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<p>This study evaluates the economic feasibility of retrofitting a dual propulsion system on the RV Discovery, a near-coastal research vessel operated by Universiti Malaysia Terengganu. The objective is to determine whether the integration of a second propulsion unit, mandated for offshore commercial operations, yields sufficient financial benefits to justify the investment. Using a structured cost–benefit analysis (CBA) framework over a 10-year project horizon, the study incorporates detailed cost components including capital equipment, installation, operational expenses, and maintenance, alongside projected revenue gains from new offshore chartering opportunities. A net present value (NPV) model is employed as the principal financial metric. Sensitivity analysis is also conducted to account for uncertainties in revenue projections, maintenance costs, and discount rates. The findings reveal that the retrofit generates a positive NPV of RM 2.17 million, with payback occurring within 5&#xa0;years. Even under conservative estimates, the investment remains economically viable. This research contributes to the limited empirical literature on retrofitting institutional research vessels, offering a replicable economic evaluation model for maritime asset upgrades in public sector fleets.</p>

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Economic viability of dual propulsion systems: a cost–benefit analysis of RV discovery retrofitting

  • 期刊论文

  • 发表日期：

    2025年7月14日

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  • Afandi Abdul Ghani,
  • Noor Apandi Osnin,
  • Md Redzuan Zoolfakar

摘要

This study evaluates the economic feasibility of retrofitting a dual propulsion system on the RV Discovery, a near-coastal research vessel operated by Universiti Malaysia Terengganu. The objective is to determine whether the integration of a second propulsion unit, mandated for offshore commercial operations, yields sufficient financial benefits to justify the investment. Using a structured cost–benefit analysis (CBA) framework over a 10-year project horizon, the study incorporates detailed cost components including capital equipment, installation, operational expenses, and maintenance, alongside projected revenue gains from new offshore chartering opportunities. A net present value (NPV) model is employed as the principal financial metric. Sensitivity analysis is also conducted to account for uncertainties in revenue projections, maintenance costs, and discount rates. The findings reveal that the retrofit generates a positive NPV of RM 2.17 million, with payback occurring within 5 years. Even under conservative estimates, the investment remains economically viable. This research contributes to the limited empirical literature on retrofitting institutional research vessels, offering a replicable economic evaluation model for maritime asset upgrades in public sector fleets.