EU funding for oil spill recovery : a financial evaluation of the Malta based alternatives

Abstract

Purpose: The main objective of the study was to financially analyse a number of alternatives available to the European Maritime Safety Agency, with respect to oil spill recovery, in relation to Malta as a centre for such activity. Design: The objective of this study was achieved through data collection from various studies, related literature and a number of interviews and meetings held with persons involved in ship building and other companies associated with the maritime industry. Findings: The study shows that chartering a commercial vessel to respond to calls following an oil spill is currently the best alternative available to the Agency. However, should the funds allocated to the purchasing alternatives be increased, there is reason to believe that such alternatives could be made feasible. It is also clearly evident from the study that due Malta’s strategic position and economic qualities, it is best suited to being an oil recovery centre for the Mediterranean. Value: The study identifies a number of possible ways to improve the alternatives under study in such a way as to make them ore competitive and attractive to the Agency. Due to the limited funds available, recommendations were also given on ways to better the situation. As the area of study is of a vital nature to society at large, a number of further alternatives which could be looked into were also suggested.