An integrated fuzzy QFD model proposal on routing of shipping investment decisions in crude oil tanker market

Abstract

Monitoring the market has crucial roles for executing the shipping investment decisions in maritime transportation industry. The high level of managerial effort requires bringing market tendencies with the up-to-date data over dynamic parameters. This paper extends the Quality Function Deployment (QFD) principles towards shipping investment process via the originally proposed Ship of Quality (SoQ) framework. Furthermore, the Fuzzy Analytic Hierarchy Process (FAHP) and Fuzzy Axiomatic Design (FAD) algorithms are integrated into the SoQ frame in order to involve quantitative outcomes into the shipping investment decisions. The SoQ is performed over a set of periodical data and recent trends of the principal crude oil tanker markets such as Very Large Crude Oil Carriers (VLCCs), Suezmaxes, and Aframaxes in order to ensure the illustrative results. As an effective investment tool, the proposed SoQ model is expected to provide invaluable decision aid for the relevant shipping executives.