EVALUASI KELAYAKAN BISNIS OPERASIONAL KAPAL MILIK DAN SEWA BERBASIS VOYAGE CHARTER ATAU TIME CHARTER DALAM PENGANGKUTAN BATUBARA

Abstract

The distribution of coal via maritime transport plays a crucial role in supporting Indonesia’s energy demands while offering potential investment opportunities for bulk carrier operations. This study evaluates the financial feasibility of four vessel operation alternatives: MV. Alpha (owned vessel) and MV. Beta (chartered vessel), each operating under Voyage Charter or Time Charter contracts. Internal Rate of Return (IRR) and Profitability Index (PI) are used as key indicators. All alternatives are financially feasible, with IRR values exceeding the required rate of return and PI values greater than 1. MV. Alpha–Voyage Charter records an IRR of 262.28% and PI of 9.27, while MV. Beta–Time Charter achieves IRR of 227.39% and PI of 8.04. Incremental PI analysis further identifies the most efficient investment combination. MV. Alpha–Voyage Charter yields an incremental PI of 1.61 over Time Charter, while MV. Beta–Time Charter yields 0.44 over Voyage Charter. Therefore, the optimal investment choice is to operate MV. Alpha under Voyage Charter and MV. Beta under Time Charter. To support profitability, companies should consider operational capital readiness and apply strategies such as OPEX efficiency, freight rate optimization, and diversification into alternative cargoes.