Assessment of profit,cost and emissions by varying speed as a function of sea conditions and freight market |
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| Institution: | 1. Norwegian University of Science and Technology, Trondheim, Norway;2. Norwegian Marine Technology Research Institute, Trondheim, Norway;1. University of Stirling, Management School, Stirling FK9 4LA, UK;2. Swansea University, School of Management, Swansea SA1 8EN, UK;3. Department of Commerce, Finance and Shipping, Cyprus University of Technology, 115 Spyrou Araouzou Street, P.O. Box 50329, Limassol, Cyprus;1. State Key Laboratory of Ocean Engineering, School of Naval Architecture, Ocean and Engineering, Shanghai Jiao Tong University, Shanghai, 200240, China;2. College of Computing, Georgia Institute of Technology, Atlanta, United States;3. Department of Human and Engineered Environmental Studies, Graduate School of Frontier Sciences, the University of Tokyo, Japan;1. Norwegian Marine Technology Research Institute (MARINTEK), Trondheim, Norway;2. United European Car Carriers (UECC), Oslo, Norway;3. Norwegian University of Science and Technology (NTNU), Trondheim, Norway |
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| Abstract: | This paper assesses shipping profits, costs and emissions by speed and as a function of sea and freight market conditions. Traditionally, seagoing vessels have been designed to operate at standardized, maximum economic speeds based on hydrodynamic considerations. High fuel costs and increased environmental concerns have challenged this practice. While speed reductions may reduce costs and emissions, most studies are based on still water conditions despite these being the exceptions. In addition, shipping lines operate in a commercial market with the objective of making profit and not solely on cost reductions. Our results show that significant cost and emissions reductions can be achieved and that the maximum economic speeds based on hydrodynamic considerations even in a good freight market are lower than the design speeds. |
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