Simplified likelihood estimation of ship total loss using GRA and CRITIC methods

Based on statistical data of ship total losses globally from 2013 to 2017, correlations between contributory factors (ocean regions, accident causes, and ship types) and ship total losses are analysed via grey relational analysis (GRA) and criteria importance through inter-criteria correction (CRITIC) methods. Each contributory factor is graded into three levels, and different scenarios are generated through the combination of these factors. According to our analytic results, the GRA method appears more sensitive than the CRITIC method for selecting relevant safety factors. Simplified ways for likelihood estimation of ship total loss are proposed.