Assessing the financial impact of using alternative fuels and speed reduction on chemical tankers to comply with emission reduction targets

Master thesis (2021)

Authors

E.E. Mink van der Molen Mechanical Engineering

Contributors

A.A. Kana Ship Design, Production and Operations - Mechanical, Maritime and Materials Engineering (mentor)
R.G. Hekkenberg Ship Design, Production and Operations - Mechanical, Maritime and Materials Engineering (graduation committee member)
Faculty
Mechanical Engineering, Mechanical Engineering
Copyright: © 2021 Eise Mink van der Molen
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Published Date

16-12-2021

Language

English

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Faculty

Mechanical Engineering

Abstract

As the world is shifting towards a more sustainable economy, regulation could be implemented to reduce emission from the chemical shipping industry. Confronted by regulation, it is important for shipowners to be able to select the most promising measure or alternative fuel for their specific operations and vessel to comply with such regulation. The research objective of this thesis is therefore to develop models that can help to gain better insight into the financial impact of using alternative fuels and speed reduction to comply with emission reduction regulation. By applying these models on a broad range of vessels and scenario’s, trends could then be found.

The study included the fossil and renewable versions of ammonia, methanol, and methane as alternative fuels. The results showed that generally, ammonia is positioned as the most cost-effective fuel to comply with a range of regulation scenarios. When speed reductions were also used as a secondary emission mitigating measure, the most cost-effective alternative fuel was depended on the freight rate. For low freight rates the results showed that methane is a promising alternative fuel. For high freight rates, the results showed that ammonia has a high potential.