Safety costs in Arctic shipping: a proposal classification and estimation

Junjie Wan and Raphael Baumler

Maritime Business Review, 2024, vol. 10, issue 1, 35-61

Abstract: Purpose - This study classifies and estimates safety costs in Arctic shipping. Design/methodology/approach - Based on the literature review, the paper details shipping prevention costs into five categories (infrastructure and facilities, measures, technologies, personnel and management) and groups marine accidents into injury and death, property damage, environmental damage and others. Findings - The proposed classification and estimation allow for a comparison of prevention costs and accident expenses. Estimating safety expenses in the Arctic presents challenges, such as data inadequacies. However, the method has been tested with data provided by an Arctic ship operator. Practical implications - Thus, shipping companies can verify the effectiveness of their investments and reorientate whenever necessary, becoming a decision-support system to best allocate safety investments. Combined with company safety performance, the tool can help identify the safety areas requiring enhanced attention. Originality/value - This paper presents the first classification and a tool to assess safety costs in relation to Arctic shipping, potentially supporting safety investment decisions.

Keywords: Arctic shipping; Safety cost; Accident cost; Arctic coastal states (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eme:mabrpp:mabr-04-2024-0036

DOI: 10.1108/MABR-04-2024-0036

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