Allianz Global Corporate & Speciality SE’s (AGCS) annual Safety and Shipping Review 2014 (pdf here), which analyses reported shipping losses of over 100 gross tons makes for very interesting reading.
Shipping losses continued their downward trend with 94 losses reported worldwide in 2013, coming below 100 for only the second time in 12 years.
Losses declined by 20% from 2012 when there were 117 reported losses. The 2013 accident year also represents a significant improvement on the previous 10-year loss average with total worldwide shipping losses declining 45% since 2003.
“More than 90% of global trade is carried by sea so the safety of international shipping vessels and routes is critical to the health of the global economy,” said Tim Donney, Global Head of Marine Risk Consulting. “While the long-term downward trend in shipping losses is encouraging, there is more work to be done to improve the overall safety of these vessels as well as their cargo, crew and passengers, especially in Asian waters.”
The most common cause of losses in the past year was foundering (sinking or submerging), often driven by heavy weather, accounting for almost 75% of all losses, which was a significant increase from both 2012 (47%) and the previous 10-year average (44 percent).