Effectiveness of corrosion measures to bulk carriers with Life Cycle Cost Analysis

Article type: Research Article

Authors: Psarros, George A.^; | Vassalos, Dracos

Affiliations: Det Norske Veritas AS, DNV Research and Innovation, Høvik, Norway | Naval Architecture and Marine Engineering, University of Glasgow and Strathclyde, Glasgow, UK

Note: [] Corresponding author: George A. Psarros, Det Norske Veritas AS, DNV Research and Innovation, Høvik, Norway. E-mail: George.Psarros@dnv.com.

Abstract: This paper is aimed at providing a framework for cost-benefit assessment of proposed safety measures with the usage of Life Cycle Cost Analysis, a decision-making technique for exploiting different investment opportunities. The reasonable practicality for implementing the proposed measures is supported by cost-effectiveness indices, in terms of a risk-factored cost of the fatalities that would have been averted. Their application is demonstrated by investigating the effectiveness of corrosion measures to bulk carriers.

Keywords: Life cycle, cost-effectiveness, risk, decision-making

DOI: 10.3233/ISP-2009-0056

Journal: International Shipbuilding Progress, vol. 56, no. 3-4, pp. 95-118, 2009