Abstract:
Direct Operating Cost (DOC) efficiency is a key factor in maintaining the economic
competitiveness of tanker vessels in the voyage charter market. This study aims to analyze
the role of DOC components in determining the daily Time Charter Equivalent (TCE)
value of MT. XYZ on European regional shipping routes throughout 2025, as well as to
identify operational factors causing financial deviations from market benchmarks. The
research method used is a descriptive qualitative case study by processing operational
data from 20 voyages. Data collection techniques were carried out through documentation
of voyage reports, daily financial reports, observation, and interviews with the Operations
Division of PT Buana Lintas Lautan Tbk. The results indicate that the deviation of DOC
components acts as a direct deduction from revenue, which affects the Time Charter
Equivalent value against market competitiveness. Port Costs (EPDA) emerged as the
largest expenditure burden, contributing 54.42%, followed by Marine Diesel Oil/MDO
(22.82%) and Marine Fuel Oil/MFO (19.37%). Variance analysis using a fishbone
diagram identified that DOC inflation and TCE reduction against market competitiveness
standards were significantly driven by Machine factors, specifically high MDO
consumption during maneuvering, as well as idle time due to congestion in the Turkish
Straits and high Georgia port tariffs. The study concludes that controlling daily non-
productive operational duration and optimizing voyage planning are requirements to
minimize cost deviations. Operational recommendations focus on standardizing voyage
budget preparation per similar routes, as well as using demurrage protection clauses
within the charter party contract.
