Evaluation of constraints for investment in NOx emission technologies: case study on Greek bulk carrier owners

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The maritime industry is the transport mode that contributes most to air pollution. The International Maritime Organization (IMO) identified the reduction of air pollution by ships as a crucial issue. Since 1 January 2020, ships have had to adopt strategies and new technologies to eliminate air pollution. However, ship compliance with nitrate oxide (NOx) emission restrictions is more challenging. This paper aims to identify ship owners' challenges in investing in new technologies.
This paper applied a hybrid methodology combining a survey, a balanced scorecard and fuzzy analytic hierarchy process (F-AHP) to identify and evaluate constraints and weights in investment decision-making for NOx technologies. A survey was carried out to validate constraints.
A survey was carried out, representing 5.1% of Greek-owned ships by deadweight capacity. The findings provide a weighted list of seven crucial technical and economic constraints faced by ship operators. The constraints vary from ship retrofit expenditure to crew training and waste management. Additionally, NOx emission technologies were compared. It was found that liquefied natural gas is the preferred investment option for the survey participants compared with selective catalytic reduction, exhaust gas recirculation and batteries.
Several studies have dealt with the individual technical feasibility of NOx reduction technologies. However, apart from technical feasibility for a shipowner, the selection of a NOx technology has several managerial and safety risks. Therefore, the originality of this paper is to reveal those constraints that have a higher weight on ship owners. With this cost-benefit approach, investment challenges for ship operators are revealed. Policymakers can benefit from the results of the employed methodology.
Original languageEnglish
JournalMaritime Business Review
Early online date28 May 2024
Publication statusPublished - 28 May 2024

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