Railways, Airports and Sea Container Operators as Publicly Listed Companies – Financial Performance and Shareholder Value Creation Perspective

Logistics infrastructure and transportation services have been the liability of countries and governments for decades, or these have been under strict regulation policies. One of the first branches opened for competition in EU as well as in other continents, has been air transports (operators, like passenger and freight) and road transports. These have resulted on lower costs, better connectivity and in most of the cases higher service quality. However, quite large amount of other logistics related activities are still directly (or indirectly) under governmental influence, e.g. railway infrastructure, road infrastructure, railway operations, airports, and sea ports. Due to the globalization, governmental influence is not that necessary in this sector, since transportation needs have increased with much more significant phase as compared to economic growth. Also freight transportation needs do not correlate with passenger side, due to the reason that only small number of areas in the world have specialized in the production of particular goods. Therefore, in number of cases public-private partnership, or even privately owned companies operating in these sub-branches have been identified as beneficial for countries, customers and further economic growth. The objective of this research work is to shed more light on these kinds of experiments, especially in the relatively unknown sub-branches of logistics like railways, airports and sea container transports. In this research work we have selected companies having public listed status in some stock exchange, and have needed amount of financial scale to be considered as serious company rather than start-up phase venture. Our research results show that railways and airports usually need high fixed investments, but have showed in the last five years generally good financial performance, both in terms of profitability and cash flow. In contrary to common belief of prosperity in globally growing container transports, sea vessel operators of containers have not shown that impressive financial performance. Generally margins in this business are thin, and profitability has been sacrificed in front of high growth – this also concerns cash flow performance, which has been lower too. However, as we examine these three logistics sub-branches through shareholder value development angle during time period of 2002-2007, we were surprised to find out that all of these three have outperformed general stock market indexes in this period. More surprising is the result that financially a bit less performing sea container transportation sector shows highest shareholder value gain in the examination period. Thus, it should be remembered that provided analysis shows only limited picture, since e.g. dividends were not taken into consideration in this research work. Therefore, e.g. US railway operators have disadvantage to other in the analysis, since they have been able to provide dividends for shareholders in long period of time. Based on this research work we argue that investment on transportation/logistics sector seems to be safe alternative, which yields with relatively low risk high gain. Although global economy would face smaller growth period, this sector seems to provide opportunities in more demanding situation as well.

Robustness and Recoverability in Transport Logistics

Abstract Transport is the foundation of any economy: it boosts economic growth, creates wealth, enhances trade, geographical accessibility and the mobility of people. Transport is also a key ingredient for a high quality of life, making places accessible and bringing people together. The future prosperity of our world will depend on the ability of all of its regions to remain fully and competitively integrated in the world economy. Efficient transport is vital in making this happen. Operations research can help in efficiently planning the design and operating transport systems. Planning and operational processes are fields that are rich in combinatorial optimization problems. These problems can be analyzed and solved through the application of mathematical models and optimization techniques, which may lead to an improvement in the performance of the transport system, as well as to a reduction in the time required for solving these problems. The latter aspect is important, because it increases the flexibility of the system: the system can adapt in a faster way to changes in the environment (i.e.: weather conditions, crew illness, failures, etc.). These disturbing changes (called disruptions) often enforce the schedule to be adapted. The direct consequences are delays and cancellations, implying many schedule adjustments and huge costs. Consequently, robust schedules and recovery plans must be developed in order to fight against disruptions. This dissertation makes contributions to two different fields: rail and air applications. Robust planning and recovery methods are presented. In the field of railway transport we develop several mathematical models which answer to RENFE’s (the major railway operator in Spain) needs: 1. We study the rolling stock assignment problem: here, we introduce some robust aspects in order to ameliorate some operations which are likely to fail. Once the rolling stock assignment is known, we propose a robust routing model which aims at identifying the train units’ sequences while minimizing the expected delays and human resources needed to perform the sequences. 2. It is widely accepted that the sequential solving approach produces solutions that are not global optima. Therefore, we develop an integrated and robust model to determine the train schedule and rolling stock assignment. We also propose an integrated model to study the rolling stock circulations. Circulations are determined by the rolling stock assignment and routing of the train units. 3. Although our aim is to develop robust plans, disruptions will be likely to occur and recovery methods will be needed. Therefore, we propose a recovery method which aims to recover the train schedule and rolling stock assignment in an integrated fashion all while considering the passenger demand. In the field of air transport we develop several mathematical models which answer to IBERIA’s (the major airline in Spain) needs: 1. We look at the airline-scheduling problem and develop an integrated approach that optimizes schedule design, fleet assignment and passenger use so as to reduce costs and create fewer incompatibilities between decisions. Robust itineraries are created to ameliorate misconnected passengers. 2. Air transport operators are continuously facing competition from other air operators and different modes of transport (e.g., High Speed Rail). Consequently, airline profitability is critically influenced by the airline’s ability to estimate passenger demands and construct profitable flight schedules. We consider multi-modal competition including airline and rail, and develop a new approach that estimates the demand associated with a given schedule; and generates airline schedules and fleet assignments using an integrated schedule design and fleet assignment optimization model that captures the impacts of schedule decisions on passenger demand.

The spatial dimension of cycle logistics

US Cycle logistics is emerging as a promising alternative in urban freight transport. Compared to fossil fuelled vans, the use of cycles for delivering goods within urban areas offers advantages in terms of environmental friendliness, economic efficiency, flexibility, and liveability of urban neighbourhood. At the same time, cycle logistics has to face limits in terms of weight and volume of goods that can be delivered, distances that can be covered, and spatial urban structures that can be served. This latter issue has till now received less attention in the scientific literature: it is generally recognized that cycle logistics performs at its best in inner urban areas, but no systematic study has been realized to identify specific spatial requisites for the effectiveness of cycle logistics. This paper provides a brief review of the main issues that emerge from the literature over cycle logistics, and contributes to stimulate the debate over the spatial dimension of cycle logistics: it presents a classification of cycle logistics schemes, on the basis of their integration with other urban logistic facilities and of the spatial structure of delivery operations. A three-level classification is proposed, depending on the type of goods consolidation: only distribution without consolidation, consolidation in a fixed urban consolidation centre, or consolidation in a mobile depot; for each level, operational examples and case studies are provided. This systematizing typology could support both public and private operators in decisions about the organization of cycle logistics facilities, such as the location of urban consolidation centres or the composition of cycle fleets.

A NEW PROOF OF OKAJI'S THEOREM FOR A CLASS OF SUM OF SQUARES OPERATORS

Let P be a linear partial differential operator with analytic coefficients. We assume that P is of the form ""sum of squares"", satisfying Hormander's bracket condition. Let q be a characteristic point; for P. We assume that q lies on a symplectic Poisson stratum of codimension two. General results of Okaji Show that P is analytic hypoelliptic at q. Hence Okaji has established the validity of Treves' conjecture in the codimension two case. Our goal here is to give a simple, self-contained proof of this fact.

COMPLETE ISOMORPHIC CLASSIFICATIONS OF SOME SPACES OF COMPACT OPERATORS

This paper is a continuation and a complement of our previous work on isomorphic classification of some spaces of compact operators. We improve the main result concerning extensions of the classical isomorphic classification of the Banach spaces of continuous functions on ordinals. As an application, fixing an ordinal a and denoting by X(xi), omega(alpha) <= xi < omega(alpha+1), the Banach space of all X-valued continuous functions defined in the interval of ordinals [0,xi] and equipped with the supremum, we provide complete isomorphic classifications of some Banach spaces K(X(xi),Y(eta)) of compact operators from X(xi) to Y(eta), eta >= omega. It is relatively consistent with ZFC (Zermelo-Fraenkel set theory with the axiom of choice) that these results include the following cases: 1.X* contains no copy of c(0) and has the Mazur property, and Y = c(0)(J) for every set J. 2. X = c(0)(I) and Y = l(q)(J) for any infinite sets I and J and 1 <= q < infinity. 3. X = l(p)(I) and Y = l(q)(J) for any infinite sets I and J and 1 <= q < p < infinity.

ON ISOMORPHIC CLASSIFICATIONS OF SPACES OF COMPACT OPERATORS

We prove an extension of the classical isomorphic classification of Banach spaces of continuous functions on ordinals. As a consequence, we give complete isomorphic classifications of some Banach spaces K(X,Y(n)), eta >= omega, of compact operators from X to Y(eta), the space of all continuous Y-valued functions defined in the interval of ordinals [1, eta] and equipped with the supremum norm. In particular, under the Continuum Hypothesis, we extend a recent result of C. Samuel by classifying, up to isomorphism, the spaces K(X(xi), c(0)(Gamma)(eta)), where omega <= xi < omega(1,) eta >= omega, Gamma is a countable set, X contains no complemented copy of l(1), X* has the Mazur property and the density character of X** is less than or equal to N(1).

Pseudodifferential operators with C*-algebra-valued symbols: Abstract characterizations

Given a separable unital C*-algebra C with norm parallel to center dot parallel to, let E-n denote the Banach-space completion of the C-valued Schwartz space on R-n with norm parallel to f parallel to(2)=parallel to < f, f >parallel to(1/2), < f, g >=integral f(x)* g(x)dx. The assignment of the pseudodifferential operator A=a(x,D) with C-valued symbol a(x,xi) to each smooth function with bounded derivatives a is an element of B-C(R-2n) defines an injective mapping O, from B-C(R-2n) to the set H of all operators with smooth orbit under the canonical action of the Heisenberg group on the algebra of all adjointable operators on the Hilbert module E-n. In this paper, we construct a left-inverse S for O and prove that S is injective if C is commutative. This generalizes Cordes' description of H in the scalar case. Combined with previous results of the second author, our main theorem implies that, given a skew-symmetric n x n matrix J and if C is commutative, then any A is an element of H which commutes with every pseudodifferential operator with symbol F(x+J xi), F is an element of B-C(R-n), is a pseudodifferential operator with symbol G(x - J xi), for some G is an element of B-C(R-n). That was conjectured by Rieffel.

ON SPACES OF COMPACT OPERATORS ON C(K, X) SPACES

This paper concerns the spaces of compact operators kappa(E,F), where E and F are Banach spaces C([1, xi], X) of all continuous X-valued functions defined on the interval of ordinals [1, xi] and equipped with the supremun norm. We provide sufficient conditions on X, Y, alpha, beta, xi and eta, with omega <= alpha <= beta < omega 1 for the following equivalence: (a) kappa(C([1, xi], X), C([1, alpha], Y)) is isomorphic to kappa(C([1,eta], X), C([1, beta], Y)), (b) beta < alpha(omega). In this way, we unify and extend results due to Bessaga and Pelczynski (1960) and C. Samuel (2009). Our result covers the case of the classical spaces X = l(p) and Y = l(q) with 1 < p, q < infinity.

Logistics information systems adoption: an empirical investigation in Brazil

Purpose - The purpose of this paper is to examine whether the level of logistics information systems (LIS) adoption in manufacturing companies is influenced by organizational profile variables, such as the company`s size, the nature of its operations and their subsectors. Design/methodology/approach - A review of the mainstream literature on US was carried out to identify the factors influencing the adoption of such information systems and also some research gaps. The empirical study`s strategy is based on a survey research in Brazilian manufacturing firms from the capital goods industry. Data collected were analyzed through Kruskall-Wallis and Mann Whitney`s non-parametric tests. Findings - The analysis indicates that characteristics such as the size of companies and the nature of their operations influence the levels of LIS adoption, whilst comparisons regarding the subsectors appeared to be of little influence. Originality/value - This is the first known study to examine the influence of organizational profiles such as size, nature of operations and subsector on the level of US adoption in manufacturing companies. Moreover, it is unique in portraying the Brazilian scenario on this topic and addressing the adoption of seven types of LIS in a single study.

Eigenvalues of Casimir operators for gl(m/infinity)

A full set of Casimir operators for the Lie superalgebra gl(m/infinity) is constructed and shown to be well defined in the category O-FS generated by the highest-weight irreducible representations with only a finite number of non-zero weight components. The eigenvalues of these Casimir operators are determined explicitly in terms of the highest weight. Characteristic identities satisfied by certain (infinite) matrices with entries from gl(m/infinity) are also determined.

Level-one highest weight representations of U-q[g1(1 vertical bar 1)] and associated vertex operators

We study the level-one irreducible highest weight representations of U-q[gl(1\1)] and associated q-vertex operators. We obtain the exchange relations satisfied by these vertex operators. The characters and supercharacters associated with these irreducible representations are calculated'. (C) 2000 Published by Elsevier Science B.V. All rights reserved.

Risk management for scuba diving operators on Australia's Great Barrier Reef

Australia's Great Barrier Reef is one of the world's most popular scuba diving destinations. Unfortunately, a series of recent diving injuries and deaths has tarnished the region's safety record. In particular, media attention surrounding the disappearance of American divers Thomas and Eileen Lonergan has focused attention on dive operators' legal responsibilities and the consequences of failing to discharge their duty of care to customers. This paper briefly examines the relevant Australian law for recreational diving operations, and reviews risk management strategies that may reduce or prevent the occurrence of future problems. (C) 2000 Elsevier Science Ltd. All rights reserved.

U-q[(sl(2)over-cap vertical bar 1)] vertex operators, screen currents, and correlation functions at an arbitrary level

Bosonized q-vertex operators related to the four-dimensional evaluation modules of the quantum affine superalgebra U-q[sl((2) over cap\1)] are constructed for arbitrary level k=alpha, where alpha not equal 0,-1 is a complex parameter appearing in the four-dimensional evaluation representations. They are intertwiners among the level-alpha highest weight Fock-Wakimoto modules. Screen currents which commute with the action of U-q[sl((2) over cap/1)] up to total differences are presented. Integral formulas for N-point functions of type I and type II q-vertex operators are proposed. (C) 2000 American Institute of Physics. [S0022-2488(00)00608-3].

Ladder operators for integrable one-dimensional lattice models

A generalised ladder operator is used to construct the conserved operators for any one-dimensional lattice model derived from the Yang-Baxter equation. As an example, the low order conserved operators for the XYh model are calculated explicitly.