27 JULY 2026 ing the end of its life or adding to an existing fleet. In either case, the new vessel is an opportunity to make changes and design every aspect to fit their needs. However, one must proceed with caution during the design process. Hybrid ferry projects have shown that excessive customization carries a steep premium, which in some cases can render projects financially infeasible. We often call vessels that incorporate lots of new fea- tures and novel technology, “unicorn boats.” While on paper these vessels may do everything that the operators want and more, they usually come with cost and sched- ule increases. They can also introduce technical risk, leading to integration challenges during construction and commissioning. A more pragmatic approach is to leverage existing de- signs and proven solutions wherever possible. Using standardized hull forms, established propulsion archi- tectures, and familiar components can provide a stable foundation of reliability and predictable cost. Innovative new features and customizations can then be included as needed based on the operational requirements and project budget. THE TIME VALUE OF DECISIONS Time is a key driver in the ultimate cost of a project. Delays in decision making can have significant financial consequences. Supplier pricing adjustments, evolving reg- ulatory requirements, and general market uncertainty all mean that a project defined today may cost significantly more tomorrow. Tariffs introduce a layer of unpredictability that often leads to excessive risk allocations by suppliers and builders to protect themselves financially. Sudden changes in trade policy can alter pricing overnight, further complicating budgeting and procurement strategies. Even the uncer- tainty surrounding potential tariffs can influence supplier behavior and risk assessments.
View this content as a flipbook by clicking here.