Selecting the Most Economical Ship Type for the Marine Business Investor: A Hybrid Approach with PSI-PIPRECIA-COCOSO Methods

Abstract The demand for maritime transportation is experiencing a notable surge in line with the growth in international trade. Turkey's rising import and export figures are facilitating the country's ability to procure and distribute a greater volume of products. This expansion has led to a considerable increase in the number of ships purchased by maritime companies operating in Turkey. However, this situation indicates that there are deficiencies in choosing the most appropriate ship type for the investments to be made by ship operator investors. The ship selection process is of critical importance for investors to minimize their costs and increase the profitability of their investments. In this study, a hybrid approach was developed using F.PSI-PIPRECIA-CoCoSo methods in choosing the most economical ship type for maritime companies operating in maritime transportation. The research analyzes this data by collecting data through surveys on different ship types and the criteria effective in their selection. The findings show that criteria such as operating costs, environmental impact, income potential and efficiency are at the forefront among ship types. Within the framework of the findings obtained, ships used for energy purposes were determined as the best ship type to invest in. LPG tankers came in second and oil tankers came in third. As a result, this study presents a methodology that will assist maritime transportation investors in selecting the most economically suitable ship type and shows similarities and differences with studies in literature. The developed hybrid method draws attention with its applicability and effectiveness in decision-making processes and functions as a tool to support investors' strategic decisions.