Modern marine propulsion systems must be reliable, energy efficient, environmentally friendly, and economical. Efforts to reduce fuel costs and carbon dioxide (CO2) emissions per nautical mile have a significant impact on the choice of propulsion system. Considering that there is no alternative for maritime transport, various technical and technological solutions are being considered that aim to improve efficiency and reduce the negative impact on the environment. One of the ways to achieve this goal is slow steaming, which reduces fuel consumption and CO2 emissions. The designed speed of the vessel has a significant impact on the efficiency of slow steaming. Slow steaming is particularly suitable for large container ships with a design speed of more than 20 knots. In this paper, the effects of slow steaming are analyzed using the example of a container ship with diesel-engine propulsion. Propulsion systems with low-speed and medium-speed marine diesel engines with mechanical power transmission are investigated. Data on the required engine power and propeller speed were used for the study, obtained from calculations during testing of the ship’s hull model. The effects of speed reduction on specific fuel consumption and emission reduction were analyzed using numerical models of two-stroke and four- stroke diesel engines. The models were calibrated and validated using data provided by the engine manufacturers. The paper analyses four different cases where one or two low-speed diesel engines, or three or four medium-speed diesel engines, are used for propulsion. The analysis concludes that slow steaming can effectively reduce fuel consumption and CO2 emissions, but the choice of the optimal propulsion system is highly dependent on maritime market conditions in maritime transportation. The choice of propulsion system affects the potential of slow steaming.