Ships actually use very precise algorithms to calculate the relative cost of labor vs. inventory getting delayed, using factors like the depreciation of the cargo, the spot price of fuel, and even changing interest rates in the market.
Oil tankers in the middle of the ocean, for example, will speed up and slow down as spot prices of oil increase or short-term interest rates decrease, since the inventory cost of their cargo has gone up and then down.
oil tankers will sometimes even park themselves out in the ocean for weeks in order to not burn fuel while waiting for the projected price of their cargo to be optimal at the time they actually steam into port. Oil tankering optimization is a very complex and interesting problem!
That's absolutely fascinating. Do you have a source for further reading on those optimizations? I haven't been able to find anything with a bit of googling.
Oil tankers in the middle of the ocean, for example, will speed up and slow down as spot prices of oil increase or short-term interest rates decrease, since the inventory cost of their cargo has gone up and then down.