The SOCP is applying a risk based assessment methodology to determine a cost effective manner in which owners and operators can comply with selected high cost regulations without compromising safety or the environment.

The process of evaluating the alternative remedies include sensitivity analyses of safety and the environment, recognition of appropriate international standards, and an analysis of the impact on the corporate income statement/balance sheet.

While numerous regulations were identified by the SOCP membership as being unnecessarily burdensome, three topics were selected for evaluation. They were:

• Shipping Articles
• The Official Log Book
• Effective Navigation Watchkeeping

An evaluation of the Shipping Articles was undertaken to determine how this requirement affects the safe operation of the ship, its impact on the mariner, cost to the operator of complying with the directives and the viability of alternatives such as the recent USCG initiative of maintaining the Articles in an electronic format. The evaluation concluded that the utilization of shipping articles has a definite safety value for both the mariner and the operator. The study explored alternatives to the current process using the articles and determined that cost reductions could be identified; however, the savings per voyage was minimal.

The study of the Official Log Book assessed the need for maintaining specific entries as required by law or regulation, its usage by regulatory or legal agencies, any safety enhancement features, cost of upkeep and suitable alternatives.

The study concluded that considerable savings can be achieved by eliminating a requirement to maintain an Official Log. Indications are that there is duplicity in log entries, time (translated to funds) expended reviewing and transmitting records, and costs incurred with filing and storing records.

The watchkeeping issue focused on integration of personnel and technology to optimize safe navigation. Concepts that were considered include: