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The Cost of Oil Spills from Tankers in Relation to Weight of Spilled Oil

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Abstract:

The purpose of this paper is to consider a practical way to estimate the cost of oil spills from ships within the framework of establishing environmental risk evaluation criteria in International Maritime Organization (IMO). Regression analysis between the cost of oil spills and the weight of oil spilled (oil spill weight) was carried out using historical oil spill data from tankers reported by International Oil Pollution Compensation (IOPC) Funds. A nonlinear regression formula between the cost of oil spills and the oil spill weight is estimated from the historical data, and a critical value of cost to avert one tonne of spilled oil (CATScr) is obtained. CATScr obtained by the present study is compared with that obtained by previous work. This study shows that the cost of oil spills estimated by the present regression formula is in fairly good agreement with the mean value obtained from historical data while the CATScr gives relatively larger costs and shows the upper bound of the cost of oil spills.

Keywords: OIL SPILLS; TANKERS

Document Type: Research Article

Publication date: October 1, 2009

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