This study considers incentive provisions for investment decisions related to waste heat recovery system (WHRS) installations on ships to reduce CO₂ emissions and improve ships’ engine efficiency. The economic assessment of WHRS installations in the shipping sector is not widely covered in the literature. A reason for this might be that the conventional financial evaluation of sensitive choices is commonly done through capital budgeting methods, which are not flexible enough to integrate future changes in fuel prices and long-term aspects of other costs. Thus, this work evaluates the WHRS investment using the classical budgeting instruments as well as the real-options approach (a more sophisticated approach) to accommodate the presumed expected future changes in the volatile maritime markets. Following the methodology of triangulation, three case studies of ships with varying operational conditions empirically validate the result to depict the practical use of the real-options evaluation method in investment assessment. The capital budgeting analysis reveals that the investment in maritime WHRS technology is only economically favorable under certain frame conditions projected in the work that shows a more realistic assessment of the project.

中文翻译：

---

船舶发动机余热回收系统装置的投资分析

这项研究考虑了与船舶上余热回收系统（WHRS）安装相关的投资决策的激励条款，以减少CO ₂排放并提高船舶的发动机效率。文献未广泛涵盖航运部门对WHRS装置的经济评估。造成这种情况的原因可能是，对敏感选择的常规财务评估通常是通过资本预算方法进行的，该方法不够灵活，无法整合燃料价格和其他成本的长期变化方面的未来变化。因此，这项工作使用经典的预算工具以及实物期权方法（一种更为复杂的方法）来评估WHRS投资，以适应海事市场波动中的预期未来变化。按照三角剖分的方法，三个不同工况的船舶案例研究以实证方式验证了结果，以说明实物期权评估方法在投资评估中的实际应用。资本预算分析表明，海上WHRS技术的投资仅在工作中预测的某些框架条件下在经济上是有利的，这表明对该项目进行了更现实的评估。