In this paper, the dynamic stability of a thin cylindrical shell subjected to axial leakage flow is discussed. In this paper, the third part of a study of the axial leakage flow-induced vibration of a thin cylindrical shell, we focus on circumferential vibration, that is, the ovaling vibration of a shell. The coupled equations of motion between shell and liquid are obtained by using Donnell’s shell theory and the Navier-Stokes equation. The added mass, added damping and added stiffness in the coupled equations of motion are described by utilizing the unsteady fluid pressure acting on the shell. The relations between axial velocity and the unstable vibration phenomena are clarified concerning the circumferential vibration of a shell. Numerical parametric studies are done for various dimensions of a shell and an axial leakage flow.

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