Understanding the Economic Impacts of Psychosocial Risks for Seafarers

• Seafarers who are experiencing psychosocial risks may take more time off work, which can lead to increased absenteeism. This can result in delays and disruptions to the shipping schedule and can also increase the costs of recruiting and training replacement seafarers.
• Seafarers who are experiencing psychosocial risks may have a reduced ability to perform their duties effectively, which can lead to a decline in productivity. This can result in increased costs for the shipping company and can also lead to delays and disruptions to the shipping schedule.
• Seafarers who are experiencing psychosocial risks may be more prone to accidents, as they may have a reduced ability to make safe and sound decisions, a negative impact on their judgment and performance. This can lead to increased costs for the shipping company, such as repairs, lost cargo, and liability claims.
• A shipping company that is known to have poor mental health support, can negatively affect its reputation in the industry and can cause customers to lose trust. This can lead to a loss of business, which can have a significant economic impact on the company.
• Seafarers who are experiencing psychosocial risks may be more likely to leave their jobs, which can lead to increased employee turnover. This can result in additional costs for the shipping company, such as recruiting and training new seafarers.

Explore the various economic consequences of psychosocial risks for seafarers, such as increased absenteeism, reduced productivity, higher accident rates, damage to company reputation, and elevated turnover costs. Understand how these impacts can lead to delays, disruptions, increased expenses, and loss of business for shipping companies.