What are the factors that affect vessel utilization in the marine shipping industry?
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Factors that affect vessel utilization in the marine shipping industry include freight rates, distance sailed, fuel price, and the value of the cargo . Smaller vessels typically have lower capacity utilization compared to larger vessels . Market conditions also play a role, with trade imbalances, demand variations, and market fluctuations leading to high levels of unutilized vessel capacity . Enhancing vessel capacity utilization can be achieved through measures such as appropriate vessel design, efficient sailing schedules, stand-by cargo, price differentiation, and improved communication between companies in the transport chain . The selection of a capacity utilization strategy depends on route characteristics, market conditions, and customer demands . Two extreme strategies are commonly followed: the "Cut peaks" strategy aims to increase average capacity utilization by keeping maximum capacity lower or increasing market share, while the "Never say no" strategy allows for a higher level of unutilized capacity to maintain a high service level and flexibility .
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