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Economic framework for green shipping corridors

2024-09-19Artigo científico Acesso aberto
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dc.contributor.authorJesus, Beatriz
dc.contributor.authorFerreira, Inês Abreu
dc.contributor.authorCarreira, Augusto
dc.contributor.authorOve Erikstad, Stein
dc.contributor.authorGodina, Radu
dc.contributor.institutionUNIDEMI - Unidade de Investigação e Desenvolvimento em Engenharia Mecânica e Industrial
dc.contributor.institutionDEMI - Departamento de Engenharia Mecânica e Industrial
dc.contributor.pblElsevier Science B.V., Amsterdam.
dc.date.accessioned2025-03-05T21:43:52Z
dc.date.available2025-03-05T21:43:52Z
dc.date.issued2024-09-19
dc.descriptionEEA Grants Portugal (PT-INN-0066). © 2024 The Authors. Published by Elsevier Ltd
dc.description.abstractGlobal warming's major cause is the emission of greenhouse-effect gases (GHG), especially carbon dioxide (CO2) whose main source is the combustion of fossil fuels. Fossil fuels serve as the primary energy source in many industries, including shipping, which is the focus of this study. One of the measures proposed to tackle GHG emissions is the development of green shipping corridors - carbon-free shipping routes that require the transition to alternative fuels, which are gaining competitiveness. One of the reasons for that is carbon pricing, which taxes CO2 emissions. However, the lack of consensus on the most cost-advantageous alternative fuel in the long run results in the delay of the implementation of green shipping corridors. To make it more accessible for stakeholders to conduct an economic analysis of the various options, a framework to determine and minimize the costs of transitioning from fossil fuels to any alternative fuel is proposed, over the period of one voyage, considering the lost opportunity cost, the deployment cost of bunkering vessels at the necessary call ports, the cost of converting the vessel, the car-bon emissions tax cost, and the fuel cost. This will allow stakeholders to choose the most economical alternative fuel, accelerating the development of green shipping corridor initiatives. To validate the effectiveness of the framework, it was applied in a case study involving a shipowner seeking to transition from heavy fuel oil (HFO) to Ammonia, Hydrogen, Liquefied Natural Gas (LNG), or Methanol. This study faced limitations due to the unknown costs of installing bunkering vessels for Ammonia and Hydrogen. However, it evaluates the cost-effectiveness of alternative fuels, providing insights into their short-term economic viability. The results showed that Hydrogen is the most cost-advantageous fuel until a deployment cost per bunkering vessel of 1,990,285$ for a sailing speed of 22 knots and 2,190,171$ for a sailing speed of 18 knots is reached, after which LNG becomes the most economical option regardless of variations in the carbon tax. Moreover, a sensitivity analysis was conducted to determine the effects of variations in parameters, such as carbon tax, fuel prices and vessel conversion costs in the total cost of each fuel option. Results highlighted that even though HFO remains the most economical fuel option, even when considering a high increase in carbon tax, the cost gap between HFO and alternative fuels narrows significantly with the increase in carbon tax. Furthermore, the sailing speed impacts the fuels’ competitiveness, as the cost difference between HFO and alternative fuels decreases at higher speeds.en
dc.description.versionpublishersversion
dc.description.versionpublished
dc.format.extent19
dc.format.extent4840158
dc.identifier.doi10.1016/j.ijhydene.2024.08.147
dc.identifier.issn0360-3199
dc.identifier.otherPURE: 106499690
dc.identifier.otherPURE UUID: 9a7d7096-1ca9-4c71-9b5a-599d2868207a
dc.identifier.otherScopus: 85201480079
dc.identifier.otherWOS: 001298117700001
dc.identifier.otherORCID: /0000-0003-1244-5624/work/205572288
dc.identifier.urihttp://hdl.handle.net/10362/180157
dc.identifier.urlhttps://www.scopus.com/pages/publications/85201480079
dc.language.isoeng
dc.peerreviewedyes
dc.relationFunding Information: info:eu-repo/grantAgreement/FCT/6817 - DCRRNI ID/UIDP%2F00667%2F2020/PT
dc.relationinfo:eu-repo/grantAgreement/FCT/6817 - DCRRNI ID/UIDB%2F00667%2F2020/PT
dc.relationResearch and Development Unit for Mechanical and Industrial Engineering
dc.subjectAlternative fuel
dc.subjectBunkering
dc.subjectCost calculation framework
dc.subjectGreen shipping corridor
dc.subjectHydrogen
dc.subjectOptimization
dc.subjectRenewable Energy, Sustainability and the Environment
dc.subjectFuel Technology
dc.subjectCondensed Matter Physics
dc.subjectEnergy Engineering and Power Technology
dc.subjectSDG 7 - Affordable and Clean Energy
dc.subjectSDG 8 - Decent Work and Economic Growth
dc.subjectSDG 9 - Industry, Innovation, and Infrastructure
dc.subjectSDG 13 - Climate Action
dc.titleEconomic framework for green shipping corridorsen
dc.title.subtitleEvaluating cost-effective transition from fossil fuels towards hydrogenen
dc.typejournal article
degois.publication.firstPage1429
degois.publication.lastPage1447
degois.publication.titleInternational Journal Of Hydrogen Energy
degois.publication.volume83
dspace.entity.typePublication
oaire.awardNumberUIDB/00667/2020
oaire.awardTitleResearch and Development Unit for Mechanical and Industrial Engineering
oaire.awardURIinfo:eu-repo/grantAgreement/FCT/6817 - DCRRNI ID/UIDB%2F00667%2F2020/PT
oaire.fundingStream6817 - DCRRNI ID
project.funder.identifierhttp://doi.org/10.13039/501100001871
project.funder.nameFundação para a Ciência e a Tecnologia
rcaap.rightsopenAccess
relation.isProjectOfPublication1a4033c7-5add-4c00-8393-eb4bed8a7a8e
relation.isProjectOfPublication.latestForDiscovery1a4033c7-5add-4c00-8393-eb4bed8a7a8e

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