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All Journal ECSOFiM (Economic and Social of Fisheries and Marine Journal)
Faqih, Abdur Rahem
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Agriculture, Biological Sciences & Forestry Economics, Econometrics & Finance Environmental Science Social Sciences

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Production Performance and Single-Cycle Financial Feasibility of Sand Lobster (Panulirus Homarus) Grow-Out in Floating Net Cages at Kampung Kerapu Beach, Situbondo, Indonesia Hendra, Hendra; Faqih, Abdur Rahem; Fadjar, Muhammad; Silfiyah, Lailatus
ECSOFiM (Economic and Social of Fisheries and Marine Journal) Vol 14, No 1 (2026): ECSOFiM October 2026
Publisher : Faculty of Fisheries and Marine Science, Brawijaya University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21776/ub.ecsofim.2026.014.01.06

Abstract

Sand lobster (Panulirus homarus) is a high-value export commodity, yet financial assessments of grow-out operations in Indonesia remain limited. This case study evaluated the production and single-cycle financial performance of juvenile grow-out in floating net cages (FNC) at Kampung Kerapu Beach, Situbondo, over 181 days. A total of 650 juveniles (average weight: 35 g) were stocked. Cumulative harvest yielded 500 lobsters averaging 212 g, reflecting a 76.9% survival rate. Peak mortality occurred in the first month, reaching 106 kg in total biomass. Using 2,000 kg of trash fish and shrimp heads, the feed conversion ratio (FCR) was 24.0 relative to biomass gain. Revenue reached IDR 42,400,000 against recorded costs (feed, packaging, shipping) of IDR 10,950,000, yielding a gross margin of IDR 31,450,000 and a revenue-to-cost ratio of 3.87. Unrecorded costs (seed, labor, maintenance, depreciation) mean this margin is not net profit, though it absorbs up to IDR 48,385 in unrecorded expenses per juvenile. Sensitivity analysis showed the margin was most sensitive to selling price and survival rate, remaining positive in all scenarios. Multi-cycle studies with complete cost records are needed to evaluate long-term investment feasibility.
Co-Authors Fadjar, Muhammad Hendra Hendra Silfiyah, Lailatus