Journal
TRANSPORTATION RESEARCH PART E-LOGISTICS AND TRANSPORTATION REVIEW
Volume 140, Issue -, Pages -Publisher
PERGAMON-ELSEVIER SCIENCE LTD
DOI: 10.1016/j.tre.2020.101972
Keywords
Fuel consumption; Cubic law; Optimal speed; Noon reports
Categories
Funding
- Research Council of Norway [255672/O80]
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We develop a flexible framework for the estimation of the fuel consumption-speed curve for ships which allows for speed-dependent elasticity with endogenous thresholds. Using a large dataset of noon reports for 16 crude oil tankers, we estimate the corresponding elasticities net of weather effects. Our empirical findings confirm that the classical cubic law for fuel consumption is valid only near the design speed but also that the sensitivity with regards to sailing speed can be substantially lower at the sailing speeds actually observed. Our results can be used to question the economic and environmental benefits of slow-steaming and fuel levies.
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