Abstract
This article mainly proposed three technically effective alternatives to comply with the emission control regulations and laws in shipping. Liquefied natural gas (LNG)-diesel dual fuel power technology was introduced through feasibility study on several aspects including research development, retrofitting methods, vessel type, safety issues, and other technical characteristics. Based on sample ship and route, economic evaluation was conducted on these three alternatives. Cost-effectiveness of each project was detailed in the calculation of net present value (NPV) and payback time via discount cash flow method. The findings show that LNG-diesel dual fuel power technology performs best among three alternatives. Due to the impact of fuel price, two scenarios were carried out in sensitivity analysis which witnessed a variation of NPV with the fluctuation of fuel price. Further study shows the turning point between project (i) and project (iii) with different discount rate and the interaction between discount rate and fuel price, left project (ii) the least cost-effective solution in three alternatives.
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