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Economic feasibility study of Litopenaeus vannamei shrimp farming:

nanobubble investment in increasing harvest productivity

Article in Jurnal Akuakultur Indonesia · April 2020

DOI: 10.19027/jai.19.1.30-38

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 Jurnal Akuakultur Indonesia 19 (1), 30–38 (2020)

Original article DOI: 10.19027/jai.19.1.30-38

Economic feasibility study of Litopenaeus vannamei shrimp farming:

nanobubble investment in increasing harvest productivity

Studi kelayakan ekonomi budidaya udang Litopenaeus vannamei:

investasi nanobubble dalam meningkatkan produktivitas hasil panen

Syifa Mauladani1,2, Asri Ifani Rahmawati1,2*, Muhammad Fahrurrozi Absirin1,2, Arief

Hidayatullah1,2, Rizki Nugraha Saputra1,2, Aprian Fajar Pratama1,2, Agus Dwiarto1,2,
Ahmad Syarif1,2, Hardi Junaedi1,3, Dedi Cahyadi1,2, Henry Kasman Hadi Saputra1,4,
Wendy Tri Prabowo5, Ujang Komarudin Asdani Kartamiharja5, Alfian Noviyanto2,6,
Nurul Taufiqu Rochman7*

Nanobubble Karya Indonesia, Ltd., South Tangerang, Banten, 15314, Indonesia

1

Nano Center Indonesia, Jl. Raya Serpong, South Tangerang, Banten, 15314, Indonesia
2

3
Department of Agricultural Industry, IPB University, Bogor, West Java, 16680, Indonesia
4
Department of Aquaculture, Vocational School, IPB University, West Java, 16680, Indonesia
5
Aquaculture Center for Brackishwater Situbondo, East Java, 68351, Indonesia
6
Department of Mechanical Engineering, Faculty of Engineering, Mercu Buana University, Jakarta, Indonesia
7
Research Center for Metallurgy and Materials, Indonesian Institute of Sciences, PUSPIPTEK, Banten, Indonesia
*
Corresponding author: [email protected]; [email protected]

(Received May 13, 2019; Accepted August 5, 2019)

ABSTRACT

This study aimed to evaluate the economic feasibility of Litopenaeus vannamei shrimp reared at 400 shrimp/m2
in 56 days of culture. The experimental design was set in an 800 m2 HDPE pond installed with nanobubble and
non-nanobubble. Shrimp survival and total harvest in nanobubble treatment were increased to 92% and 2,255 kg,
respectively. Economic parameters calculated in this study were net present value (NPV), internal rate of return
(IRR), payback period (PP), break-even point (BEP), benefit-cost ratio (B/C ratio), and sensitivity analysis (SA).
The total investment required to run this farming practice is IDR 182,887,700. Total revenue per cycle is estimated
at IDR 157,850,000 with the selling price of IDR 70,000/kg of shrimp. The estimated PP is 4 cycles, with an NPV
of IDR 172,329,247 projected in 10 cycles. IRR is estimated at 18% and BEP is reached after 7,058 kg production
of shrimp. B/C ratio is estimated to be 1.26 and SA showed that productivity is the most affecting parameters in
the present analysis. Based on the economic study, vannamei shrimp farming associated with nanobubble system
is feasible to be realized.

Keywords: economic feasibility, nanobubble, Litopenaeus vannamei, DO concentration

ABSTRAK

Tujuan dari penelitian ini adalah menentukan kelayakan ekonomi usaha budidaya udang Litopenaeus vannamei
dengan padat tebar 400 ekor/m2 selama 56 hari. Penelitian ini dilakukan pada kolam HDPE berukuran 800 m2
dengan menggunakan nanobubble dan non-nanobubble. Tingkat sintasan udang dan total panen pada kolam
nanobubble berturut-turut meningkat mencapai 92% dan 2.255 kg. Parameter ekonomi yang dihitung terdiri dari
net present value (NPV), internal rate of return (IRR), payback period (PP), break-even point (BEP), benefit-cost
ratio (B/C ratio), dan sensitivity analysis (SA). Biaya investasi total yang dibutuhkan untuk budidaya ini yaitu Rp
182.887.700. Pendapatan per siklus diestimasi mencapai Rp 157.850.000 dengan harga jual Rp 70.000 per kg
udang. PP diestimasi setelah 4 siklus dengan NPV Rp 172.329.247 diproyeksikan setelah 10 siklus. Nilai IRR
diestimasi sebesar 18% dan BEP diraih setelah produksi udang mencapai 7.058 kg. Rasio B/C diestimasi sebesar
1,26 dan SA menunjukkan bahwa produktivitas merupakan parameter yang paling berpengaruh dalam analisis ini.
Berdasarkan hasil studi, budidaya udang menggunakan nanobubble layak diberi investasi.

Kata kunci: kelayakan ekonomi, nanobubble, Litopenaeus vannamei, konsentrasi DO

 Syifa Mauladani et al. / Jurnal Akuakultur Indonesia 19 (1), 30–38 (2020) 31

INTRODUCTION water quality (Serizawa, 2017). Nanobubble tends

to be stable in the water, this is due to changes in
Shrimp is the main export commodity of the size of bubbles from micro to nano-size by
Indonesia fishery products in the period of the diffusion of gas from inside the bubble to the
January–September 2018. Shrimp contributed liquid around the bubbles so that the size of the
foreign exchange of USD 1.3 billion or 36.96% bubbles shrinks to nano size (Meegoda et al.,
of the total export value, whereas when viewed 2018). Electrolyte ions around the bubble will
from its volume shrimp only contributed 18.35% compress the gas molecules around the bubble so
of the total volume of commodities exported. that the process of gas diffusion from bubbles to
USA, Japan, Netherlands, and China are the the liquid will be restrained (Tsuge, 2010).
main markets for Indonesian shrimp products. Therefore, the application of nanobubble
The four countries absorbed more than 85.62% technology in vannamei shrimp cultivation is
of Indonesian shrimp products (KKP, 2018). expected to increase vannamei shrimp productivity
Vannamei shrimp Litopenaeus vannamei is one so that it can fit market demand from national to
of two shrimp commodities that are the mainstay a global scale. The use of nanobubble technology
in the export market. Fast growth, good survival will affect the number of costs, revenues, and
in high stocking densities and wide tolerance to benefits from the cultivation business so it
disease make vannamei shrimp the right choice needs to calculate its feasibility. This economic
for intensive production (Cuzon et al., 2004; analysis aims to determine the viability of
Jaspe et al., 2011). Vannamei are relatively easy vannamei shrimp cultivation using nanobubble at
to be cultivated, it also makes shrimp farmers in Brackishwater Aquaculture Development Center
Indonesia have cultivated them in recent years Situbondo, East Java.
(Suriya et al., 2016).
The obstacle that is often complained by MATERIALS AND METHODS
vannamei shrimp farmers is the low quality of
fry. According to Ray et al. (2011), the quality The method used in this study is an
of vannamei shrimp has decreased over time, experimental method that consists of two stages,
resulting in slow shrimp growth, uneven size, and such as vannamei shrimp cultivation and economic
is very susceptible to environmental changes so feasibility analysis. Shrimp cultivation was
the productivity of vannamei cultivation is low. conducted in August to September 2019, while
Although the environment of aquaculture fish is the economic feasibility analysis was conducted
a complex system, consisting of several water in October 2019. This study was conducted at the
quality variables, only a few of them play a crucial Brackishwater Aquaculture Development Center
role. Dissolved oxygen is the most important Situbondo, East Java.
and critical parameter, requiring continuous
monitoring in aquaculture production systems Vannamei shrimp cultivation
(Boyd, 2017). Overall health and physiological The stages of vannamei shrimp cultivation
conditions are best if the dissolved oxygen is kept included pond preparation and nanobubble
closer to saturation. When the levels are low, the installation, frying stock, feed, and water quality
growth of the fish can be highly affected by an monitoring, and ending with harvesting. This
increase in stress, tissue hypoxia, and a decrease in study consisted of two treatments, vannamei
swimming activities and a reduction in immunity shrimp cultivation using nanobubble and non-
to diseases (Paschke et al., 2010). nanobubble as a comparison. Nanobubble is a
However, there is a great demand to maintain technology that can increase dissolved oxygen
the level of dissolved oxygen at the saturation so that shrimp productivity can increase as well.
level which will not affect its physiological or The ponds used in this study were HDPE pond
metabolic activities, to produce a high yield in any measuring 800 m2 with 1 m depth. The type of
culture system. A technology that can be applied nanobubble was 2 units of Nanobubble BMG 4
in overcoming this problem is nanobubble. installed in one pond. The nanobubble generator
The application of nanobubble techniques in was manufactured by Nanobubble Karya
aquaculture is used to increase the concentration Indonesia, Ltd. located at South Tangerang,
of dissolved gas (oxygen) in the water so that it Banten. Shrimps were in a good quality that was
provides positive effects such as faster fish growth, free of pathogens, PL-10, with stocking densities
fish not susceptible to disease and improving of 400 shrimp/m2. The average initial weight of
fry was 0.01 g and the length was 10 mm.
32 Syifa Mauladani et al. / Jurnal Akuakultur Indonesia 19 (1), 30–38 (2020)

The next stage was feeding and water quality via their IRRs: the higher a project IRR, the
monitoring. The feed given was powder shrimp higher its rank (Magni, 2010). IRR is an interest
feed containing 40% protein. The amount of rate that shows the total net present value (NPV)
feed given per day was 5% of vannamei shrimp equal to all project costs or NPV equal to zero.
biomass, while feeding was conducted every Mathematically can be formulated as follows:
three hours. Intensive pond water quality is a very Note: IRR = internal rate of return; i’ = interest
influential factor in the success of aquaculture.
Remaining feed and shrimp metabolism will cause
accumulation of ammonia levels in the water
which if it exceeds the threshold will be toxic.
rates that produce a positive NPV; i” = interest
Therefore, routine water quality measurements
rates that produce negative NPV; NPV’ = NPV
were carried out every day. The parameters
at the interest rate i’; NPV” = NPV at the interest
measured consisted of dissolved oxygen (DO),
rate i”.
temperature, salinity, pH, and total dissolved
solids (TDS).
Payback period (PP)
The last stage in shrimp cultivation was
Payback period for a capital budgeting project is
harvesting. In this study, vannamei shrimp was
the length of time it takes for the initial investment
harvested after 56 days of farming, where the size
to be recouped. The initial investment is recouped
of the shrimp reached 10.1 g or at size 99. The
from the net proceeds of the operations of the
harvesting process was carried out in the morning
project (Ardalan, 2012). Mathematically can be
to avoid stress on the shrimp.
formulated as follows:
Break-even point (BEP)
Economic feasibility analysis
Dissolved oxygen levels in shrimp ponds
using nanobubble and non-nanobubble were
measured during cultivation. Data were analyzed
descriptively to find out the best treatment in this Break-even point (BEP) is the production
study. The best treatment was then calculated volume at which a firm is neither making profit
using economic feasibility parameters, such nor loss. Any increase in production from this
as net present value (NPV), internal rate of level results in profit-making, while any decrease
return (IRR), payback period (PP), break-even would result in losses. This point is normally
point (BEP), benefit-cost ratio (B/C ratio), and illustrated in cost/revenue (C/R) vs. production
sensitivity analysis (SA). level (Q) charts as the position where the total
revenue (TR) line intersects the total cost (TC)
Net present value (NPV) line (Triyatmo et al., 2016). Mathematically can
Net present value is the present value of net be formulated as follows:
benefits to be obtained in the future and is the Benefit-cost ratio (B/C ratio)
difference between the present value of benefits
and the present value of costs. NPV measures the
increase in net wealth at the moment that would
be equivalent to the implementation of the project B/C ratio is a comparison between the level
(Pasqual et al., 2013). Mathematically can be of benefit or income obtained with the total costs
formulated as follows: incurred. An effort is said to be feasible and gives
Note: NPV = net present value; Bt = benefits in benefits if the value of B/C ratio is greater than
zero (0), the greater the value of B/C ratio, the
greater the benefits to be gained from the business
(Llamas & Herzberg, 2011). Mathematically can
be formulated as follows:
the t-year; Ct = costs from in the t-year; i = interest Sensitivity analysis (SA)
rates (14% per year); t = project year.

Internal rate of return (IRR)

The IRR decision criterion suggests accepting
a project if and only if the IRR is greater than the
cost of capital and ranking competing projects
 Syifa Mauladani et al. / Jurnal Akuakultur Indonesia 19 (1), 30–38 (2020) 33

Sensitivity analysis is performed to see the (2 mg/L) modified its osmoregulation system
response to changes in prices that occur in from isosmotic to hypo-osmotic. Vannamei
production inputs and outputs. This analysis shrimp started to conduct mixed aerobic and
is carried out on rising prices of production anaerobic metabolism to fulfill the energy
materials and decreasing shrimp selling prices by demand. Vannamei shrimp in lethal dissolved
using the switching value method. oxygen exposure would likely use its protein and
glycogen as an energy source to produce lactate
RESULTS AND DISCUSSIONS and glucose. Minimum dissolved oxygen levels
could also increase oxygen affinity in blood and
Experimental data lead to the increment of blood pH (Re & Diaz,
Nanobubble generator, as an additional aerator 2011). Meanwhile, shrimp being cultivated in
being installed in vannamei shrimp pond, has optimum dissolved oxygen levels (>4 mg/L) was
managed to improve dissolved oxygen levels proven to show a higher growth performance
throughout the pond. Figure 1 reported the and more resistance to viruses and bacteria
dissolved oxygen levels in the range of 4–8 mg/L (Nonwachai et al., 2011). Ebina et al. (2013)
at both treatments, but nanobubble gave a slight reported an improvement in fish growth (14–
improvement on it. Because of its very small size, 59%) using nanobubble in 3 weeks of cultivation.
nanobubble can promote oxygen diffusion in a The nanobubble generator application in this
pond, and hence, showed a result in the escalation present study showed a positive effect on the total
of dissolved oxygen (Ebina et al., 2013). Dissolved harvest, survival rate (SR), and feed conversion
oxygen is essential in shrimp farming and the ratio (FCR) of vannamei shrimp. Table 1
most affecting parameter to shrimp physiology. shows the experimental results of shrimp being
Prolonged exposure to low dissolved oxygen cultivated in nanobubble pond as compared to the
levels could lead to the activation of a shrimp non-nanobubble. The total harvest of nanobubble
adaptive mechanism (Duan et al., 2013). pond reached 2,255 kg with SR of 92% and FCR
Re and Diaz (2011) proven that vannamei 1.3, while the non-nanobubble is only 1,884 kg
shrimp being cultivated in lethal dissolved oxygen with SR of 75% and FCR 1.4. The high levels

Table 1. Experimental data of vannamei shrimp cultivation using nanobubble

No. Parameters Nanobubble Non-nanobubble
1. Pond area (m )
2
800 800
2. Stocking density (shrimp/m2) 400 400
3. Total harvest (kg) 2,255 1,884
4. Feed conversion ratio 1.3 1.4
5. Survival rate (%) 92 75

Figure 1. Dissolved oxygen levels in vannamei shrimp pond using nanobubble and non-nanobubble during the
cultivation period.
34 Syifa Mauladani et al. / Jurnal Akuakultur Indonesia 19 (1), 30–38 (2020)

of oxygen available in the pond are expected Raw material cost

to specifically give positive effects to increase A detail raw material cost is shown in Table
shrimp survival, streamline the feed consumption, 3. The raw material counted as a variable cost
and enhance harvest as well. As to know that because the values depend on the amount of output
nanobubble has promoted the total harvest to produced. The components of raw material costs
19.7% and SR to 17%, further discussion of its include shrimp larvae, feed, probiotics, vitamins,
economic feasibility is needed. urea, calcium oxide, TSP, chlorine, and oxygen
gas for nanobubble supply. The feed contributed
Economic feasibility analysis more than 60% of the total raw material cost.
Capital investment cost Feed was regularly given per day at the amount of
Capital investment cost incurred in vannamei 5% of biomass for every three hours.
shrimp cultivation is IDR 182,887,700.
The biggest investment cost was spent on Total production cost
manufacturing Nanobubble BMG 4, which is Total production cost includes variable costs
60.15% of all investment costs. Table 2 below and fixed costs (including depreciation).The total
shows the investment needed during vannamei variable cost is IDR 81,129,000, the total fixed
shrimp cultivation using nanobubble. The cost is IDR 18,288,770. Daily freelance of 2
shrimp pond used in this study is the HDPE pond people for 2 months amounting to IDR 6,000,000.
measuring 800 m2. The biggest variable cost is spent on feed costs,
which is 70% of the total variable costs. The

Table 2. Capital investment cost of vannamei shrimp cultivation using nanobubble

No. Equipment Quantity Unit Unit price (IDR) Total price (IDR)
1. Nanobubble generator 2 units 55,000,000 110,000,000
2. Shrimp pond 1 pack 10,000,000 10,000,000
3. Paddlewheel 6 units 6,000,000 36,000,000
4. Artesian well 1 pack 5,000,000 5,000,000
5. Filtration system 1 pack 5,000,000 5,000,000
6. Oxygen tube 3 units 1,000,000 3,000,000
7. Profile tank 1 unit 1,000,000 1,000,000
8. Electricity installation 13.3 kVa 969,000 12,887,700
Total (IDR) 182,887,700

Table 3. The raw material cost of vannamei shrimp cultivation using nanobubble
No. Raw material Quantity Unit Unit price (IDR) Total price (IDR)
1. Shrimp larvae 325,000 shrimp 45 14,625,000
2. Shrimp feed 2,876 kg 15,000 43,140,000
3. Probiotic 4 pack 1,000,000 4,000,000
4. Vitamin C 2 kg 300,000 600,000
5. Urea 50 kg 2,000 100,000
6. Calcium oxide 200 kg 1,000 200,000
7. TSP 50 kg 2,000 100,000
8. Chlorine 10 piles 550,000 5,500,000
9. Oxygen gas 14 tubes 120,000 1,680,000
Total (IDR) 69,945,000
 Syifa Mauladani et al. / Jurnal Akuakultur Indonesia 19 (1), 30–38 (2020) 35

total production cost as shown in table 4 is IDR 172,329,247 after 10 cycles. IRR is estimated to
99,417,770. be 18%.

Table 4. The total production cost of vannamei shrimp Table 5. Economic feasibility analysis of vannamei
cultivation using nanobubble shrimp cultivation using nanobubble
No. Parameters Value per cycle (IDR) No. Parameters Value
1. Variable cost 1. Net present value (IDR) 172,329,247
a) Employee wages 6,000,000 2. Internal rate of return (%) 18
b) Raw material 69,945,000 3. Break-even point (kg) 7,058
c) Utility (electricity) 5,184,000 4. Payback period (cycle) 4
Total variable cost 81,129,000 5. B/C ratio 1.26
2. Fixed cost
a) Depreciation 18,288,770
The BEP value represents a minimum
production of vannamei shrimp to cover all the
Total fixed cost 18,288,770 fixed expenses (Djumanto et al., 2016). BEP
Total production cost 99,417,770 could be defined as a point where total expenses
and total revenue are equal. Figure 2 shows a
break even analysis graph, as could be seen that
Revenue
the minimum production would be at 7,058 kg.
Revenue obtained in this study comes from the
The value is summarized in Table 5. The business
production value of each shrimp size. The price
would likely gain profit after reaching this BEP
of shrimp for size 99 is IDR 70,000 per kg. Total
value.
shrimp harvest production is 2,255 kg. Revenue
The payback period is the time needed to
can be calculated by knowing the total value of
return the initial investment in the form of cash
shrimp harvest (kg) multiplied by the selling price
flow based on total revenue minus all costs
of shrimp/kg. The total shrimp harvest is 2,255 kg
(Djumanto et al., 2016). The minimum time to
multiplied by Rp.70,000/kg. The total receipts in
recover the costs of investment in nanobubble
this study were Rp. 157,850,000.
vannamei shrimp pond is expected to be 4 cycles
(Figure 3). In other words, shrimp aquaculture
Economic parameters
using nanobubble may recover the capital after
Economic parameters calculated in this
running for 4 cycles. The B/C ratio obtained in
study are net present value (NPV), internal rate
this study is 1.26, a value greater than 1 indicates
of return (IRR), payback period (PP), break-
the business is feasible to run.
even point (BEP), benefit-cost ratio (B/C ratio),
and sensitivity analysis (SA). Assumptions are
Sensitivity analysis
considered as follows.
Sensitivity analysis (Figure 4) showed that a
1. The discount rate is assumed constant at
50% reduction of productivity would increase
10.25% (Bank of Indonesia, 2018)
the total production cost per kg (TPC/kg) price to
2. IRR value is evaluated to minimum
199% from IDR 43,893 to IDR 87,786. Meanwhile,
acceptable rate of return (MARR) at 15% or
the 150% increment of raw materials cost would
1.46-fold from discount rate; and
likely promote TPC/kg to 135%. Considering
3. Depreciation value of the equipment is 10%
the economic information of business of shrimp
per year, and achieved salvage value after 10
aquaculture, three shrimp farming scenarios
years
could be described for nanobubble investment in
increasing harvest productivity:
Table 5 showed the results of the economic
(a) Dynamic. With average utilities and high
feasibility analysis of the present study. The
to utility average and higher profitability,
business of shrimp aquaculture is considered
this scenario is directly associated with
feasible if the magnitude of NPV is higher than
high productivity levels, so much with
zero, and vice versa. If the value of NPV is zero
relationship to the added value generated by
means that the returns of business are equivalent
business activities as in their relate monetary
to the money invested (Djumanto et al., 2016).
of capital and work.
NPV of this experiment is projected to reach IDR
36 Syifa Mauladani et al. / Jurnal Akuakultur Indonesia 19 (1), 30–38 (2020)

Figure 2. Break-even point curve of vannamei shrimp cultivation using nanobubble

Figure 3. Cumulative cash flow per cycle of shrimp cultivation using nanobubble

Figure 4. Sensitivity analysis curve of vannamei shrimp cultivation using nanobubble

 Syifa Mauladani et al. / Jurnal Akuakultur Indonesia 19 (1), 30–38 (2020) 37

(b) Stable. Characterized by high profitability and Indonesian Institute of Sciences (LIPI). Mr.
utility, although in an inferior degree to the Hardi Junaedi was supported by a scholarship
shrimp farm in non-nanobubble investment, from Indonesia Endowment Fund for Education
however, its utility is very superior to the (LPDP).
average of the shrimp business venture, as
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