The objective of this study is to perform a thermodynamic analysis on a marine diesel engine waste heat-assisted cogeneration power plant modified with regeneration onboard a ship. The proposed system utilizes the waste heat from the main engine jacket water and exhaust gases to generate electricity and heat, thereby reducing the fuel consumption and CO2 emissions. The methodology includes varying different turbine inlet pressures, extraction pressures, and fractions of steam extracted from the turbine to evaluate their effects on the efficiency, utilization factor, transformation energy equivalent factor, process heat rate, electrical power output, saved fuel flow rate, saved fuel cost, and reduced CO2 emissions. The analysis demonstrates that the proposed system can achieve an efficiency of 48.18% and utilization factor of 86.36%, savings of up to 57.325 kg/h in fuel, 65.606 USD/h in fuel costs, and 180.576 kg/h in CO2 emissions per unit mass flow rate through a steam turbine onboard a ship.