According to Allianz Global Corporate & Specialty’s (AGCS) “Safety & Shipping Review 2020,” a notable increase in maritime casualties has been observed in Asian waters, with 14 large ships lost in 2019, accounting for over 33% of global losses. Overall, 41 large ships were lost that year, marking a decline from previous years—down more than 20% year-on-year and almost 70% over the past decade. This positive trend is attributed to robust regulatory frameworks, enhanced training, and innovations in technology.
Regionally, South China, Indochina, Indonesia, and the Philippines are identified as the primary loss hotspots, with 12 vessels lost in 2019 and a total of 228 over the past decade. Japan, South Korea, and North China also reflected significant losses, with two vessels lost in 2019 and 104 since 2010. Among the lost vessels, cargo ships represented more than a third of the total, predominantly occurring in Southeast Asian waters.
The report highlights that foundered ships (which have sunk or submerged) accounted for three-quarters of total losses, while adverse weather conditions triggered about 20% of these incidents. Notably, vehicles transported on ro-ro (roll-on, roll-off) vessels have become a prominent safety concern, with a recorded rise in both total losses and smaller incidents—up by 20%. Capt. Rahul Khanna, AGCS’s global head of marine risk consulting, emphasized the safety issues linked with these vessels, pointing out that many accidents stem from inadequate pre-sail checks or flaws in cargo information.
Despite the overall decrease in total losses, the number of shipping incidents rose to 2,815, a 5% increase year-on-year, largely due to machinery damage, which accounted for over one-third of these incidents. Baptiste Ossena, a global product leader in hull insurance at AGCS, cautioned that while total losses have diminished, the rising incident rate hints at underlying risks that could lead to severe future casualties.
Additional challenges have emerged, including almost 200 reported fires at sea—a 13% increase from the previous year—with five total losses in 2019 attributed to mis-declared cargoes. The review underscores the urgent need to address these mis-declarations, especially as vessels grow in size and the variety of transported goods expands.
Looking ahead, the COVID-19 pandemic poses significant threats to the maritime industry, jeopardizing long-term safety improvements. Challenges such as economic downturns, pressure on maintenance budgets, and COVID-related operational uncertainties could compromise vessel safety measures. As shipowners grapple with rising costs, there is a growing concern over the potential degradation of safety practices.
Moreover, cybersecurity concerns are escalating, with notable increases in GPS spoofing attacks and reported attempts to infiltrate the maritime sector—rising by 400% since the pandemic’s onset. These factors emphasize the need for urgent attention to safety protocols and risk management in an evolving maritime landscape.
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