Economic Comparison of Wood and Fiberglass Fishing Vessels Produced in Traditional Yards

Authors

  • Thaib Rizwan Syiah Kuala University, Marine and Fisheries Faculty, Darussalam, Banda Aceh, Indonesia
  • Dyti Nourra Mahya Syiah Kuala University, Marine and Fisheries Faculty, Darussalam, Banda Aceh, Indonesia
  • Rahmat Rizqi Syiah Kuala University, Marine and Fisheries Faculty, Darussalam, Banda Aceh, Indonesia
  • Ichsan Setiawan Syiah Kuala University, Marine and Fisheries Faculty, Darussalam, Banda Aceh, Indonesia
  • Sayyid Afdhal El Rahimi Syiah Kuala University, Marine and Fisheries Faculty, Darussalam, Banda Aceh, Indonesia
  • Razali Thaib Syiah Kuala University, Engineering Faculty, Darussalam, Banda Aceh, Indonesia
  • Muhammad Arif Teuku Umar University, Fisheries and Marine Science Faculty, Aceh Barat, Indonesia

DOI:

https://doi.org/10.7225/toms.v13.n01.w06

Keywords:

Economical comparison, Wooden ships, Fiberglass boats

Abstract

Wooden boats are commonly considered to be more cost effective compared to fiberglass boats, and no study has described the economic disparities between the two vessel types. Therefore, this study aimed to provide a comprehensive economic comparison between wooden and fiberglass boats, including the return-on-investment timelines and the potential profitability. A qualitative method was used in this study, and the data were collected through survey techniques. The economic analysis results showed that the average Net Present Values of wooden and fiberglass boats were IDR 72,935,055 and IDR 84,511,500 respectively. The average Net Benefit-Cost Ratio and the average Internal Rate of Return for both vessel types were 1 and 11%. The average Payback Period was approximately 6.6 years for wooden boats with a profit of IDR 8,902,000, and 6 years for fiberglass boats with a profit of IDR 11,936,944. In conclusion, the use of both vessels was not only acceptable but feasible for operation.

Published

2024-01-20

How to Cite

Rizwan, T., Mahya, D. N., Rizqi, R., Setiawan, I., El Rahimi, S. A., Thaib, R. and Arif, M. (2024) “Economic Comparison of Wood and Fiberglass Fishing Vessels Produced in Traditional Yards”, Transactions on Maritime Science. Split, Croatia, 13(1). doi: 10.7225/toms.v13.n01.w06.
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