Using a novel dataset, we develop a structural model of the Very Large Crude Carrier (VLCC) market between the Arabian Gulf and the Far East. We study how fluctuations in oil tanker rates, oil exports, shipowner profits, and bunker fuel prices are determined by shocks to the supply and demand...

We model the occurrence of an environmental accident as a stochastic event, in particular the situation of an oil spill is explored. Characteristics of the ship operator, and the different types of the ship's operating environment determine a stochastic process governing the time patterns and...