Economic Analysis of Renewable Fuels for Marine Propulsion

The current global marine fuel consumption is estimated to be around 330 million tonnes annually, and the demand is expected to be doubled by 2030 due to increased global trade. Over 90% of the world's shipped goods travel by marine cargo vessels - one of the largest contributors to emissions of SOx, NOx, and PM. To meet the growing demand and the upcoming more stringent air emission regulations, now is the time to explore alternative fuels to penetrate the marine fuel markets. Biofuels can undoubtedly play an essential role in the future marine fuel that is more renewable, and lower sulfur and emissions. Both techno-economic analysis (TEA) and life cycle analysis (LCA) are effective tools to assess the economic and environmental feasibility of various biofuel pathways, in terms of their market competitiveness and environmental benefits concerning energy savings and air emissions reductions.