Abstract
Evidence for the existence of risk compensation behaviour in the operation of vessels is shown in the paper The Risk Homeostasis Theory (Baniela and Ríos, 2010). In that analysis, it is concluded that the people engaged in the commercial affairs of ships tend to exchange the level of safety standard of vessels for a more profitable and riskier activity, which makes the rate of shipping accidents fluctuate within certain limits. Since the different levels of power and motivation of those involved in the risk-taking process were not considered in that research, it is the aim of this paper to analyse, on the one hand, how the pressure of the shipping market influences the risk behaviour of shipping business decision-makers and to show, on the other hand, how this influence makes them alter their target level of risk and introduce risks related to low operating cost strategies on vessels. This behavioural adaptation to the shipping market demand has led the human element to be regarded as a factor of risk in the activity of commercial vessels. In this context, the increasing incidence of human errors has arisen as a consequence of practices and manning policies established by the managers of shipping companies.
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