IDEAS home Printed from https://ideas.repec.org/p/ems/eureir/51748.html
   My bibliography  Save this paper

A multi-layered risk exposure assessment approach for the shipping industry

Author

Listed:
  • Vander Hoorn, S.
  • Knapp, S.

Abstract

__Abstract__ Shipping activity has increased worldwide and maritime administrations are trying to enhance risk mitigation strategies by using proactive approaches. We present and discuss a conceptual framework to minimize potential harm based on a multi-layered approach which can be implemented in either real time for operational purposes or in prediction mode for medium or longer term strategic planning purposes. We introduce the concept of total risk exposure which integrates risk at the individual ship level with vessel traffic densities and location specific parameters such as weather and oceanographic conditions, geographical features or environmental sensitivities. A comprehensive and robust method to estimate and predict risk exposure can be beneficial to maritime administrations to enhance mitigation strategies and understand uncertainties. We further provide a proof of concept based on 53 million observations of vessel positions and individual risk profiles of 8,900 individual ships. We present examples on how endpoints can be visualized for two integrated risk layers – ship specific risk and vessel traffic densities. We further identify and discuss uncertainties and present our ideas on how other risk layers could be integrated in the future.

Suggested Citation

  • Vander Hoorn, S. & Knapp, S., 2014. "A multi-layered risk exposure assessment approach for the shipping industry," Econometric Institute Research Papers EI2014-14, Erasmus University Rotterdam, Erasmus School of Economics (ESE), Econometric Institute.
    • Handle: RePEc:ems:eureir:51748
    as

    Download full text from publisher

    File URL: https://repub.eur.nl/pub/51748/EI-2014-14.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. 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.
    2. Carey, J.M. & Knapp, S. & Irving, P., 2014. "Assessing ecological sensitivities of marine assets to oil spill by means of expert knowledge," Econometric Institute Research Papers EI2014-13, Erasmus University Rotterdam, Erasmus School of Economics (ESE), Econometric Institute.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Heij, C. & Knapp, S., 2014. "Effects of wind strength and wave height on ship incident risk: regional trends and seasonality," Econometric Institute Research Papers EI2014-15, Erasmus University Rotterdam, Erasmus School of Economics (ESE), Econometric Institute.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Vander Hoorn, Stephen & Knapp, Sabine, 2015. "A multi-layered risk exposure assessment approach for the shipping industry," Transportation Research Part A: Policy and Practice, Elsevier, vol. 78(C), pages 21-33.
    2. 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.
    3. Heij, C. & Knapp, S., 2014. "Effects of wind strength and wave height on ship incident risk: regional trends and seasonality," Econometric Institute Research Papers EI2014-15, Erasmus University Rotterdam, Erasmus School of Economics (ESE), Econometric Institute.
    4. Perepelkin, M. & Knapp, S. & Perepelkin, G. & de Pooter, M.D., 2009. "A method to measure flag performance for the shipping industry," Econometric Institute Research Papers EI 2009-04, Erasmus University Rotterdam, Erasmus School of Economics (ESE), Econometric Institute.
    5. Knapp, S. & Heij, C. & Henderson, R. & Kleverlaan, E., 2013. "Ship incident risk in the areas of Tubbataha and Banc d’Arguin: A case for designation as Particular Sensitive Sea Area?," Econometric Institute Research Papers EI2013-16, Erasmus University Rotterdam, Erasmus School of Economics (ESE), Econometric Institute.
    6. Jose Manuel Prieto & Victor Amor & Ignacio Turias & David Almorza & Francisco Piniella, 2021. "Evaluation of Paris MoU Maritime Inspections Using a STATIS Approach," Mathematics, MDPI, vol. 9(17), pages 1-13, August.
    7. Knapp, S. & van de Velden, M., 2010. "Visualization of Ship Risk Profiles for the Shipping Industry," ERIM Report Series Research in Management ERS-2010-013-LIS, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
    8. Fan, Lixian & Gu, Bingmei & Yin, Jingbo, 2021. "Investment incentive analysis for second-hand vessels," Transport Policy, Elsevier, vol. 106(C), pages 215-225.
    9. Sambracos, Evangelos & Maniati, Marina, 2013. "Shipping Market Financing: Special Features and the Impact of Basel III," MPRA Paper 51573, University Library of Munich, Germany.
    10. 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.
    11. Knapp, S. & Heij, C., 2019. "Improved strategies for the maritime industry to target vessels for inspection and to select inspection priority areas," Econometric Institute Research Papers EI2019-21, Erasmus University Rotterdam, Erasmus School of Economics (ESE), Econometric Institute.
    12. Meifeng Luo & Sung-Ho Shin & Young-Tae Chang, 2017. "Duration analysis for recurrent ship accidents," Maritime Policy & Management, Taylor & Francis Journals, vol. 44(5), pages 603-622, July.
    13. Knapp, S. & Heij, C., 2016. "Evaluation of total risk exposure and insurance premiums in the maritime industry," Econometric Institute Research Papers EI-1661, Erasmus University Rotterdam, Erasmus School of Economics (ESE), Econometric Institute.
    14. Sambracos, Evangelos & Maniati, Marina, 2015. "Analysis of Financial Crisis Results on Dry Bulk Market & Financing," MPRA Paper 68601, University Library of Munich, Germany.
    15. 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.
    16. Ji, Xichen & Brinkhuis, Jan & Knapp, Sabine, 2015. "A method to measure enforcement effort in shipping with incomplete information," Marine Policy, Elsevier, vol. 60(C), pages 162-170.
    17. Heij, C. & Knapp, S., 2012. "Dynamics in the dry bulk market," Econometric Institute Research Papers EI 2012-18, Erasmus University Rotterdam, Erasmus School of Economics (ESE), Econometric Institute.
    18. Feng, Hongxiang & Grifoll, Manel & Yang, Zhongzhen & Zheng, Pengjun, 2021. "Latest challenges to ports in public-private partnership: Case of Dandong Port (China)'s bankruptcy," Transport Policy, Elsevier, vol. 110(C), pages 293-305.
    19. Ji, X. & Brinkhuis, J. & Knapp, S., 2014. "A method to measure enforcement effort in shipping with incomplete information," Econometric Institute Research Papers EI 2014-12, Erasmus University Rotterdam, Erasmus School of Economics (ESE), Econometric Institute.
    20. Keun-Sik Park & Young-Joon Seo & A-Rom Kim & Min-Ho Ha, 2018. "Ship Acquisition of Shipping Companies by Sale & Purchase Activities for Sustainable Growth: Exploratory Fuzzy-AHP Application," Sustainability, MDPI, vol. 10(6), pages 1-13, May.

    More about this item

    Keywords

    econometrics; shipping industry;

    JEL classification:

    • C10 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - General

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ems:eureir:51748. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: RePub (email available below). General contact details of provider: https://edirc.repec.org/data/feeurnl.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.