Evaluation of alternative marine fuels from dual perspectives considering multiple vessel sizes

The environmental problems brought by the shipping industry have drawn the attention of all parties, making it critical to select a fuel system that combines economic and environmental benefits when ordering new ships. This paper narrows down a list of fuels to four high-potential options: LNG, methanol, hydrogen, and ammonia. Based on the dual perspectives of shipowners and the public, this study takes different-sized ships as the object, establishes mathematical models throughout their life cycle, and selects a variety of indicators to evaluate alternative fuels. The findings demonstrate that, in the short term, heavy fuel oil with scrubbers is the most economically advantageous option for all sizes of container ships, but methanol is a desirable alternative when taking into account the social cost of pollutants. Hydrogen might be the ultimate fuel to reduce emissions in the long run when the price gap closes.