The Strait of Istanbul, the narrow waterway separating Europe from Asia, holds a strategic importance in maritime transportation as it links the Black Sea to the Mediterranean. It is considered as one of the world’s most congested and difficult-to-navigate waterways. The nature of the global economy and international politics dictate that the maritime transit traffic in the Strait cannot be greatly reduced, or eliminated. Nonetheless, the economic and political realities vs. environmental awareness and risk management need not be mutually exclusive. The risks regarding the transit traffic can be mitigated by operational policies and rules that adequately regulate and guide the transit traffic, while maintaining the freedom of passage. The aim of this study is to prove and implement a sound methodology and a quantitative basis to investigate and analyze safety risks pertaining to the transit vessel traffic in the Strait of Istanbul. We believe that this book can also act as a guide to make any similar extensive quantitative risk assessment study.