Key points are not available for this paper at this time.
The tradeoff between fuel savings through slow steaming on the one hand, and the loss of revenues due to the resulting voyage extension on the other hand is analyzed, and three models for the explicit determination of the optimal speed of a ship are presented. Each model is applicable under different schedule of revenues, and the optimal speed is a solution to a cubic equation over the feasible range of cruising speeds.
David Ronen (1982) studied this question.