Economic Assessment of MCFC and WHRS Integration for Ship Electrification: A Bulk Carrier Case Study

This study evaluates the economic viability of integrating a Molten Carbonate Fuel Cell (MCFC), battery and Organic Rankine Cycle-based Waste Heat Recovery System (WHRS) into a marine power distribution system using data from a Kamsarmax bulk carrier of Laskaridis Shipping Co. LTD. A future-oriented economic analysis compared the hybrid system with conventional marine diesel engine (MDE) power plants. The study considered key cost components such as installation, operation, maintenance, fuel, and carbon tax costs over a 20-year lifespan. The results indicate that, in 2024, the MDE power plant is more cost-effective, with a Levelized Cost of Energy (LCOE) of $230.87/MWh compared to $422.05/MWh for the hybrid plant. However, by 2030, the gap will diminish due to anticipated declines in MCFC costs and rising carbon taxes, making the hybrid system competitive. Projections for 2050 demonstrate a reversal, with the hybrid plant achieving an LCOE of $243.98/MWh in the low-price scenario, which is 51% lower than the conventional system under the same conditions. The high initial cost of the MCFC, driven by equipment expenses and renewal requirements, is identified as the primary economic barrier. Nonetheless, advancements in MCFC technology and escalating regulatory pressures on emissions are expected to shift the financial landscape, favouring hybrid configurations. This study highlights the long-term potential of hybrid systems as a sustainable and economically viable solution for maritime decarbonisation, providing valuable insights for policymakers and stakeholders in the shipping industry.