| Summary: | LNG has become a future trend as a marine fuel. It is attractive in terms of low cost of
LNG fuel as well as a clean fuel. This study presents the current LNG market and
discusses its future potential.
As the control of emissions in the sea has become a rising global concern, sailing
container vessels have to follow strict environmental regulations to minimize sea
pollution. Currently, there are several technologies available for LNG-fuelled ships to
counter this issue. Hence, a comparative model is presented to compare the cost and
benefits of LNG system and assess against with other alternative technologies such as
Scrubbers and Waste Heat Recovery system.
This project also extends the fuel price scenario to four scenarios to provide a
different picture of the shipping market and describe the likely outcomes on the
technology uptake in the maritime industry. Cash flow, net present values and
payback time models are tabulated over the next 20 years to analyze the profitability
and reliability of the technology variants.
Results from this research study revealed that LNG system has greater and direct
benefits for small-sized (2500 TEU) vessels at all ECA exposures. For medium (8500
TEU) and large-sized (18000 TEU) vessels, Scrubber dominates when ECA is lower.
While at high ECA of more than 70%, both LNG system and Scrubber are profitable
to use.
This study thus aims to help ship owners or potential investors to make rational
decisions on the application of technology and the worthiness of their investment
funds.
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