costs – Officer of the Watch

The Probability of an Offshore Accident

August 6, 2013 by Officer of the Watch Leave a Comment

Risk is the product of frequency and consequence. Accordingly, high consequence events which occur infrequently may contribute as much risk as frequent events which have smaller consequences. Estimating the frequency with which events occur is as important to overall risk as accurately predicting the consequences. One way of estimating frequency is to look at historical records. The information presented below are an abstract from the “Safety of offshore oil & gas Impact Assessment Annex I” working paper from the European Commission, published in 2011 to accompany the proposal for a regulation of the European Parliament on safety of offshore oil and gas prospection, exploration and production activities.

Potential Costs of an Offshore Accident

July 16, 2013 by Officer of the Watch Leave a Comment

The negative impacts of an accident are hard to quantify precisely, they will of course depend on the type, the scale, the time and the location of the event. In the case of an oil spill, its duration and the type of the oil will also have a major impact. The costs of an offshore accident will include costs to the operator (damage to the installation, lost oil, containment, cleanup, litigation etc.) and third-party costs to victims, to natural resources, the government and the affected individuals/businesses (including lost income). The information presented below are an abstract from the “Safety of offshore oil & gas Impact Assessment Annex I” working paper from the European Commission, published in 2011 to accompany the proposal for a regulation of the European Parliament on safety of offshore oil and gas prospection, exploration and production activities.

Economic Cost of Somali Piracy for 2012

June 13, 2013 by Officer of the Watch Leave a Comment

Oceans Beyond Piracy (OBP), a project of the One Earth Future foundation (OEF) has published a few months ago its third annual assessment of the Economic Cost of Somali Piracy for 2012 (ECoP 2012). This year’s assessment, like the one before it, considered nine separate, first order cost categories and found that maritime piracy cost the global economy between $5.7 and $6.1 billion in 2012. This estimate is the result of extensive research, supplemented by contributions from and an extensive audit by independent piracy experts. At between$5.7 and $6.1 billion, the cost of piracy to the global community fell by around $850 million, or 12.6% from 2011.

Moore Stephens OpCost Report 2012

September 30, 2012 by Officer of the Watch Leave a Comment

Moore Stephens annual OpCost report for the financial year of 2011 has been released this month. According to OpCost 2012 report the total annual operating costs in the shipping industry have been increased by an average 2.1% in 2011. This compares with the 2.2% average rise in costs recorded for the previous year. Crew costs were the main reason for the overall increase in 2011, a 3.3% overall increase in 2011 crew costs compared to the 2010 figure has been reported. Insurance fell for the second year in succession.