top priority to invest in implementing a
sustainable safety culture.
The cost of running vessels with
inexperienced crew may prove to be
substantial. A new capesize bulker in
today’s market is a multi-million dollar
investment. Managing these vessels with
an inexperienced crew could be bad as-
set management and exposes investors
to unnecessary losses. The average cost
of a collision involving a bulker over the
past 10 years is USD 1,400,000 and USD
900,000 for a grounding. Investing in
training would be cheap in comparison.
The consequences for shipping com-
panies are not purely financial, but also
include: loss of lives, damage to the
environment and loss of reputation.