Cognitive model of dry bulk carrier investment decision by utilizing Analytic Hierarchy Process

This paper proposes a cognitive model of shipping investment expertise by Analytic Hierarchy Process (AHP) approach and judgmental process survey. Assessment of shipping assets is a complicated task includes both financial and technical aspects and requires high degree of expertise particularly for technical evaluation. As a supporting tool, a fuzzy extended AHP structured is designed by collecting expert appraisal. Multiple scenarios for the market cases are embedded by utilizing fuzzy sets for each asset. Empirical works are performed for Handymax and Panamax size bulk carrier project samples and their corresponding scenarios (i.e. high case, base case and low case).