Thermoeconomic analysis on a newcastlemax bulk carrier operating with alternative fuels

In the face of challenges due to the dynamic fuel and regulation landscape ahead, this thesis proposes a methodology with its foundation in the field of Thermoeconomics aiming to point to the best fuel strategy.This result will be achieved through the analysis of alternative fuel systems, mainly ammonia, LNG, methanol and conventional fuel, at the component level thermodynamically and in the system level thermodynamically, economically and environmentally.The tools used to extract conclusions will be statistical analysis, energy conversion simulations through the gPROMS software/DNV COSMOSS framework and a rudimentary net present value analysis.To demonstrate the efficacy of the method a Newcastlemax bulker will act as a case study vessel and some initial results will be extracted, commented on and compared to one another.The main performance indicators that will amount to performance claims are component thermal efficiency, system thermal efficiency, system absolute CO2 equivalent emissions, CII with and without lifecycle analysis considerations, GFI with subsequent economic penalties for non-compliance, Daily Required Freight Rates in USD.The results will point to the fact that the premise of thermoeconomic analysis being the consideration of data from more than one field is needed for reliable decision making for energy conversion systems and one-dimensional approaches tend to fail in the face of ever-changing market and technological innovation conditions.Adaptability is the key to prosperity in any energy conversion system, whether it refers to fuel strategy, use of technologies to increase performance or timing the market conditions to make capital expenditures or reduce operational costs.Finally in the time of the writing of this thesis the known marine energy systems maker MAN Energy Solutions has changed its name to Everllence, this note is made especially for future and not contemporary readers, who are aware of the transition.