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Read the Full Report at: http://www.agcs.allianz.com/assets/

PDFs/Reports/Shipping-Review-2015.pdf traf? c in the Arctic and Antarctica. While the code addresses many safety issues, questions remain, particularly around crew training, vessel suitability and po- tential clean-up. And incidents in Arctic waters are up markedly in the last decade.

The overreliance on electronic naviga- tion is still a real concern, says Allianz.

Training standards around systems such as Electronic Chart Display and Infor- mation Systems (ECDIS) are mixed and technology advances are not always being ? ltered back to the training environment.

Global piracy attacks are down for a fourth year in a row, but attacks in South

East Asian waters are up year-on-year, as are incidents in the Indian subconti- nent, with Bangladesh a new hotspot.

Different piracy models continue to thrive, leaving seafarers at risk. Crew negligence is often a driver behind three of the top ? ve causes of loss (ground- ing; hull damage; and collision). Collec- tively, these account for over 60% of the value of claims over €1m ($1.36m).

While healthy competition has driven research and development into increas- ing ship sizes, intensi? ed competition is a double-edged sword. The other side of this intensi? ed competition is that compa- nies that cannot afford larger ships to take advantage of economies of scale have to ? nd ways to make themselves economi- cally viable. Cutting crew wages and reducing the size of the crew and has a direct impact on the potential for severe losses. Intensi? ed competition is not only driving the major players into major in- frastructure investment, it’s also putting tremendous pressure on the mid- and lower- tier players to ? nd ways to stay ec- onomically viable. All of that adds up to real concerns about mariner safety, train- ing standards and other human issues.

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