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Maritime Safety Standards and the Seriousness of Shipping Accidents

In our paper The Risk Homeostasis Theory1, it was accepted that the behaviour of people involved in the operation of cargo carrying ships is conditioned to maximize the economic benefits of the amount of risk assumed in the transport. As a follow-up to that paper, the objective of this one is to investigate the relationship between the level of compliance of the cargo carrying vessels with international standards and the degree of severity of the incidents they are involved in. For this purpose, we analyse the same sample of 2,584 cargo carrying ships involved in incidents during 2005 and 2006 used in that investigation. The variables of the Paris MoU to identify substandard ships are used again to measure the standard level of ships and the degree of seriousness of incidents is determined by the number of days ships are under repair.