Shipping losses down by 32% in 2014

According to the annual report figures of Allianz Global Corporate & Speciality SE (AGCS), "Safety and Shipping Review 2015" shipping losses fell by 32% to 75 events in 2014. Half of these cases concerns the fishing vessels and cargo ships. Maritime regions with the largest number of shipping losses this year are:

• Southern China - Indochina - Indonesia - Philippines (17 losses)
• Japan - Korea - North China (12 losses)

Ship sinking, grounding and fires are the three most common causes of losses with respectively 49, 13 and 4 cases.
AGCS further identifies four major challenges for the maritime industry. These include passenger ship safety and crew training , the problems raised by the increasing size of cargos, threats of cyber attacks targeting ports and ships along with the constant concern for revision of the Polar Code.

AGCS also points out among its list of minor risks, maritime piracy acts move from Africa to Asia.

The number of cases identified in Somalia and the Gulf of Guinea would be down for the fourth consecutive year, the South East Asian waters knowing, however, an opposite trend.