Shipping is already a relevant contributor to global carbon dioxide emissions, and its share is expected to grow together with global trade in the coming years. At the same time, bunker prices are increasing and companies start to feel the pressure of growing fuel bills in their balance sheet. In order to address both challenges, it is important to improve the understanding of how ship energy consumption is generated, through a detailed analysis of its energy systems. In this paper, a method for the analysis of ship energy systems is proposed and applied on one year of operations of a chemical tanker, for which both easurements and mechanistic knowledge of ship systems were available. Energy analysis applied to the case-study vessel allowed comparing different energy flows and therefore identifying system components and interactions critical for ship energy consumption. Exergy analysis allowed instead identifying main inefficiencies and evaluating waste flows. This last information was then processed in order to estimate the potential for waste energy recovery under different conditions. Results showed that propulsion is the main contributor to ship energy consumption (70%), but that also auxiliary heat (16.5%) and power (13.5%) needs are relevant sources of energy consumption. The potential for waste heat recovery is relevant, especially in the exhaust gas, which contains an exergy flow sized 18% of engine power output.