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Risk evaluation methods at individual ship and company level

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  • Heij, C.
  • Knapp, S.

Abstract

Safety management and risk profiling to identify substandard ships are of importance to the shipping industry. Whereas current methods rely heavily on detention risk and flag state performance, we extend the risk assessment by considering various risk dimensions and by evaluating a wide range of risk factors. Apart from detention risk, we consider also the risk of various types of accidents (total loss, very serious, and serious) and damage (hull and machinery, cargo, pollution, loss of life, and third party liabilities). Risk factors include ship particulars like ship type and classes of companies and owners, as well as historical information on past accidents, inspections, and changes of particulars. We present methods to summarize and visualize various risk dimensions and we pay particular attention to the identification of potentially risky companies. The empirical results are obtained by combining rich data sets with information on ship arrivals, inspections, and accidents for the period from 2006 to 2010. The presented methods and results are of interest to various stakeholders in the industry, such as charterers, insurance companies, maritime administrations, and the International Maritime Organization.

Suggested Citation

  • Heij, C. & Knapp, S., 2011. "Risk evaluation methods at individual ship and company level," Econometric Institute Research Papers EI2011-23, Erasmus University Rotterdam, Erasmus School of Economics (ESE), Econometric Institute.
    • Handle: RePEc:ems:eureir:25603
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    References listed on IDEAS

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    1. Knapp, Sabine & Franses, Philip Hans, 2009. "Does ratification matter and do major conventions improve safety and decrease pollution in shipping?," Marine Policy, Elsevier, vol. 33(5), pages 826-846, September.
    2. Heij, C. & Bijwaard, G.E. & Knapp, S., 2010. "Ship Inspection Strategies: Effects on Maritime Safety and Environmental Protection," Econometric Institute Research Papers EI 2010-33, Erasmus University Rotterdam, Erasmus School of Economics (ESE), Econometric Institute.
    3. Sabine Knapp & Philip Hans Franses, 2007. "A global view on port state control: econometric analysis of the differences across port state control regimes," Maritime Policy & Management, Taylor & Francis Journals, vol. 34(5), pages 453-482, October.
    4. Bijwaard, Govert E. & Knapp, Sabine, 2009. "Analysis of ship life cycles--The impact of economic cycles and ship inspections," Marine Policy, Elsevier, vol. 33(2), pages 350-369, March.
    5. Tony Alderton & Nik Winchester, 2002. "Flag states and safety: 1997-1999," Maritime Policy & Management, Taylor & Francis Journals, vol. 29(2), pages 151-162, April.
    6. Knapp, S. & Bijwaard, G.E. & Heij, C., 2010. "Estimated Incident Cost Savings in Shipping Due to Inspections," Econometric Institute Research Papers EI 2010-28, Erasmus University Rotterdam, Erasmus School of Economics (ESE), Econometric Institute.
    7. Cariou, Pierre & Mejia Jr., Maximo Q. & Wolff, Francois-Charles, 2008. "On the effectiveness of port state control inspections," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 44(3), pages 491-503, May.
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    Cited by:

    1. Knapp, S. & Vander Hoorn, S., 2017. "A multi-layered risk estimation routine for strategic planning and operations for the maritime industry," Econometric Institute Research Papers EI2017-02, Erasmus University Rotterdam, Erasmus School of Economics (ESE), Econometric Institute.

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