Vessel Traffic Service efficiency analysis from financial perspectives : Case study for Fintraffic VTS Ltd.
Hakala, Timo (2023)
Hakala, Timo
2023
All rights reserved. This publication is copyrighted. You may download, display and print it for Your own personal use. Commercial use is prohibited.
Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-2023112431537
https://urn.fi/URN:NBN:fi:amk-2023112431537
Tiivistelmä
The objective of this thesis was to find and allocate the risk cost structures for the incidents that have been prevented by the Finnish vessel traffic service. The thesis is a case study for Fintraffic Ltd. subscribed by the Fintraffic Vessel Traffic Service operative department to evaluate the service efficiency.
The method of this work is based on the quantitative analysis method and the price examples for the different accidents were gathered from various origins and databases. The price examples for the accidents already happened, were gathered mainly from the region of the Baltic Sea to match the accident price levels of the latitudes of the vessel traffic sectors in question. Some examples were gathered from the other parts of the world, because of their absence in the Baltic Sea. All the prices of the examples are discounted to answer the price levels in the year 2023. Also, all foreign currencies were transferred to euros. The budget for Fintraffic vessel traffic was obtained from the company´s official annual financial statements from the years 2020 to 2022. The material for incident reporting data and pictures for real incidents were provided by the Fintraffic operative department.
The steps of the thesis were first to familiarize the reader with the regulatory background of the service itself with international and national frameworks. A Short introduction to operations and areas in 2023. The budget for Fintraffic and the report statistics before examining the accident cost structures were introduced. The concluding chapter was the calculation of the return of investment idea to compare the budget against the prevented accidents. Some other relevant viewpoints impacting the socio-economy by the traffic service were also attached.
The conclusion was that the government invested funds is a low-cost insurance against a major accident. The accident cost structure may be expensive with all the socio-economic, market and non-market and oil-spill aftermath when summed up.
The method of this work is based on the quantitative analysis method and the price examples for the different accidents were gathered from various origins and databases. The price examples for the accidents already happened, were gathered mainly from the region of the Baltic Sea to match the accident price levels of the latitudes of the vessel traffic sectors in question. Some examples were gathered from the other parts of the world, because of their absence in the Baltic Sea. All the prices of the examples are discounted to answer the price levels in the year 2023. Also, all foreign currencies were transferred to euros. The budget for Fintraffic vessel traffic was obtained from the company´s official annual financial statements from the years 2020 to 2022. The material for incident reporting data and pictures for real incidents were provided by the Fintraffic operative department.
The steps of the thesis were first to familiarize the reader with the regulatory background of the service itself with international and national frameworks. A Short introduction to operations and areas in 2023. The budget for Fintraffic and the report statistics before examining the accident cost structures were introduced. The concluding chapter was the calculation of the return of investment idea to compare the budget against the prevented accidents. Some other relevant viewpoints impacting the socio-economy by the traffic service were also attached.
The conclusion was that the government invested funds is a low-cost insurance against a major accident. The accident cost structure may be expensive with all the socio-economic, market and non-market and oil-spill aftermath when summed up.