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Allianz Global Corporate & Specialty’s Safety and Shipping Review 2014

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This annual review of trends and developments in shipping losses and safety looks back at 2013 in terms of shipping losses (of over 100 gross tons) by location, type of vessel and cause and also examines future challenges and key risks. Tim Donney,

Global Head of Marine Risk Consulting, told MarPro, “While the long-term downward trend in shipping losses is encourag- ing, there is more work to be done to improve the overall safety of these vessels as well as their cargo, crew and passengers, es- pecially in Asian waters. As an insurer we are always concerned about recognized issues such as training and safety manage- ment. Human error is not something we can ignore and lack of skilled workforce is still an issue, but we also need to be alert for new risks as the industry continues to develop.”

Good news and bad news: The 94 large ships lost world- wide in 2013 represent a 20% year-on-year reduction in losses and the total annual loss dropped below 100 for only the sec- ond time in 12 years. Total worldwide shipping losses hav- ing declined by 45% since 2003 (174). At the same time, so- called ‘Mega ships,’ the Arctic, new fuels and piracy continue to present new challenges and risks.

Regions & Types: More than a third of 2013’s total losses were concentrated in two maritime regions. South China, Indo

China, Indonesia and the Philippines was the region with the most losses (18), closely followed by Japan, Korea and North

China (17). The most common cause of losses in 2013, and for the last 12 years, was foundering (sinking or submerging) [69], accounting for almost three quarters of all losses, with bad weather a signifi cant driver. More than a third of the ves- sels lost were cargo ships (32) with fi shery and bulk carriers the only other vessel types to record double-digit losses. This year’s fi gures illustrate that the maritime industry has contin- ued to improve its safety record although the quality of opera- tions varies signifi cantly in different regions, underscoring the need for universal regulations on ship safety.

Passengers & Freight: More than two years after the Costa

Concordia disaster, improving passenger ship safety contin- ues to be a priority with a particular focus on services in Asia, 60 | Maritime Professional | 2Q 2014 50-63 Q2 MP2014.indd 60 5/16/2014 11:59:55 AM