Development of a Life-cycle Cost Framework for Retrofitting Marine Engines towards Emission Reduction in Shipping
Peer reviewed, Journal article
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The shipping industry is striving to reduce its negative environmental footprint and become more energy-efficient. In order to achieve this, undergoing the transition towards innovative engine and propulsion systems is attracting considerable attention. However, the economic aspect is of paramount importance for decision-makers (e.g. ship owners) when it comes to investing in innovative technologies. For this reason, it is required to have a comprehensive and holistic view on the economic impacts of such technologies at an early stage. This paper proposes a life-cycle cost analysis (LCCA) framework to be implemented for innovative emission reduction marine engines. The proposed framework will be able to serve as a decision support tool that is beneficial for ship owners during the decision-making process for retrofitting investments.