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Abstract: This study uses econometric models to measure the effect of significant wave height and wind strength on the probability of casualty and tests whether these effects changed. While both effects are in particular relevant for stability and strength calculations of vessels, it is also helpful for the development of ship construction standards in general to counteract increased risk resulting from changing oceanographic conditions. The authors analyzed a unique dataset of 3.2 million observations from 20,729 individual vessels in the North Atlantic and Arctic regions gathered during the period 1979–2007. The results show that although there is a seasonal pattern in the probability of casualty especially during the winter months, the effect of wind strength and significant wave height do not follow the same seasonal pattern. Additionally, over time, significant wave height shows an increasing effect in January, March, May and October while wind strength shows a decreasing effect, especially in January, March and May. The models can be used to simulate relationships and help understand the relationships. This is of particular interest to naval architects and ship designers as well as multilateral agencies such as the International Maritime Organization (IMO) that establish global standards in ship design and construction. [Copyright &y& Elsevier]

Abstract: The topic of ship recycling has obtained considerable attention during the last two decades for a variety of reasons with the likelihood of the adoption of a new international convention under the auspices of the International Maritime Organization (IMO). This study applies econometric modeling to a unique data set to provide insight into the dynamics of the ship recycling market. The data set contains information on 51,112 ships over 100gt and includes 748,621 events over a period of 29 years. The analysis confirms a negative relationship of earnings and a positive relationship of scrap prices for all locations while Bangladesh seems to be more sensitive to changes in earnings than the other locations and more likely demolishes larger and older vessels. The results for flag and ownership vary across scrapping locations with Malta and Cyprus indicating potential importance from a registry perspective. The overall safety profile of a vessel seems to be less important towards the probability of a ship being scrapped. Possible implementation of the convention at EU level will mostly likely affect Turkey while non-ratification of one of the major flags will most likely affect China or Bangladesh. [Copyright &y& Elsevier]