Fig. 6

Sample distribution of time to exercise option for different supply costs for each path. Notes: ECA means the supply cost is set at 10% of LNG prices and ECA* means the supply cost is increased to 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