Evaluation of the second-hand LNG tanker vessels using fuzzy MCGDM approach based on the Interval type-2 fuzzy ARAS (IT2F-ARAS) technique

Abstract

Selecting appropriate LNG tankers is paramount in the maritime sector. Opting for suitable second-hand LNG vessels is a significant and efficient strategy for managing transportation operations effectively and meeting industry standards. Given LNG tanker specifications and shipbuilding capacity, the second-hand LNG tanker market adequately meets maritime industry demands. Thus, there is a strong motivation to evaluate the current second-hand vessel market. However, uncertainties prevail, necessitating decision-makers to employ a resilient and practical methodological framework to address uncertainties and complex decision-making scenarios effectively. This study proposes a decision-making framework integrating the Delphi and Additive Ratio Assessment (ARAS) methods, leveraging interval type-2 fuzzy sets (IT2FSs). This framework resolves real-life challenges associated with selecting second-hand LNG tankers, demonstrating the practicality of the approach. Using IT2FSs, the Delphi method identifies critical criteria influencing second-hand tanker vessel selection. Cargo carriage capacity emerged as the most influential criterion, followed by purchasing costs and year of construction. Moreover, Mediterranean Energy was deemed the most suitable second-hand LNG tanker among the six alternatives assessed. Thorough sensitivity analysis validated the proposed model and its implications, confirming its validity and applicability.