A comprehensive model for predicting the dynamics of spills from LNG and oil product tankers is constructed from fluid mechanics principles and empirical properties of oil and LNG spills on water. The analysis utilizes the significant tanker hold and discharge flow area dimensions to specify the cargo liquid outflow history and the ensuing pool characteristics, including the establishment of a pool fire. The pool fire area, duration, and heat release rate are determined as functions of the tanker cargo variables. Examples of an LNG and gasoline spill show that for likely discharge flow areas these spills may be regarded as instantaneous, simplifying the evaluation of risk consequences.