Abstract
The aquaculture industry faces a major challenge in accommodating expected future growth while meeting ambitious greenhouse
gas (GHG) emission reduction targets. To achieve this, a transition from
fossil fuels to green alternatives is necessary – though this shift may be
costly and require new refueling infrastructure. In response, we study the
Aquaculture Fleet Renewal Problem (AFRP), which involves optimizing
the renewal of aquaculture service vessels to comply with GHG reduction goals. We propose a novel mixed integer programming model for
the AFRP. Based on real data for a major Norwegian fish farming company, we explore the most cost-effective transition strategies up to 2055,
focusing on the two most mature alternatives to fossil fuels: batterypowered electricity and hydrogen. The results show that electric vessels
are preferred over hydrogen vessels when feasible. Furthermore, our analysis suggests that a more flexible transition pathway toward 2055 could
achieve greater cumulative GHG reductions at the same cost compared
to the targets set by the International Maritime Organization.