The transition to ammonia as a marine fuel demands comprehensive financial evaluation to ensure its commercial success and sustainability. A robust LCCA methodology provides a structured approach to address economic, regulatory, and technological challenges, offering critical insights for stakeholders. By fostering informed decision-making, enhancing stakeholder communication, and supporting scalability, LCCA serves as an indispensable tool in advancing ammonia fuel on board storage systems.
The analysis reveals that while composite tanks entail higher initial costs due to advanced materials and manufacturing techniques, they offer significant advantages in terms of lower annual operation and maintenance expenses. Their inherent corrosion resistance contributes to reduced long-term operational burdens, making them an attractive option for operators prioritizing efficiency and sustainability. Conversely, metallic tanks maintain a competitive edge with their higher residual value, stemming from the well-established recycling market for stainless steel. This characteristic enhances their overall economic attractiveness, particularly for stakeholders focused on initial capital expenditures and material recyclability. The findings underscore the importance of a comprehensive evaluation that considers not only upfront costs but also long-term implications associated with maintenance, end-of-life expenses, and regulatory compliance. As the maritime industry increasingly turns to ammonia as a sustainable fuel alternative, understanding the financial dynamics of these storage systems becomes paramount. Ultimately, this LCCA serves as a valuable tool for stakeholders in the maritime sector, enabling informed decision-making regarding the selection of tank materials for ammonia storage systems. By weighing the economic implications alongside operational requirements and regulatory considerations, operators can align their strategies with both financial objectives and environmental sustainability goals.
This framework may be applied to other alternative fuels and hybrid storage systems, or similar retrofitting projects to further refine the decision-making process for a decarbonized shipping industry. Through its flexible and comprehensive approach, this methodology paves the way for more sustainable and economically viable solutions towards decarbonizing the maritime industry.
NH3CRAFT is a Co-funded by the European Commission Project. UK participation in NH3CRAFT Project is funded by UK Research and Innovation(UKRI) under the UK government’s Horizon Europe guarantee [grant numbers 10038548 and 10037828].
