Global ship losses fall to record low
Allianz Commercial's safety and shipping review 2024 reports a record low of 26 large ship losses worldwide in 2023, despite increasing risks from geopolitical conflicts, climate change, and the trend towards larger vessels. The South China, Indochina, Indonesia, and the Philippines region accounted for nearly one third of these losses.
While navigational incidents and collisions remain significant concerns, the industry's risk profile is shifting due to war, piracy, and climate-related disruptions like the Panama Canal drought.
The review highlights the need for improved situational awareness, alternative fuel infrastructure, and increased shipyard capacity to meet decarbonisation targets. The ongoing geopolitical conflicts and rerouting of vessels via the Cape of Good Hope have also impacted global supply chains and led to an increase in emissions. (pb)
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