Assessing risk in the intercontinental transportation of crude oil

Marine transportation, the primary mode for oil and petroleum shipments, could result in oil spill episodes. Fortunately, catastrophic events such as Exxon Valdez, which resulted in enormous socioeconomic and environmental costs, are rare though smaller operational spills are rather frequent. Interestingly, most of the risk assessment engagements have focused on local geographical areas, thus not suitable for intercontinental transportation …