A DECISION MAKING SUPPORT OF THE MOST EFFICIENT STEAMING SPEED FOR THE LINER BUSINESS INDUSTRY

Abstract

Due to the global economic recession, the global financial crisis, the increase of the bunker fuel prices and the issue of global climate change, many shipping companies suffered operating their vessels especially for the long-haul business services, such as the Asia-Europe trade. These global factors influence not only the movement of container volumes, but the ship expenditure costs and revenues are also affected. Selection of the most efficient steaming speed of containerships is an alternative solution for assisting shipping companies in planning a proactive business strategy and reducing the ship expenditure costs. There are four different levels of steaming speed in the liner shipping sector. Shipping companies need to make a decision as to which one of them will be the most efficient steaming speed considering the elements of technical, financial, environmental and commercial aspects. A combination method called FTOPSIS (Fuzzy-TOPSIS) method is presented in this paper. Such a method is capable of helping shipping companies in the decision making process of the liner business industry. Extra slow steaming is classified as the most efficient steaming speed.

Keywords: FTOPSIS; Shipping Business; Decision Making Process; Vessel Speed.