In this section, the consequences associated with different damage conditions are evaluated in terms of social, environmental, and economic metrics. Ship collisions can cause significant damage to ship structures and ultimately hamper their intended function. Moreover, an oil spill resulting from oil tanker collision can negatively impact the environment and local wildlife. The oil can cause water surface contamination and its chemical components can cause acute toxic effects. The oil spills have destructive effects on coastal ecosystems [28] and [29].
Since most of the parameters used in the evaluation of the cost of various consequences are affected by uncertainties, they have been treated as random variables. According to Ang [30], a practical evaluation of epistemic uncertainty relies on intuition/engineering judgments and can provide a specific reasonable range of possibilities associated with an associated distribution type. Both epistemic and aleatory uncertainties must be considered in the consequence evaluation.