Analysis of Vessel-Based Marine Accidents and the Economic Risks to Nigeria

Nwokedi Theophilus Chinonyerem; Ibe Calistus; Okeudo Geraldine; Moses Ntor-Ue

doi:doi:10.11648/j.wros.20170606.11

| Peer-Reviewed

Analysis of Vessel-Based Marine Accidents and the Economic Risks to Nigeria

Nwokedi Theophilus Chinonyerem, Ibe Calistus, Okeudo Geraldine, Moses Ntor-Ue

Published in Journal of Water Resources and Ocean Science (Volume 6, Issue 6)

Received: 13 April 2017 Accepted: 25 April 2017 Published: 28 November 2017

Views: Downloads:

Download PDF

Share This Article

Twitter
Linked In
Facebook

Abstract

The aim of the study is to evaluate the economic loss of vessel-based marine accidents to Nigeria and the impact on marine transport sub-sector output and/or performance. Time series data of 30 years were gathered from the Central Bank of Nigeria (CBN) statistical bulletin, the Nigeria insurance digest, the Organization of Petroleum Exporting Countries (OPEC) annual statistical report. The contribution of marine transport to the Gross Domestic Product (Y), shipping accident economic loss (X₁), economic losses of offshore oil and gas (O&G) drilling accidents (X₂), and marine oil spill accidents economic losses (X₃) were obtained and used as the explanatory (independent) variables. The data was analyzed using multiple regression method with Y as the dependent variable. The hypotheses were tested using t-test. The findings of the study indicates that shipping accidents economic losses and economic losses of offshore oil and gas drilling accidents shows significant impact on the output of the marine transport sub-sector over the period covered by the study. The model expressing the quantitative relationship between GDP_{marine transport} (Y), shipping accidents economic loss (X₁), economic loss of offshore oil and gas drilling accidents (X₂) and marine oil spill accidents loss (X₃) is: Y = 332156363.1 + 0.167X₁ + 0.837X₂ + 0.203X₃ + e. it was recommended that investment in safety policies and standards be improved with greater focus in reducing accidents induced economic losses in shipping and offshore O&G drilling maritime operations.

Published in	Journal of Water Resources and Ocean Science (Volume 6, Issue 6)
DOI	10.11648/j.wros.20170606.11
Page(s)	72-84
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2024. Published by Science Publishing Group

Keywords

Vessel-Based, Marine, Accidents, Economic - Risks

References

[1]	Vouker Schellhammer (2014) Annual report on maritime casualty investigation. Federal bureau of maritime casualty investigation, ministry of transport and digital infrastructure, Germany.
[2]	MAIB (2008)Annual Statistical Report of the marine Accident Investigation Boards. Available at: www.amem.at Retrieved on 22/10/2016.
[3]	Nnadi, K. U. (2014) The Economics of market Contestabilityin Nigeria Coastal Shipping, Seminar Paper at the School of Management Technology, Federal University of Technology, Owerri.
[4]	Nze, I. C. (2013) Analysis of the Fatality Rates of Boat and Ferry Accident on Inland Waterways in Nigeria, IOSR Journal of Business and Management Vol. 11(2): 17-20.
[5]	UNCTAD (2014) Annual Statistical Report on Maritime Transport. A Publication of the United Nations Convention on Trade and Commerce.
[6]	CBN (2013) Central Bank of Nigeria Statistical Bulletin, 2013 edition.
[7]	NIA (2014) Insurance Digest, Annual Statistical Publication of the Nigeria Insurers Association, Lagos.
[8]	NPA (2014) Nigerian Ports Authority Annual Statistical Bulletin, 2014 edition. Available at http// www.npa.org.ng/Retrieved on 23/12/2016.
[9]	Nwokedi T. C., Okoroji L. I. and Onyemechi C. (2014) An Analysis for Reduction in Economic Loss from Damage Accident in use of Transport Modes: A Comparative Study, Journal of Economics and Sustainable Development Vol.5 (8): 182-189.
[10]	IMO (1997): FSA Trial Application to High Speed Passenger Catamaran Vessel, London, International Maritime Organization: MSC68/14/2.
[11]	Nwokoro I. A., Nwokedi, T. C., (2015) An Evaluation of the Economic and Financial Capacity of Indigenous Underwriting firms for Marine Risk and Investment Cover in Nigeria, International Journal of Research in Commerce, IT and Management Vol. 5(3):62-66.
[12]	Eberhard Feess and Ulrich Hege (1999) The role of insurance in the Adjudication of multiparty accidents. International review of law and economics 19:69-85.
[13]	Risto J. and Kim, S. (2009) Safety performance indicators for Maritime Safety, Department of Applied Mechanics, Helsinki University of Technology.
[14]	Ogwude, I. C. (1998) Valuation of Reduction in Traffic Accidents, The Trainer: Journal of the Institute of Transport and Logistics Zaria, June-September (1998): 18—27.
[15]	Ando A. W., et al. (2007) Natural Resource Damage Assessment Methods and Cases, WMRC’s Research Report Series. Available online at: http://www.wrurc.uiuc.edu/ Retrieved on July 6, 2014.
[16]	Grey, D., & Rob, F. (1997) The Economic Impacts of Accident on the Marine Industry, Prepared for the U.S. Coast Guard, Standards Evaluation and Development Division, Washington, D. C.
[17]	Simo, Salminen (2012), Theories of Occupational Accident. Finish Institute of Occupational Health, Finland.
[18]	OSHA (2013) Accident Investigation and Control. Available at: //.www.oshatrain.org.Retrieved 12/06/2016.
[19]	Bijwaard G. and Knapp S. (2009) Analysis of ship life cycles – the impact of economic cycles and ship inspections. Marine policy volume 33: 350-369.
[20]	Webster (1983) Webster online dictionary. Available at: www.webster.org. Retrieved 12/06/2016.
[21]	Anyanwu, J. O. (2014) The Causes and Minimization of Maritime Disasters on Passenger Vessels, Global Journal of Researches in Engineering 14(2):1-13.
[22]	Rosa E. A. (2013) The logical structure of the social amplication of risk framework (SARF): meta-theoretical foundation and policy implications. In N. Pidegeon, R.E. Kaspersen and P. Slovic (eds).The social amplification of risk. Cambridge University press, Cambridge.
[23]	Trevisani, Daniele (2007) The Direction of change. Milan, Franco Angeli, ISBN: 9788846483775.
[24]	ISO (2009) Risk Management: Principles and guidelines on implementation. International Standard organization. Document no: 31000 – 2009.
[25]	Pedro, A. C. and Guedes, S., (2008) Casual factors in accident of high-speed craft and conventional ocean-going vessels. Reliability engineering and system safety 93: 1292-1304.
[26]	Onwuegbudunam, D. E. (2013) An Analysis of Determinants of Accident Involving Marine Vessels in Nigeria’s Waterways, Journal of Management Science and Engineering 7(3): 39-45.
[27]	Gorkce, C. C., (2004) The impact of shipping accident on marine environment: study of Turkish seas. European scientific journal vol.10,(23) 1857-788.
[28]	Akhatar M. J. (2014) Fatigue at sea- a Manning problem, Journal of Maritime Research XI (III): 27-42.America Army material command (1971) Fault Tree analysis as an aid to improved performance. US Army material command (AMC) safety digest, May 1971.
[29]	Harilaos, et al (1998): An Analysis of Maritime Transportation Risk Factors, Paper Presentation at ISOPE Conference, Montreal, Canada.
[30]	Adebiyi, K. A. (2008) Estimation of Air Traffic Accident Cost in Nigeria, Pacific Journal of Science and Technology 9(2): 420 – 425.
[31]	Young Sik Toon, Dong-Han Han and Wan Chul Yoon (2016) Application of Activity Theory to analysis of human-related accident: Method and case studies. Reliability Engineering and system safety Journal 150 (2016) 22-34.
[32]	Ludwig, Benner Jr. (2012) Accident Investigations: A Case for New Perceptions and Methodologies. Available at: //www.ludwigbanner.org., Retrieved on 12/06/2016.
[33]	Rasmusen J. and Svedung I. (2002) Graphic representation of accident scenarios: mapping system structure and the causation of accidents. Safety science Vol.40(2002) 397 – 417.
[34]	Heirich, H. (1959) Industrial Accident Prevention: A Scientific Approach (4^th edition). New York, McGraw Hill.
[35]	Viner D. (1999) Accident Analysis and Risk Control. New Delhi, Derek Viner Pty Ltd.
[36]	Jan Hovden, Eirik Albrechtsen and Ivonne Herrera Pork (2010) Is there a need for new theories, models and approaches to occupational accident prevention? Safety Science Journal Vol. 48 (2010) 950 – 956
[37]	ABS (2014) Risk Assessment Applications for the Marine and Offshore Oil and Gas Industries. Houston, American Bureau of Shipping.
[38]	Arben Mullai and Ulf Paulson (2011) A grounded Theory Model for analysis of Marine Accidents. Accident Analysis and Prevention Journal Vol. 43(2011) 1590-1603.
[39]	Kin Hyungju, Haugen Stein and Utue I. Bouwer (2016) Assessment of accident theories for major accidents focusing on the MV SEWOL disaster: Similarities, differences and discussion for a combined approach. Safety Science Journal 82 (2016) 410 – 420.
[40]	Ludwig, Benner Jr. (1979), Four Accident Investigation Games Simulations of the Accident Investigation Process. Oakton, VA, Lufred Industries Inc.
[41]	Ludwig, Benner Jr. (1978) Accident Theory and their Implications for Research. Paper Presented at the Joint International Meeting of the American Association for Automotive Medicine and the International Association or Accident and Traffic Medicine, Ann Arbor, Michigan. July 10.
[42]	Osiris A. and Valdez Banda (2015) A risk analysis of Winter navigation in finish sea areas. Accident Analysis and prevention Journal Vol.79 (2015) 100-116.
[43]	Cortardan, J., (2009) The digital hand: How computers changed thew work America Industrial Loss Control Sector. Oxford University Press, New York.
[44]	Hubbard, Douglas (2009) The failure of Risk Management: Why itis broken and how to fix it. New York, John Wiley and Sons.
[45]	Coso (2004) Enterprise Risk Management integrated framework. Available at http//www.coso.org. Retrieved on 23/12/2016.
[46]	Andrea, R., Lara, L. T., Sergi, C., and Joaquim, C., (2009) economic evaluation of damages originated by major accidents in port areas. Journal of loss prevention in the process industries.
[47]	Irukwu J. O (2007) Extending the traditional frontiers of insurance. Journal of the life officers committee of the Nigeria insurance association Lagos vol 5 (2997) pg 66-73.
[48]	Axel, H. (2014) Safety Assessment of New e-Navigation Systems, International Journal of e-Navigation and Maritime Economy 1(2014): 14-28.
[49]	Wayne K. Talley (1999) Determinants of the property damage costs of tanker accidents. Transportation research part D 413-426.
[50]	Difford, P. (2011) Redressing the Balance: a common sense approach to causation. U.S.A, Acidental books.
[51]	Reason James (2001) Managing the Risks of Organizational Accidents. London, Hants Ashgate Publishing Limited.
[52]	Ert, E & Erev, I. (2008) Theregation of attractive giantess, Loss aversion and the Iemon avoidable heuristics. Journal of economic Psychology, 715-723.
[53]	Thorndyke, R.L., (1951) The Human factor in Accident.US Air force School of Aviation Medicine, Project Report, Project No. 21-30-001.
[54]	International Standard Organization(ISO, 2004) “White Paper on risk Governance: Toward an Integrated approach. ISO, Geneva.
[55]	Haddon, W. Jr.(1968) The Changing Approach to the Epidemiology, prevention and Amelioration of Truama. The Transition to Approaches Etiologically Rather than Descriptively Based. Journal of Public Health Vol. 58(8) 70-79.
[56]	Sajid Moly Uldin, Khurrun S. Mughal, Unier Farooq (2013) Impact of cost of Marine and general Insurance on International Trade and economic growth in Pakistan. World Applied Sciences Journal Vol. 28 (5) 659-671.
[57]	Haddon W.(2003) Energy Damage and the Ten Counter measure Strategies. The Journal of Trauma, Vol. 13 (4) 142-220.
[58]	Pennings, J. M & Smiths, A.(2000) Assessing the Courstuct Validity of risk attitude. Management Science, 1337-1348.
[59]	Flyvbjerg, Bent and Budzier, Alexander (2011) Why your Project may be Riskier than you Think. Harvard Business Review 89 (9): 601 – 603.
[60]	Keeney, R. L., & Raiffa, H. (1976) Decisions with multiple objectives: Preferences and Value tradeoffs. John Wiley & Son. New York.
[61]	Okon, J. E. (2012) Safety and Security Aspects of Maritime Transport, Uyo: Modern Business Press.
[62]	Qingji, Zhou and Vinh, V. Thai (2016), Fuzzy and grey Theories in failure mode and effect analysis for tanker equipment failure prediction. Safety Science Journal 83 (2016) pg:74- 79.

Cite This Article

Plain Text BibTeX RIS

APA Style

Nwokedi Theophilus Chinonyerem, Ibe Calistus, Okeudo Geraldine, Moses Ntor-Ue. (2017). Analysis of Vessel-Based Marine Accidents and the Economic Risks to Nigeria. Journal of Water Resources and Ocean Science, 6(6), 72-84. https://doi.org/10.11648/j.wros.20170606.11

Copy | Download

ACS Style

Nwokedi Theophilus Chinonyerem; Ibe Calistus; Okeudo Geraldine; Moses Ntor-Ue. Analysis of Vessel-Based Marine Accidents and the Economic Risks to Nigeria. J. Water Resour. Ocean Sci. 2017, 6(6), 72-84. doi: 10.11648/j.wros.20170606.11

Copy | Download

AMA Style

Nwokedi Theophilus Chinonyerem, Ibe Calistus, Okeudo Geraldine, Moses Ntor-Ue. Analysis of Vessel-Based Marine Accidents and the Economic Risks to Nigeria. J Water Resour Ocean Sci. 2017;6(6):72-84. doi: 10.11648/j.wros.20170606.11

Copy | Download

@article{10.11648/j.wros.20170606.11,
  author = {Nwokedi Theophilus Chinonyerem and Ibe Calistus and Okeudo Geraldine and Moses Ntor-Ue},
  title = {Analysis of Vessel-Based Marine Accidents and the Economic Risks to Nigeria},
  journal = {Journal of Water Resources and Ocean Science},
  volume = {6},
  number = {6},
  pages = {72-84},
  doi = {10.11648/j.wros.20170606.11},
  url = {https://doi.org/10.11648/j.wros.20170606.11},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.wros.20170606.11},
  abstract = {The aim of the study is to evaluate the economic loss of vessel-based marine accidents to Nigeria and the impact on marine transport sub-sector output and/or performance. Time series data of 30 years were gathered from the Central Bank of Nigeria (CBN) statistical bulletin, the Nigeria insurance digest, the Organization of Petroleum Exporting Countries (OPEC) annual statistical report. The contribution of marine transport to the Gross Domestic Product (Y), shipping accident economic loss (X1), economic losses of offshore oil and gas (O&G) drilling accidents (X2), and marine oil spill accidents economic losses (X3) were obtained and used as the explanatory (independent) variables. The data was analyzed using multiple regression method with Y as the dependent variable. The hypotheses were tested using t-test. The findings of the study indicates that shipping accidents economic losses and economic losses of offshore oil and gas drilling accidents shows significant impact on the output of the marine transport sub-sector over the period covered by the study. The model expressing the quantitative relationship between GDPmarine transport (Y), shipping accidents economic loss (X1), economic loss of offshore oil and gas drilling accidents (X2) and marine oil spill accidents loss (X3) is: Y = 332156363.1 + 0.167X1 + 0.837X2 + 0.203X3 + e. it was recommended that investment in safety policies and standards be improved with greater focus in reducing accidents induced economic losses in shipping and offshore O&G drilling maritime operations.},
 year = {2017}
}

Copy | Download

TY  - JOUR
T1  - Analysis of Vessel-Based Marine Accidents and the Economic Risks to Nigeria
AU  - Nwokedi Theophilus Chinonyerem
AU  - Ibe Calistus
AU  - Okeudo Geraldine
AU  - Moses Ntor-Ue
Y1  - 2017/11/28
PY  - 2017
N1  - https://doi.org/10.11648/j.wros.20170606.11
DO  - 10.11648/j.wros.20170606.11
T2  - Journal of Water Resources and Ocean Science
JF  - Journal of Water Resources and Ocean Science
JO  - Journal of Water Resources and Ocean Science
SP  - 72
EP  - 84
PB  - Science Publishing Group
SN  - 2328-7993
UR  - https://doi.org/10.11648/j.wros.20170606.11
AB  - The aim of the study is to evaluate the economic loss of vessel-based marine accidents to Nigeria and the impact on marine transport sub-sector output and/or performance. Time series data of 30 years were gathered from the Central Bank of Nigeria (CBN) statistical bulletin, the Nigeria insurance digest, the Organization of Petroleum Exporting Countries (OPEC) annual statistical report. The contribution of marine transport to the Gross Domestic Product (Y), shipping accident economic loss (X1), economic losses of offshore oil and gas (O&G) drilling accidents (X2), and marine oil spill accidents economic losses (X3) were obtained and used as the explanatory (independent) variables. The data was analyzed using multiple regression method with Y as the dependent variable. The hypotheses were tested using t-test. The findings of the study indicates that shipping accidents economic losses and economic losses of offshore oil and gas drilling accidents shows significant impact on the output of the marine transport sub-sector over the period covered by the study. The model expressing the quantitative relationship between GDPmarine transport (Y), shipping accidents economic loss (X1), economic loss of offshore oil and gas drilling accidents (X2) and marine oil spill accidents loss (X3) is: Y = 332156363.1 + 0.167X1 + 0.837X2 + 0.203X3 + e. it was recommended that investment in safety policies and standards be improved with greater focus in reducing accidents induced economic losses in shipping and offshore O&G drilling maritime operations.
VL  - 6
IS  - 6
ER  -

Copy | Download

Author Information

Nwokedi Theophilus Chinonyerem

Department of Maritime Management Technology, Federal University of Technology, Owerri, Nigeria
Ibe Calistus

Department of Transport Management Technology, Federal University of Technology, Owerri, Nigeria
Okeudo Geraldine

Department of Transport Management Technology, Federal University of Technology, Owerri, Nigeria
Moses Ntor-Ue

Department of Civil Engineering, Rivers State Polytechnic, Bori, Nigeria

Download PDF

Sections

Plain Text BibTeX RIS

APA Style

Nwokedi Theophilus Chinonyerem, Ibe Calistus, Okeudo Geraldine, Moses Ntor-Ue. (2017). Analysis of Vessel-Based Marine Accidents and the Economic Risks to Nigeria. Journal of Water Resources and Ocean Science, 6(6), 72-84. https://doi.org/10.11648/j.wros.20170606.11

Copy | Download

ACS Style

Nwokedi Theophilus Chinonyerem; Ibe Calistus; Okeudo Geraldine; Moses Ntor-Ue. Analysis of Vessel-Based Marine Accidents and the Economic Risks to Nigeria. J. Water Resour. Ocean Sci. 2017, 6(6), 72-84. doi: 10.11648/j.wros.20170606.11

Copy | Download

AMA Style

Nwokedi Theophilus Chinonyerem, Ibe Calistus, Okeudo Geraldine, Moses Ntor-Ue. Analysis of Vessel-Based Marine Accidents and the Economic Risks to Nigeria. J Water Resour Ocean Sci. 2017;6(6):72-84. doi: 10.11648/j.wros.20170606.11

Copy | Download

@article{10.11648/j.wros.20170606.11,
  author = {Nwokedi Theophilus Chinonyerem and Ibe Calistus and Okeudo Geraldine and Moses Ntor-Ue},
  title = {Analysis of Vessel-Based Marine Accidents and the Economic Risks to Nigeria},
  journal = {Journal of Water Resources and Ocean Science},
  volume = {6},
  number = {6},
  pages = {72-84},
  doi = {10.11648/j.wros.20170606.11},
  url = {https://doi.org/10.11648/j.wros.20170606.11},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.wros.20170606.11},
  abstract = {The aim of the study is to evaluate the economic loss of vessel-based marine accidents to Nigeria and the impact on marine transport sub-sector output and/or performance. Time series data of 30 years were gathered from the Central Bank of Nigeria (CBN) statistical bulletin, the Nigeria insurance digest, the Organization of Petroleum Exporting Countries (OPEC) annual statistical report. The contribution of marine transport to the Gross Domestic Product (Y), shipping accident economic loss (X1), economic losses of offshore oil and gas (O&G) drilling accidents (X2), and marine oil spill accidents economic losses (X3) were obtained and used as the explanatory (independent) variables. The data was analyzed using multiple regression method with Y as the dependent variable. The hypotheses were tested using t-test. The findings of the study indicates that shipping accidents economic losses and economic losses of offshore oil and gas drilling accidents shows significant impact on the output of the marine transport sub-sector over the period covered by the study. The model expressing the quantitative relationship between GDPmarine transport (Y), shipping accidents economic loss (X1), economic loss of offshore oil and gas drilling accidents (X2) and marine oil spill accidents loss (X3) is: Y = 332156363.1 + 0.167X1 + 0.837X2 + 0.203X3 + e. it was recommended that investment in safety policies and standards be improved with greater focus in reducing accidents induced economic losses in shipping and offshore O&G drilling maritime operations.},
 year = {2017}
}

Copy | Download

TY  - JOUR
T1  - Analysis of Vessel-Based Marine Accidents and the Economic Risks to Nigeria
AU  - Nwokedi Theophilus Chinonyerem
AU  - Ibe Calistus
AU  - Okeudo Geraldine
AU  - Moses Ntor-Ue
Y1  - 2017/11/28
PY  - 2017
N1  - https://doi.org/10.11648/j.wros.20170606.11
DO  - 10.11648/j.wros.20170606.11
T2  - Journal of Water Resources and Ocean Science
JF  - Journal of Water Resources and Ocean Science
JO  - Journal of Water Resources and Ocean Science
SP  - 72
EP  - 84
PB  - Science Publishing Group
SN  - 2328-7993
UR  - https://doi.org/10.11648/j.wros.20170606.11
AB  - The aim of the study is to evaluate the economic loss of vessel-based marine accidents to Nigeria and the impact on marine transport sub-sector output and/or performance. Time series data of 30 years were gathered from the Central Bank of Nigeria (CBN) statistical bulletin, the Nigeria insurance digest, the Organization of Petroleum Exporting Countries (OPEC) annual statistical report. The contribution of marine transport to the Gross Domestic Product (Y), shipping accident economic loss (X1), economic losses of offshore oil and gas (O&G) drilling accidents (X2), and marine oil spill accidents economic losses (X3) were obtained and used as the explanatory (independent) variables. The data was analyzed using multiple regression method with Y as the dependent variable. The hypotheses were tested using t-test. The findings of the study indicates that shipping accidents economic losses and economic losses of offshore oil and gas drilling accidents shows significant impact on the output of the marine transport sub-sector over the period covered by the study. The model expressing the quantitative relationship between GDPmarine transport (Y), shipping accidents economic loss (X1), economic loss of offshore oil and gas drilling accidents (X2) and marine oil spill accidents loss (X3) is: Y = 332156363.1 + 0.167X1 + 0.837X2 + 0.203X3 + e. it was recommended that investment in safety policies and standards be improved with greater focus in reducing accidents induced economic losses in shipping and offshore O&G drilling maritime operations.
VL  - 6
IS  - 6
ER  -

Copy | Download