15 June 2017

Shipping losses continue to decline but “perfect storm” of regulation, cost-savings and cyber security looms, says Allianz

MV Benita, aground on the Mauritian coast in 2016. The ships wasrefloated by later sank under tow. Appearing in Africa PORTS & SHIPS maritime news
MV Benita, aground off Mauritius 2016
  • Allianz Safety & Shipping Review 2017: 85 large ships lost worldwide in 2016, down 50% over a decade.  South China and Southeast Asian waters top loss location. East Mediterranean replaces British Isles as top incident hotspot.
  • Crew negligence, inadequate vessel maintenance and cyber increasing areas of concern, as economic pressures challenge budgets.
  • New navigational and monitoring technologies could help reduce impact of human error – which has resulted in $1.6bn of losses in five years. However, over-reliance brings risks.
  • Piracy in Africa drastically declined from 160 incidents in 2011 to only 2 in 2016.

Johannesburg 14 June 2017: Large shipping losses have declined by 50% over the past decade, largely driven by development of a more robust safety environment by ship-owners, according to Allianz Global Corporate & Specialty SE’s (AGCS) fifth annual Safety & Shipping Review 2017.

There were 85 vessels reported as total losses around the shipping world in 2016, down 16% compared with a year earlier (101). Last year set safety records in the sector with the lowest number of losses in the past 10 years, preliminary figures show. The number of shipping incidents (casualties) also…

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