In this work, the feasibility of a novel low capacity on-board compensatory refrigeration system is proposed for small motorized boats that are used by fisherman in western coast of India for fishing. The proposed refrigeration unit will counteract the heat ingress into the iced compartments in the boat and ensure low temperature for preservation of fish quality for the average duration of a fishing trip of 10 days. A heat transfer model of the storage compartment is developed considering parameters such as ambient condition, compartment openings, product removal/loading, container wall insulation, water drainage etc. Required refrigeration load for the proposed retrofitted compensatory refrigeration system is estimated. Feasibility of a vapour absorption refrigeration (VAR) system powered by exhaust heat from the diesel engine is analysed. Market price of such a system is also estimated and payback period is computed.