We present a risk analysis approach for selecting alternate routes between liquefaction and re-gasification terminals. Due to lack of data related to incidents directly affecting LNG vessels as a result of the impressive historical safety records of the LNG industry, some parameters required for our risk analysis are estimated from a closely related hazmat cargo, Crude Oil. Our formulation is then used to solve a problem instance, using real-life data. Our results suggest: i) Depending on managerial preference, an alternate route with shorter distance may not necessarily be the vessel route of choice; ii) Risk analysis approach provides an insight into selection of a voyage route, taking into consideration activities (terrorism, or pirate attacks, or otherwise) that have been historically associated with alternate LNG vessel routes.
Biobaku, T., Lim, G., Cho, J., Parsaei, H., & Kim, S. (2015). Liquefied Natural Gas Ship Route Planning: A Risk Analysis Approach. Procedia Manufacturing, 3, 1319–1326. https://doi.org/10.1016/j.promfg.2015.07.282