ABSTRACT
Industries need enhancement in their respective fields along with forward-moving technology. In order to diminish further costs, industry associations are trying to find alternative sources. Alternative means of reducing needs to be cheap, sustainable and environmentally friendly. In marine industry, quite a few latest studies have been carried out about ship designs, marine engines and propeller types to minimize owning costs and supply efficient operations. Predominantly, heavy fuel oil (HFO) and marine diesel oil (MDO) is used in the global ship industry. Considering the new environmental legislations, the emission rate of these types of oil won’t meet the requirements put forward by the new regulations in maritime industry. Using liquefied natural gas (LNG) as marine fuel will offer a neat solution source in marine applications. Combustion of LNG emits low emission rate compared to heavy fuel oil and marine diesel oil. LNG takes important place in marine industry from the point of the global emission concern. LNG not only in terms of emissions but also economic aspects is a profitable fuel selection. Unit prices of LNG are in a lower level compared to other fuels. Taking into consideration the growing natural gas reserves, natural gas is a fuel that has an important position in the future. In this study, economic analysis of ship equipped with LNG fueled engine has been carried out. The results gained through this study reveal that LNG-fueled engine operations cost less than diesel-fueled engine operations.
