Economic Evaluation of Seawater Cooling System Applying Flooded Type Evaporator

• Published in: IOP conference series. Materials Science and Engineering 2019-04, Vol.520 (1), p.12006
• Main Authors: Yoon, Jung-In, Son, Chang-Hyo, Moon, Choon-Geun, Lee, Joon-Hyuk, Lee, Kwang-Seok, Jung, Suk-Ho, Kwak, Doo-Yeong
• Format: Article
• Language: English
• Subjects: Cooling; Cooling rate; Cooling systems; Discount rates; Economics; Equipment costs; Evaporators; Fisheries; Maintenance costs; Mathematical analysis; Modernization; Net present value; Oceans; Seawater; Tubes
• ISSN: 1757-8981; 1757-899X; 1757-899X
• DOI: 10.1088/1757-899X/520/1/012006

The ministry of oceans and fisheries of South Korea promoted the modernization of the purse seine vessels, and the seawater cooling system was proposed as part of the modernization. In the previous study, heat transfer characteristics were analysed with respect to material of tubes to offer fundamental design data of seawater cooling system applying flooded type evaporator by Yoon et al. In this paper, the economic evaluation of the seawater cooling system for comparison with the cooling method using crushed freshwater ice was performed with the net present value method. The initial investment cost of the seawater cooling system was calculated by 181 thousand dollars as the total cost of equipment and facility. The annual benefit was calculated by 47 thousand dollars which subtracts the maintenance cost of the seawater cooling system from the cost of ice and salt. Consequently, the net present value of the seawater cooling system presented positive when the discount rate is lower than 21.4%, which means the seawater cooling system can be considered economical. Moreover, the discount rate has 4.5% as the social discount rate in South Korea, so the net present value of the seawater cooling system has 154 thousand dollars approximately.