Analisis Strategi Bisnis Atas Perusahaan Pelayaran Muatan Curah Kering Terdaftar Di Indonesia Pada Masa Ledakan Harga Batu Bara

Notariza, Pratama (2026) Analisis Strategi Bisnis Atas Perusahaan Pelayaran Muatan Curah Kering Terdaftar Di Indonesia Pada Masa Ledakan Harga Batu Bara. Masters thesis, Institut Teknologi Sepuluh Nopember.

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Abstract

Ledakan harga batu bara sejak 2021 meningkatkan produksi, volume angkutan, dan tarif freight/time charter, tetapi tidak seluruh perusahaan pelayaran muatan curah kering mampu mengonversi peluang tersebut menjadi pertumbuhan pendapatan dan laba yang optimal. Penelitian ini bertujuan menganalisis pengaruh harga batu bara terhadap pertumbuhan usaha dan menilai strategi bisnis yang sesuai. Data sekunder mencakup Harga Batubara Acuan serta indikator pendapatan, laba kotor, pertumbuhan penjualan, dan margin laba kotor periode 2013–2023, disertai laporan keuangan auditan dan laporan tahunan lima emiten pelayaran periode 2018–2023. Analisis menggunakan korelasi Spearman, regresi linear sederhana, perbandingan rasio likuiditas, profitabilitas, solvabilitas, dan SWOT. Hasil kedua uji statistik secara konsisten menunjukkan bahwa harga batu bara berpengaruh signifikan terhadap pendapatan BSML dan HAIS, laba kotor TPMA, serta pertumbuhan penjualan HAIS. BSML dan HAIS meningkatkan pertumbuhan melalui penggunaan kapal pihak ketiga, sedangkan TPMA mempertahankan kinerja melalui optimalisasi utilisasi dan efisiensi operasional. Pada 2021–2023, HAIS mencatat rata-rata pertumbuhan pendapatan 47% dan tingkat pengembalian ekuitas 17,8%, sedangkan TPMA mencatat 20,4% dan 14,2%. Selama 2018–2023, TPMA juga menghasilkan rata-rata margin laba kotor 50,6% dan margin EBITDA 43,0%. Strategi yang direkomendasikan adalah pemanfaatan kapal sewa untuk ekspansi jangka pendek, diikuti pengadaan kapal milik secara bertahap dan penguatan efisiensi operasional.
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The coal price boom since 2021 increased production, cargo volumes, and freight/time charter rates; however, not all dry bulk shipping companies converted these opportunities into optimal revenue and profit growth. This study analyzes the effect of coal prices on business growth and assesses appropriate business strategies. Secondary data comprise the Indonesian Coal Reference Price and indicators of revenue, gross profit, sales growth, and gross profit margin for 2013–2023, supported by audited financial statements and annual reports of five listed shipping companies for 2018–2023. The analysis employed Spearman’s rank correlation, simple linear regression, comparative financial ratio analysis, and SWOT analysis. The results consistently show that coal prices significantly affect the revenue of BSML and HAIS, TPMA’s gross profit, and HAIS’s sales growth. BSML and HAIS expanded through third-party vessels, while TPMA maintained performance through vessel utilization and operational efficiency. During 2021–2023, HAIS recorded average revenue growth of 47.0% and return on equity of 17.8%, while TPMA recorded 20.4% and 14.2%, respectively. Over 2018–2023, TPMA achieved an average gross profit margin of 50.6% and EBITDA margin of 43.0%. The recommended strategy is to use chartered vessels for short-term expansion, followed by gradual investment in owned vessels and stronger operational efficiency.

Item Type:	Thesis (Masters)
Uncontrolled Keywords:	Komoditas Batubara, Volume Muatan, Freight/Time Charter, Analisa Rasio Keuangan, Analisa SWOT
Subjects:	H Social Sciences > HE Transportation and Communications > HE564.A1 Shipping T Technology > T Technology (General) > T58.62 Decision support systems
Divisions:	Interdisciplinary School of Management and Technology (SIMT) > 61101-Master of Technology Management (MMT)
Depositing User:	Pratama Notariza
Date Deposited:	12 Aug 2026 01:00
Last Modified:	12 Aug 2026 01:05
URI:	http://repository.its.ac.id/id/eprint/144324

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