The path to carbon neutral shipping: A comparative analysis of low carbon technologies

Ship operations are crucial to global trade, and their decarbonization is essential to mitigate climate change. This study evaluates the economic viability of existing and emerging decarbonization technologies in maritime shipping using the levelized cost of energy methodology. It includes a detailed comparative analysis based on essential criteria and sensitivity assessments to highlight the economic impacts of technological advancements. Key factors influencing total costs include fuel costs, carbon pricing, and energy demands for carbon capture. The findings reveal that methanol is more cost-effective than heavy fuel oil (HFO) when priced below 3000 CNY/t, assuming HFO costs 4400 CNY/t. Additionally, methanol with post-combustion carbon capture is less expensive than pre-combustion carbon capture. When carbon prices rise above 480 CNY/t, carbon capture technologies prove more economical than purchasing carbon emission allowances for HFO and liquefied natural gas. Enhancing the use of exhaust gas waste heat is recommended for cost savings. Post-combustion carbon capture also shows greater efficiency, requiring about 1.1 GJ/t less energy than pre-combustion methods, leading to lower overall costs. Future research should focus on market mechanisms to stabilize fuel prices and develop less energy-intensive carbon capture technologies. This study offers critical insights into effective decarbonization strategies for advancing global maritime trade in the present and future.