Event Type
Event
Location
Room 335
Start Date
25-1-2017 4:00 PM
End Date
25-1-2017 4:15 PM
Description
Shipping industry is very regulated. Regulation in this field is dynamic, to respond the stakeholders needs. Regulatory changes are also often triggered by major incidents that bring it into public interest. According to the past statistical data, such regulatory changes address to ship instruments, operation, cargo, crew, environment, security and safety. Source of regulations consist of regulations on specific regions that act unilaterally such as Western Europe, North America and the Baltic Sea, the second is the international regulations under the IMO authority, the third is the regulation of the relevant industry and the fourth is the policy regulation of the companies.
Oil tankers play an important role in transporting both crude oil and its products. It covers 26% of total volume of world seaborne trade, which is the biggest portion among other commodities. Within 15 years (2006-2020) in average there have been five to six times regulatory changing in which oil tankers to be addressed. Oil tanker owner is one of the stakeholders in the shipping industry who will be exposed to the risk most among others.
Given such the frequent regulatory changes, oil tanker owner are exposed to the risk of cost burden both for CAPEX and for OPEX. In order to keep running their business as usual, risk management strategy is needed for risk mitigation purposes. System dynamics as a method is discussed examined and utilized. Recommendation is proposed. Only three major regulations (SOLAS, MARPOL and STCW) discussed and analyzed.
Mitigating risk of maritime regulatory changes : Oil tanker owners' perspective
Room 335
Shipping industry is very regulated. Regulation in this field is dynamic, to respond the stakeholders needs. Regulatory changes are also often triggered by major incidents that bring it into public interest. According to the past statistical data, such regulatory changes address to ship instruments, operation, cargo, crew, environment, security and safety. Source of regulations consist of regulations on specific regions that act unilaterally such as Western Europe, North America and the Baltic Sea, the second is the international regulations under the IMO authority, the third is the regulation of the relevant industry and the fourth is the policy regulation of the companies.
Oil tankers play an important role in transporting both crude oil and its products. It covers 26% of total volume of world seaborne trade, which is the biggest portion among other commodities. Within 15 years (2006-2020) in average there have been five to six times regulatory changing in which oil tankers to be addressed. Oil tanker owner is one of the stakeholders in the shipping industry who will be exposed to the risk most among others.
Given such the frequent regulatory changes, oil tanker owner are exposed to the risk of cost burden both for CAPEX and for OPEX. In order to keep running their business as usual, risk management strategy is needed for risk mitigation purposes. System dynamics as a method is discussed examined and utilized. Recommendation is proposed. Only three major regulations (SOLAS, MARPOL and STCW) discussed and analyzed.