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SAMSUNG HEAVY INDUSTRIESGas Fuelled Container Ship
( Evaluation of Economic Analysis )
1
H.C. Jung
October 16, 2015
정현채 / 운반선그룹(컨테이너선) / 2015-10-14 17:02:00
Background
- Environmental Issue
- IMO Future Regulation
Gas Fuelled Ship
- Lay-out of Gas Fuelled Ship
- Configuration of Propulsion System
- LNG Fuel Storage Tank, Gas Fuelled Engine, Gas Supply System
- Initial Cost Estimation
Economic Analysis
- Market Trend of Fuel Price
- Economic Analysis
- Conclusion
Contents
1/17
정현채 / 운반선그룹(컨테이너선) / 2015-10-14 17:02:00
Gas Fuelled Engines
Gas Fuel Supply System
LNG StorageTank
ItemConvent.
Ship
Gas Fuelled Ship
Low P. High P.
CO2 100% 75% 75%
NOx 100% 20% 20%
SOx 100% 3% 3%
� Emission Reduction
SOx
apprx.97%
apprx.80%
Apprx.25%
NOxCO2
� GHG Reduction 25%
� Satisfying IMO NOx Tier III
� Satisfying IMO SOx Limit
� Design Goal
with SCR / EGR
Background – Environmental IssueBackground – Environmental Issue
2/17
� Comparison betweens
정현채 / 운반선그룹(컨테이너선) / 2015-10-14 17:02:00
- Existing ECA: Baltic Sea, North Sea, Coasts of USA, Hawaii and Canada- Possible future ECA: Mediterranean sea, Coasts of Mexico, Puerto Rico, Norway, Singapore and Japan
� NOx
0
2
4
6
8
10
12
14
16
18
0
200
400
600
800
1000
1200
1400
1600
1800
2000
Tier III - 2016.01.01
Tier II - 2011.01.01
Tier I - 2000.01.01
rpm
NO
xN
Ox
NO
xN
Ox
(g/k
Wh)
(g/k
Wh)
(g/k
Wh)
(g/k
Wh)
-80%
0.1
1
3.5
0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
EU Port ECA Global
SO
xSO
xSO
xSO
x(%
(%
(%
(%
m/m
)m
/m)
m/m
)m
/m)
-97%
Background – IMO Future RegulationBackground – IMO Future Regulation
� SOx � EEDI
3/17
정현채 / 운반선그룹(컨테이너선) / 2015-10-14 17:02:00
Main Engine� ME-GI or X-DF
Generator Engine� Dual Fuel
Gas Supply & Bunkering System
LNG Fuel Storage Tank
Lay-Out of Gas Fuelled ShipLay-Out of Gas Fuelled Ship
4/17
정현채 / 운반선그룹(컨테이너선) / 2015-10-14 17:02:00
� Two(2) Type of Engines with
Low Pressure Injections
� Single Gas S. System with Different Pressures
� Engine Direct Driven Propeller
� Fuel Consumption Low
� Single Engine with 4 Stroke Gen-sets
� Single Gas Supply System (L.P)
� Electric Motor Driven Propeller
� Fuel Consumption High
� Experienced & Proven Design
Elec. Service
LNG Storage Tank
Main Engine
ForcingVaporizer
BOG
LD Comp.
16 bar
5 bar
DF Genset
HP PumpsHP Vaporizer
LNG Storage Tank
Main Engine
BOG
HP Comp.
300 bar
5 bar
Elec. Service
DF Genset
L/D Comp.
Configuration of Propulsion System Configuration of Propulsion System
� Two(2) Type of Engines with
High & Low Pressure Injection
� Two(2) Type of G.S.S with
High & Low Pressure System
� Engine Direct Driven Propeller
� Fuel Consumption Low
5/17
� 2 Stroke Engine with Low Pressure GSS
� 2 Stroke Engine with High Pressure GSS
� 4 Stroke Engine with Low Pressure GSS
Electric Motor
BOG 5 bar
LNG Storage Tank
ForcingVaporizer
LD Comp.
DF Genset Elec. Service
정현채 / 운반선그룹(컨테이너선) / 2015-10-14 17:02:00
Type SPB Membrane Type-C
Tank Shape
Tank Material Aluminum Stainless Steel Stainless Steel
Design Pressure 0.25 bar 0.25 bar 9 bar
Tank Size Unlimited UnlimitedLimited
(Max. 4,000 m3)
Partial Filling No restriction Restriction No restriction
Cost 100 % 80% 120 %
� Type of LNG Fuel Tank
� Capacity Required for Storage Tank
20,000 m3
- Cruising 23,000 NM
- Service Speed 23 kts
10,000 m3
- Cruising 18,000 NM
- Service Speed 19 kts
8,000 m3
- Cruising 18,000 NM
- Service Speed 15 kts
GF Design – LNG Fuel Storage TankGF Design – LNG Fuel Storage Tank
6/17※ SPB : Self-supporting Prismatic shape IMO type-B
정현채 / 운반선그룹(컨테이너선) / 2015-10-14 17:02:00
Item Conventional EngineGas Fuelled Engine
High Pressure Low Pressure
Fuel Burning Oil Gas / Oil Gas / Oil
Cycle of Engine Diesel Cycle Diesel Cycle Otto Cycle
Pressure of Gas Injection N/A 300 bar 16 bar
Engine Operation Limit(Gas Mode)
Min. 10% ~ Max. 100%of MCR
Min. 10% ~ Max. 100%of MCR
Min. 10% ~ Max. 85%of MCR
EmissionNOx High Low with CSR/EGR Low
SOx Low Low Low
Cost Base +8% +17%
� Gas ignited when injected
� Unchanged Power
� No pre-ignition / knocking
� High pressure gas injection
� High NOx Emission
� Gas pre-mix before ignition
� Reduced Power (abt. 15%)
� Pre-ignition / Knocking Risk
� Low pressure gas injection
� Low NOx Emission
Diesel Cycle Otto Cycle
GF Design – Main Engine (1/2)GF Design – Main Engine (1/2)
� Technical Comparison of Main Engine
7/17
정현채 / 운반선그룹(컨테이너선) / 2015-10-14 17:02:00
� Comparison of Fuel Consumption
Item Unit Conventional Gas Fuelled Remark
Engine
Efficiency
Burning Fuel - Oil Gas ME & ME-GI
Energy Consumption kJ/kW.h 6,624 (100%) 6,489 (98%)at same Power
Fuel
Consumption
Using Fuel - HFO MDO Gas
SFOC g/kW.h 161.4 7.7 123.2
at same PowerDFOC MT/day
142.9
(100%)
6.8 109.1
115.9 (81%)
Fuel Cost Fuel Price USD 400 600 400
at same PriceFuel Cost / Day USD 57,160 (100%) 47,720 (84%)
6,300
6,500
6,700
6,900
7,100
7,300
20 30 40 50 60 70 80 90 100
T.
E.
C.
T.
E.
C.
T.
E.
C.
T.
E.
C.
(kJ/
(kJ/
(kJ/
(kJ/
kW.h
kW.h
kW.h
kW.h
)) ))
Engine Engine Engine Engine Load Load Load Load (%)(%)(%)(%)
MAN_Oil/DieselMAN_Oil/DieselMAN_Oil/DieselMAN_Oil/Diesel MAN_GasMAN_GasMAN_GasMAN_Gas
GF Design – Main Engine (2/2)GF Design – Main Engine (2/2)
8/17
정현채 / 운반선그룹(컨테이너선) / 2015-10-14 17:02:00
170
180
190
200
210
220
40 50 60 70 80 90 100
SFO
C (
g/k
Wh)
SFO
C (
g/k
Wh)
SFO
C (
g/k
Wh)
SFO
C (
g/k
Wh)
Egine Load (%)Egine Load (%)Egine Load (%)Egine Load (%)
Diesel_W32Diesel_W32Diesel_W32Diesel_W32 Gas Fuel_34DFGas Fuel_34DFGas Fuel_34DFGas Fuel_34DF
GF Design – Generator Engine GF Design – Generator Engine
9/17
Item Conventional Gas Fuelled Remark
Gas Supply System N/A Low Pressure (5bar)
Required Power Base Base +α(+600 kW) for Gas Supply System
FuelConsumption
Energy Consumption 100% 98%
DFOC (ton/day)100%
(HFO Based)87%
(LNG Based)
HFO: 41,025 kJ/kg
LNG: 50,000 kJ/kg
EmissionNOx High Low
SOx Low Low
� Comparison of Generator Engine
정현채 / 운반선그룹(컨테이너선) / 2015-10-14 17:02:00
� Type of Gas Supply System
Equipment Low Pressure High Pressure Remark
Fuel Gas Pump O O H.P for 5~6 bar, L.P for 16 bar
High Pressure Pump & Vaporizer X O H.P of 300 bar
LP Forcing Vaporizer X O for High pressure
LP Vaporizer O X for Low pressure
NG Heater O O Same
Re-Condenser X O for High pressure
BOG Compressor O O Same
Pressure Relief Valve O X Pressure down : 16 � 6 bar
High PressureLow Pressure
GF Design – Gas Supply SystemGF Design – Gas Supply System
� Major Equipment List
10/17
정현채 / 운반선그룹(컨테이너선) / 2015-10-14 17:02:00
Initial Cost EstimationInitial Cost Estimation
� Major Equipment & System
Item Cost (%) Remark
Machinery & Electric 5.5 m 20% Engines, Boiler, GCU and Others
LNG Fuel Tank 11.0 m 40% LNG Fuel Tank, Insulation, Support
Gas Fuel Supply &
Bunkering System 9.5 m 35% Fuel Pump, Vaporizer, Compressor, Piping, etc.
Others 1.2 m 5% Hull Design (Structure & Outfitting)
Total 27.2 m 100% USD/Ship
� Cost Estimation
11/17
[ Unit: USD ]
정현채 / 운반선그룹(컨테이너선) / 2015-10-14 17:02:00
• WTI: West Texas Intermediate• IFO 380: Intermediate Fuel Oil with a maximum viscosity 380 centistokes
N. Gas:$4.0/mmbtu
IFO380:$14.2/mmbut
IFO380:$57.6/100kg
IFO180:$60.1/100kg
DO:$88.0/100kg
WTI: $96.0/bbl
DUBAI:$100.9/bbl
BRENT:$104.6/bbl
★
■
◆20
60
100
140
80
120
40
USD
WTI: $46.3/bbl
IFO380: $23.0/100kg
N. Gas: $2.8/mmbtu
Market Trend of Fuel PriceMarket Trend of Fuel Price
� Price Trend of Oil & Gas Type of Fuel Equivalent Price (USD)
WTI 46.3 USD/bbl 291 USD/ton
N. Gas 2.8 USD/mmbtu 133 USD/ton
=
=
12/17
정현채 / 운반선그룹(컨테이너선) / 2015-10-14 17:02:00
� Definition
- mmbtu: Million Metric of British Thermal Unit
- Calorific value of a necessary heating to raise one pound of water by one Fahrenheit degree
� Unit Conversion
- 1 mmbtu = 1,055,056 kJ (1)
- LNG calorific value = 50,000 kJ/kg (2)
- LNG density = 0.47 ton/m3 (3)
. 1 mmbtu = 21.101 kg (4) = (1)/(2)
= 0.02110 ton (5) = (4)/1,000
. 1 ton (LNG) = 47.4 mmbtu
� Price of LNG 1 ton (47.4mmbtu)
. 6$/mmbtu x 47.4 = 284 USD . 7$/mmbtu x 47.4 = 332 USD
. 8$/mmbtu x 47.4 = 379 USD . 9$/mmbtu x 47.4 = 427 USD
. 10$/mmbtu x 47.4 = 474 USD . 11$/mmbtu x 47.4 = 521 USD
. 12$/mmbtu x 47.4 = 569 USD . 13$/mmbtu x 47.4 = 616 USD
. 14$/mmbtu x 47.4 = 664 USD . 15$/mmbtu x 47.4 = 711 USD
190
284
379
474
569
664
758
100
200
300
400
500
600
700
800
4 6 8 10 12 14 16
US
D /
to
n
USD / mmbtu
Unit Conversion of mmbtuUnit Conversion of mmbtu
13/17
정현채 / 운반선그룹(컨테이너선) / 2015-10-14 17:02:00
� RFR (Required Freight Rate)
� In-put Data for RFR
- Total Expense (Annual) :
Fuel cost + Capital Cost + Other cost + etc.
- Carrying Container :
No. of Operating trip x No. of Carrying cargo
- Service Speed : 22.5 kts
Service Route : Asia ↔ Europe (Round cruising range : 23,000NM)
RFR = Total Expense
Carrying TEU ($/TEU)
� Total Expense (Annual)
- Annual Fuel Cost : Operating day ( ooo day/yr.) x DFOC (ton) x Fuel Price ( ooo USD/ton)
- Capital Cost : Interests, Depreciation, etc.
- Other Cost : Maintenance, Voyage Cost, etc.
� Carrying Container(Annual, TEU)
- Carrying Container : No. of Operating trip x No. of Carrying cargo (70% of Nominal capacity)
- No. of Operating trip : Cruising range(23,000 NM) / (Operating Speed(22.5kts) x Operating day(270days/yr.)
Economic Analysis – IntroductionEconomic Analysis – Introduction
14/17
정현채 / 운반선그룹(컨테이너선) / 2015-10-14 17:02:00
Item Unit Conventional Ship Gas Fuelled Ship Remark
Ship Price % 100% 121%
Nominal Capacity (TEU) TEU 14,300 (100%) 13,920 (97%) 380 TEU Sacrifice
M/E
Type - 11G90ME-C 11G90ME-GI
Service Speed: 22.5 kts
HFO: 41,025 kJ/kg
LNG: 50,000 kJ/kg
Power kW 44,280 44,280
DFOC (Fuel + Pilot) t/day175.3 135.1 + 7.2
175.3 (100%) 142.3 (82%)
G/E
Type - W32 34DF
HFO: 41,025 kJ/kg
LNG: 50,000 kJ/kg
PowerGeneral kW 8,260 8,860
Gas S. S. kW - 600
DFOC (Fuel + Pilot) t/day37.4 32.2 + 0.5
37.4 (100%) 32.7 (87%)
DFOC (Total) t/day 212.7 (100%) 175.0 (82.3%)
Fuel Price - 379 USD/ton 8 USD/mmbtu 8USD/mmbtu=379USD/ton
Revenue kTEU 119.2 (100%) 116.1 (97%) Total Carrying TEU/year
Economic Index
CAPEX mUSD 16.2 (100%) 19.5 (121%)
OPEX mUSD 36.0 (100%) 36.2 (101%)
Fuel Cost / year mUSD 22.2 (100%) 18.5 (83%)
Total Annual mUSD 74.4 (100%) 74.2 (99.8%)
Required Freight Rates USD/TEU 624 (100%) 639 (102%) Cost per TEU
Economic Analysis – 1/2Economic Analysis – 1/2
� In Case of Same Price between Oil and Gas
15/17
정현채 / 운반선그룹(컨테이너선) / 2015-10-14 17:02:00
Item Unit Conventional Ship Gas Fuelled Ship Remark
Economic
Analysis
(RFR)
8 $
/mmbtu
(379 $/t)
300 $/t USD/TEU 578 (100%) 647 (112%)
450 $/t USD/TEU 655 (100%) 651 ( 99%)
600 $/t USD/TEU 732 (100%) 655 ( 89%)
10 $
/mmbtu
(474 $/t)
300 $/t USD/TEU 578 (100%) 687 (119%)
450 $/t USD/TEU 655 (100%) 691 (106%)
600 $/t USD/TEU 732 (100%) 695 ( 95%)
12 $
/mmbtu
(569 $/t)
300 $/t USD/TEU 578 (100%) 727 (126%)
450 $/t USD/TEU 655 (100%) 731 (112%)
600 $/t USD/TEU 732 (100%) 735 (100%)
578
655
732
647651
655
112%99%
89%
-40%
-20%
0%
20%
40%
60%
80%
100%
120%
460
510
560
610
660
710
760
810
8-300 8-450 8-600
578
655
732
687 691 695
119%105%
95%
-20%
0%
20%
40%
60%
80%
100%
120%
460
510
560
610
660
710
760
810
10-300 10-450 10-600
578
655
732727 731 735
126%112%
100%
-10%
10%
30%
50%
70%
90%
110%
130%
460
510
560
610
660
710
760
810
12-300 12-450 12-600
Economic Analysis – 2/2Economic Analysis – 2/2
� Case Study of Various Prices between Oil and Gas
16/17
정현채 / 운반선그룹(컨테이너선) / 2015-10-14 17:02:00
� Technical View
- Engine Efficiency: 2% better
- Total Energy Efficiency : 18% better
- Special Gas Supply System required
For early adopting of Gas Fuelled Ship, it is needed that
- Gap of fuel prices to be of over 10%
- Initial Cost of GFS should be reduced
- Loss of cargo space should be minimized
- Potential risk should be eliminated
Conclusion
� Emission View
- CO2 : about 25% reduced
- NOx : about 80% reduced
- SOx : about 97% reduced� Commercial View
- CAPEX : about 21% increased
- Revenue : about 3% decreased
- Fuel Cost : about 17% saved
- RFR will be 2% higher than Conventional
at same fuel prices Oil & Gas.
� Conclusion
17/17
정현채 / 운반선그룹(컨테이너선) / 2015-10-14 17:02:00