An efficient decoding algorithm is a crucial element of any statistical machine translation system. Some researchers have noted certain similarities between SMT decoding and the famous Traveling Salesman Problem; in particular (Knight, 1999) has shown that any TSP instance can be mapped to a sub-case of a word-based SMT model, demonstrating NP-hardness of the decoding task. In this paper, we focus on the reverse mapping, showing that any phrase-based SMT decoding problem can be directly reformulated as a TSP. The transformation is very natural, deepens our understanding of the decoding problem, and allows direct use of any of the.