Accidents reach record low

Despite global shipping risks, accidents have hit a record low. In 2023, only 26 large ships were lost, compared to around 200 annually 30 years ago. This marks a 70% decrease from 2013 and a significant drop from 2022’s 41 losses. However, Allianz Commercial’s Safety and Shipping Review highlights new challenges, including geopolitical conflicts, climate change impacts, and the push for greener fleets.

Southeast Asia remains the highest-risk area, with 184 accidents reported last year and over the past decade. Cargo ships accounted for over 60% of 2023’s losses, mainly due to sinking and extreme weather.

Geopolitical conflicts, such as those in Gaza and Ukraine, are increasingly disrupting global shipping. Attacks and piracy, especially in the Horn of Africa, are rising, alongside climate-related issues like Panama Canal droughts.

A “shadow fleet” of 600 to 1,400 tankers, bypassing international regulations, poses significant environmental and safety risks. Additionally, longer, riskier routes due to conflicts impact global supply chains, increasing emissions and hazards.

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