Simulation Optimization for Solving Multi-objective Stochastic Sustainable Liner Shipping

Optimizing vessel speed can be considered a multi-objective optimization problem since fuel emission and service level often trade-off. Understanding such relationships is important for decision makers in maritime shipping. Majority of existing studies on solving this problem consider it as a deterministic problem. However, in real world, this problem contains stochastic variables such as port waiting time. Therefore, we need a new approach to solve the problem including stochastic variables. This paper proposes conceptual model of simulation optimization to solve stochastic multi-objective problem for speed optimization.