Last year, few ships fell worldwide than ever. The business insurer Allianz Commercial has registered twelve ships. 15 other ships were badly damaged. The most important dangers are fire, collisions and extreme weather.
In the 1990s, on average, more than 200 ships were lost a year. In 2024 there were only twelve out of around 100,000 larger ships that were on the seven oceans. This is a new record low. The sunken specimens are mainly fish ships.
At the same time, the number of ship accidents rose by ten percent in the previous year to 3310. Many of them took place in the waters around the British islands. The accidents sometimes resulted in the most serious damage that exceeds the value of the ship or its tax. The main causes are fires, collisions and storms.
Risk due to geopolitical tensions
Allianz Commercial publishes an analysis of risks for shipping every year. This time the company stated that the growing geopolitical tensions are a challenge. The shadow fleet plays an important role, with the help of which the Russian or North Korean government avoids international sanctions.
These are ships that are registered at mailbox companies. They are on the oceans without the usual insurance. The shadow fleet probably includes around 600 tankers that export Russian oil. They are usually old and poorly maintained. If one of these tankers causes an oil slick, according to the insurer, cleaning the sea can cause uncovered costs in billions.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
