The Impact of Distance and Narrow Waterway on Voyage Cost: Cost Formulation and an Implementation on Dry Bulk Carrier

This paper investigates the impact of distance and narrow waterway factors on voyage costs. The data set is taken from a Turk shipping company and consists of real dates. In the study, it was seen that the fuel consumption rate of the ships whose routes are narrow waterways such as straits and canals was higher for the fact that the vessels have to maneuver more on such routes. On the contrary, ships which sailed on the open seas consumed lower fuel. At the end of the study, it was determined that of bunker cost rates caused by the impact of these geographical factors could increase up to 30 percent among the total amount of voyage costs