by ASME.

Value roadmapping: A structured approach for early stage technology investment decisions

Deciding to invest in early stage technologies is one of the most important tasks of technology management and arguably also the most uncertain. It assumes a particular significance in the rise of technology companies in emerging economies, which have to make appropriate investment decisions. Technology managers already have a wide range of methods and tools at their disposal, but these are mostly focussed on quantitative measures such as discounted cash flow and real options techniques. However, in the early stages of technology development there seems to be a lot of dissatisfaction with these techniques as there appears to be a lack of accuracy with respect to the underlying assumptions that these models require. In order to complement these models this paper will discuss an alternative approach that we call value road-mapping. By adapting roadmapping techniques the potential value streams of early stages technologies can be plotted and hence a clearer consensus based picture of the future potential of new technologies emerges. Roadmapping is a workshop-based process bringing together multifunctional perspectives, and supporting communication in particular between technical and commercial groups. The study is work in progress and is based on a growing number of cases. (c) 2006 PICMET.

Free space adaptive optical interconnect, using a ferroelectric liquid crystal SLM for beam steering

A free-space, board-to-board, adaptive optical interconnect demonstrator has been developed. Binary phase gratings displayed on a Ferroelectric Liquid Crystal Spatial Light Modulator are used to maintain data transfer at 1.25Gbps, given varying optical misalignment © 2005 Optical Society of America.

Energy scattering in weakly non-linear systems.

The Chinese Tam-Tam exhibits non-linear behavior in its vibro-acoustic response. The frequency content of the response during free, unforced vibration smoothly changes, with energy being progressively smeared out over a greater bandwidth with time. This is used as a motivating case for the general study of the phenomenon of energy cascading through weak nonlinearity. Numerical models based upon the Fermi-Pasta-Ulam system of non-linearly coupled oscillators, modified with the addition of damping, have been developed. These were used to study the response of ensembles of systems with randomized natural frequencies. Results from simulations will be presented here. For un-damped systems, individual ensemble members exhibit cyclical energy exchange between linear modes, but the ensemble average displays a steady state. For the ensemble response of damped systems, lightly damped modes can exhibit an effective damping which is higher than predicated by linear theory. The presence of a non-linearity provides a path for energy flow to other modes, increasing the apparent damping spectrum at some frequencies and reducing it at others. The target of this work is a model revealing the governing parameters of a generic system of this type and leading to predictions of the ensemble response.

Ventilation effectiveness measures based on heat removal: Part 2. Application to natural ventilation flows

The three effectiveness measures based on the ability of a flow to flush buoyancy from a ventilated space proposed by Coffey and Hunt [Ventilation effectiveness measures based on heat removal-part 1. Definitions. Building and Environment, in press, doi:10.1016/j.buildenv.2006.03.016.] are applied to assess and compare two fundamental natural ventilation flows. We focus on the limiting cases of passive displacement and passive mixing ventilation flows during transient conditions. These transient flows occur when, for example, heat is purged from a building at night. Whilst it is widely recognised that mixing flows are less efficient at purging heat than displacement flows, our results indicate that, when a particular zone of a room is considered, displacement ventilation can result in lower effectiveness than mixing ventilation. When a room is considered as a whole, displacement ventilation yields higher effectiveness than mixing ventilation and we quantify these differences in terms of the geometry of the space and opening area. The proposed theoretical predictions are compared with effectiveness deduced from measurements made during laboratory experiments and show good agreement. © 2006 Elsevier Ltd. All rights reserved.