Shipping losses fall to lowest levels this century although incident numbers high

Last year saw the lowest number of shipping losses this century with a decline by over 50% year on year according to Allianz Global Corporate & Specialty SE’s (AGCS) ‘s Safety And Shipping Review 2019.

Only 46 large ships were lost worldwide in 2018, 55% below the 10-year average of 104, driven by a significant decline in activity in the global loss hotspot, South East Asia, and weather-related losses (10) halving after quieter hurricane and typhoon seasons.

While this plummet in total losses is encouraging, the number of reported shipping incidents overall (2,698 in 2018) shows little decline – less than 1% year-on-year.