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All Journal Journal Research of Social Science, Economics, and Management
Silvianita
Institut Teknologi Sepuluh Nopember
Environmental Science

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A Comparative Study of Ship Acquisition Projects Through New Shipbuilding, Second-Hand, and Charter Schemes: A Case Study of PT ZZZ Iko Septiyahardi; Silvianita
Journal Research of Social Science, Economics, and Management Vol. 5 No. 10 (2026): Journal Research of Social Science, Economics, and Management
Publisher : Publikasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59141/jrssem.v5i10.1467

Abstract

Metallurgical coal (met coal), particularly coking coal, is an essential raw material in steel production. Indonesia, as one of the leading coking coal producers in Southeast Asia, plays a strategic role in supporting the global steel supply chain. Most Indonesian coal exports are transported using tug and barge vessels from rivers to offshore transshipment areas before being transferred to larger vessels for export. This operational pattern presents significant challenges for shipping companies, as river conditions in Indonesia are constrained by depth, cargo capacity, and vessel characteristics. These limitations can affect operational efficiency and financial performance in the shipping sector. This study aims to analyze the investment feasibility of vessel procurement for metallurgical coal transportation at PT ZZZ by comparing three alternative schemes: new shipbuilding, second-hand purchase, and chartering. The analysis employs a quantitative approach using the Discounted Cash Flow (DCF) method, applying Net Present Value (NPV), Internal Rate of Return (IRR), and Profitability Index (PI) as evaluation indicators, based on vessel capital expenditure (CAPEX) and operational expenditure (OPEX) data. New shipbuilding is best for long-term (highest NPV, 70% margin, low risk). Second-hand suits rapid expansion (fastest payback, 32% IRR, moderate risk). Charter needs no CAPEX but has lowest margin (30%) and highest risk, for short-term only. Conclusion: new shipbuilding is optimal for PT ZZZ. The results of this study are expected to serve as a basis for shipping companies in making effective investment decisions that align with operational conditions and enhance financial efficiency.
Developing an Accountable Budget Baseline for Infrastructure Projects: A Consolidated Cost and Schedule Estimation Framework and Maturity Assessment Haryo Utomo Wisnu Nugroho; Silvianita
Journal Research of Social Science, Economics, and Management Vol. 5 No. 12 (2026): Journal Research of Social Science, Economics, and Management
Publisher : Publikasi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59141/jrssem.v5i12.1600

Abstract

Organizations frequently rely on multiple international references for cost estimating and schedule development, yet these references use different terminology, levels of detail, and emphases, which can leave budgeting stage estimation fragmented and difficult to audit. This paper develops a consolidated, stepwise framework by synthesizing prescriptive practices from PMI, AACE, NASA, and GAO, and applies the framework as an auditable process maturity assessment instrument. A benchmarking synthesis approach was used to screen candidate references for capital project relevance and explicit guidance for cost estimating and schedule development. Process steps were extracted, harmonized across sources, and consolidated into two aligned end to end process frameworks for cost estimating and schedule estimating. The consolidated steps were converted into assessment items, rated on a five-level maturity scale, and summarized using achieved versus maximum scoring. Application to PT Pertamina Patra Niaga (PPN)’s budgeting stage practices indicates that the current cost estimating process reaches 56/70 (80%) maturity, while the current schedule estimating process reaches 46/90 (51%). The previous cost estimating process scores 43/70 (61%). The most prominent gaps relate to the formal documentation of ground rules and assumptions, typically captured in a Basis of Estimate, and to schedule model discipline, particularly coding, logic structure, and systematic schedule quality checks. Overall, the findings show that the framework is practical to implement and supports evidence-based prioritization of process improvements toward more transparent, accountable, and reliable budgeting baselines for capital and infrastructure related investments.
Co-Authors Haryo Utomo Wisnu Nugroho Iko Septiyahardi