Articles

Investment Project Analysis of a Medium Range (MR) Tanker Ships Purchase in an Attempt to Maintain the Economic Productivity of the Company (Case Study: PT XYZ)

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PT. XYZ is a spin-off charter out business of its host company that specifically focuses on providing charter out services in the shipping industry. This research was carried out in response to the requirement to rejuvenate the vessels owned by PT XYZ taking into consideration the age of the ships. In total, there will be 7 ships that was used as an object of this research, considering the replacement program options of either acquiring newbuild vessels or secondhand ships. Newbuild Ship investment will use a 9.09% hurdle rate, including the weighted average cost of capital (WACC) of 7.09% and a risk premium of 2% in the analysis. This hurdle rate will be used as comparative data to the required rate of return for the related project (IRR>Hurdle Rate). There is a total of 2 ship in the overall project that will be replaced with a newbuild ship, Project 1 and Project 2. These investment projects will be conducted from 2024-2026 period. The capital structure for newbuild projects consisted of 75% debt and 25% equity. Secondhand ship investment will use an 9.59% hurdle rate, including the weighted average cost of capital (WACC) of 7.09% and a risk premium of 2.5% in the analysis. There is a total of 5 ships in the overall project that will be replaced with secondhand ship, Project 3-7. These investment projects will be conducted from 2024-2026 period. The capital structure for secondhand projects consisted of 75% debt and 25% equity. Based on the financial assessments of the projects, the findings consistently demonstrate positive results. As a result, it can be inferred that the seven projects are both viable and feasible to undertake. The primary objective is to guarantee that these projects make a positive contribution to the company’s economic productivity.

Implementation of the Inaportnet Policy for Ship and Goods Services at the Office of the Main Port Authority Tanjung Perak Surabaya

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To improve services for ships and goods at ports, the Indonesian government issued various regulations to make it more efficient and attract investment so that economic activity continues to increase. One of the regulations is the Regulation of the Minister of Transportation of the Republic of Indonesia Number PM 157 of 2015 concerning Inaportnet. Inaportnet is an open and neutral electronic portal to facilitate the exchange of port service data and information quickly, safely, neutrally and easily. Inaportnet is integrated with relevant government agencies, port business entities, and logistics industry players to increase the competitiveness of the Indonesian logistics community.
This qualitative research method uses an implementation model according to Van Horn Van Meter. In general, the implementation of Inaportnet for ship and goods services at the Tanjung Perak Surabaya Main Port Authority (KOP) has been going quite well, but several things need improvement to improve time efficiency and improve performance. This is relevant to aspects of policy standards and objectives/policy measures and objectives; resource; the characteristics of the implementing organization; attitude of the implementers; communication between related organizations and implementation activities; and the social, economic, socio-political environment.
Factors that support the implementation of Inaportnet for ship and goods services at the Tanjung Perak Surabaya Main KOP is the readiness of supporting resources, both human resources and facilities at Tanjung Perak Port Surabaya. Meanwhile, the inhibiting factor for the implementation of this policy is the technical problem of the inaportnet system. Although the implementation of the inaportnet policy has been good, there are still several things that need to be improved and improved, including operational technical aspects, legal and institutional aspects.