Fewer vessel losses in 2018
In 2018, shipping losses were at their lowest level in this century. According to the Safety and Shipping Review 2019 issued by the Allianz Global Corporate & Specialty (AGCS), the number of large shipping losses declined by 50% year on year, and by 55% compared to average number for the last decade.
The study, which is published annually, analyses reported shipping losses of 100 grt. In 2018, 46 total losses of vessels were reported on the world’s oceans, down from 98 losses in 2017. This decline is due in particular to the much lower accident figures in the global shipwreck hotspot South East Asia as well as the 50% drop (to 10% of the total) in the losses caused by bad weather. Quieter hurricane and typhoon seasons also played a part.
Despite the plummet in total losses, the number of shipping incidents reported overall – 2,698 in 2018 – fell by less than 1% compared to 2017. (kd)