Towards a circular maritime industry: identifying strategy and technology solutions

Shipping is considered one of the most energy-efficient modes, considering the amount of cargo that can be carried. On the other hand, the circular economy approach is not well-established in the maritime industry, which currently lags behind different transport modes. The maritime industry needs scientific support to “close the loop”, minimise waste and increase the revenue stream. Therefore, this study aims to address a critical gap in the maritime industry by first showing the understanding of the stakeholders and identifying suitable strategy and technology solutions that can fit the characteristics of the maritime industry. Moreover, the potential benefits of these solutions have been demonstrated through high-speed marine engine remanufacturing. A cost-benefit analysis has shown that remanufactured engine acquisition cost is nearly half of the cost of a new engine with similar operating performance and operating cost. This study is a novel contribution to maritime industry stakeholders to demonstrate the advantages of circular end-of-life applications.