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Vessel Damage Cost Differentials: Bulk, Container and Tanker Accidents

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  • Wayne K Talley

Abstract

This paper investigates whether there are accident vessel damage cost differentials among container, tanker and bulk vessels. Tobit estimates of accident vessel damage cost equations suggest that vessel damage cost differentials exist for container versus bulk and tanker versus bulk vessel accidents, but not for container versus tanker vessel accidents. The vessel damage cost per vessel gross ton of a container (tanker) accident is $33.37 ($18.37) less than that of a bulk accident, all else held constant. The damage cost differentials are associated with fire/explosion accidents and human and environmental accident causes. The accident vessel damage cost differentials found in this paper may be compared with vessel hull insurance rates for investigating whether the latter reflect the former. Also, such comparisons may reveal whether there is cross-subsidisation among vessel hull insurance payees.International Journal of Maritime Economics (2002) 4, 307–322. doi: 10.1057/palgrave.ijme.9100049

Suggested Citation

  • Wayne K Talley, 2002. "Vessel Damage Cost Differentials: Bulk, Container and Tanker Accidents," Maritime Economics & Logistics, Palgrave Macmillan;International Association of Maritime Economists (IAME), vol. 4(4), pages 307-322, December.
    • Handle: RePEc:pal:marecl:v:4:y:2002:i:4:p:307-322
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    Cited by:

    1. Talley, Wayne K., 2006. "An Economic Theory of the Port," Research in Transportation Economics, Elsevier, vol. 16(1), pages 43-65, January.
    2. Çakır, Erkan & Fışkın, Remzi & Sevgili, Coşkan, 2021. "Investigation of tugboat accidents severity: An application of association rule mining algorithms," Reliability Engineering and System Safety, Elsevier, vol. 209(C).
    3. 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.
    4. Wenming Shi & Kevin X. Li, 2017. "Themes and tools of maritime transport research during 2000-2014," Maritime Policy & Management, Taylor & Francis Journals, vol. 44(2), pages 151-169, February.

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