It is not the direct costs of safety that is most critical. Most ship managers have acknowledged that the direct costs of inadequate safety sum up to 10-15% of the direct operating expenses. The real challenge arises when you consider the risks that poor safety imposes on the company’s revenue. Let us do a thought experiment. What do you think happens if your shipping company is involved in:

• Incidents with significant media attention?

• Underreporting of critical incidents or near misses?

• Extensive cargo contamination Off hire and delays

• Poor reputation

Will your largest clients still continue business with you? Will you get renewal of the charterparties? Are you still invited to new opportunities? Well, if you think safety is costly – try an accident. See the business case for safety excellence in the left menu