In 2018, the maritime industry saw the number of total shipping losses of vessels over 100GT falling significantly to 46, representing the lowest total this century, said Allianz in its new Shipping and Safety review 2019. To put it into context, there were 207 total losses reported in 2000. Cargo vessels were the ship type involved in a third of losses (15) during 2018.
Key points
Shipping losses declined by a record level of more than 50% year-on-year from 98 in 2017, driven by a significant fall in hotspots around the world and weather-related losses halving after a quieter year of hurricane and typhoon activity.
The 2018 loss year is exceptional compared with the rolling 10-year loss average of 104 (down by 55%).
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