Fig. 5

Sample distribution of time to exercise option for various ship values regarding different operation time in an ECA for each path. Notes: 1ECA means a LNG powered ship is 10% more expensive than that of a conventional one. 2ECA implies that the ship price of a LNG powered ship is 20% higher than that of a conventional oil fuelled one. 3ECA denotes that the price differential between two types of vessels reaches 30%. ECA 25% denotes that a vessel runs 25% of one year in an ECA and ECA 50% indicates that a vessel operates 50% of one year in an ECA and ECA 100% means that a vessel runs the whole year in an ECA