Modeling Adaptive Strategies Technologies Towards Climate-Neutral Shipping
Date Issued
January 2025
Abstract
The maritime sector faces multiple techno-economic, environmental and development challenges, requiring
careful investment decisions. In this paper we present the application of a free, open-source Investment Decision
Support Tool, called MaritimeGCH: a least-cost linear optimization model that reflects operational and investment
variables and constraints within the shipping industry. The model aims to optimize fleet composition under technoeconomic, environmental, operational factors and European environmental regulations. Through this, we are able to
test the effect of different technologies, their respective costs and carbon abatement potential within the Greek shipping
fleet. Greece has the second largest fleet globally, with a merchant fleet of about 249 million gross tonnes. Greece
ranks first in deadweight tonnage (DWT), accounting for 17.77% of the global capacity, with a fleet of 364 million
DWT. This importance stems from a deep-rooted tradition of maritime expertise and a strategic focus on global
shipping markets, positioning it as a crucial component of international trade and economic stability (Alexandropoulou
et al., 2021; Papandreou et al., 2021).
careful investment decisions. In this paper we present the application of a free, open-source Investment Decision
Support Tool, called MaritimeGCH: a least-cost linear optimization model that reflects operational and investment
variables and constraints within the shipping industry. The model aims to optimize fleet composition under technoeconomic, environmental, operational factors and European environmental regulations. Through this, we are able to
test the effect of different technologies, their respective costs and carbon abatement potential within the Greek shipping
fleet. Greece has the second largest fleet globally, with a merchant fleet of about 249 million gross tonnes. Greece
ranks first in deadweight tonnage (DWT), accounting for 17.77% of the global capacity, with a fleet of 364 million
DWT. This importance stems from a deep-rooted tradition of maritime expertise and a strategic focus on global
shipping markets, positioning it as a crucial component of international trade and economic stability (Alexandropoulou
et al., 2021; Papandreou et al., 2021).