An empirical analysis of IOPCF oil spill cost data

Abstract

This paper reports on recent analysis of oil spill cost data assembled by the International Oil Pollution Compensation Fund (IOPCF). Regression analyses of clean-up costs and total costs have been carried out, after taking care to convert to current prices and remove outliers. In the first place, the results of this analysis have been useful in the context of the ongoing discussion within the International Maritime Organization (IMO) on environmental risk evaluation criteria. Furthermore, these results can be useful in estimating the benefit of regulations that deal with the protection of marine environment and oil pollution prevention.