A Proposed Methodology for the Technoeconomic Evaluation of Energy Efficiency Retrofits: A Bulk Carrier Case Study (2016)

by Angelos Tsereklas-Zafeirakis, Konstantin Aravossis, George Gougoulidis, and Yanna Pavlopoulou. Journal of Ship Production and Design, Vol. 32, No. 2, May 2016, pp. 1–8.


In light of the International Maritime Organization (IMO) directives on climate change and the continuous effort of shipping companies to reduce operating costs, this article proposes a methodology for the technoeconomic evaluation of energy efficiency retrofits. The aim of this article is to provide a management tool able to support the decision-making process of investing in energy efficiency methods. The introductory part briefly discusses the environmental problem caused by the gaseous pollutants as well as the regulatory framework that is going to seriously affect the bunker pricing in the near future. In the main part, a series of energy efficiency retrofits, suggested by IMO in the Ship Energy Efficiency Management Plan Annex, are presented with a view to applying them on a bulk carrier. The analysis focuses on the evaluation of these retrofits as potential investments from an owner’s strategic point of view. The assessment takes into account major uncertainties of the data used through Monte Carlo simulations and conducts multicriteria analysis to include also nonfinancial criteria in the decision-making process.


IMO; Energy Efficiency; Techno-Economic Evaluation; Quantitative Risk Assessment; Monte Carlo

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