Allianz Commercial has released its annual Safety and Shipping Review for 2025, highlighting trends in maritime losses and the challenges facing the shipping industry. The report underscores the critical nature of maritime safety, given that 90% of international trade is transported by sea. The shipping industry has made notable progress in reducing vessel losses over recent years.
In the 1990s, more than 200 vessels were lost annually worldwide. This number halved a decade ago and reached a record low of 27 by the end of 2024. In comparison, there were 35 losses in the previous year for vessels over 100 gross tonnage (GT), marking a decline of around 20%. Over the past decade, total losses have decreased by 75%, from 105 in 2015 to just 27 last year.
The South China, Indochina, Indonesia, and Philippines region remains a global hotspot for vessel losses over the past year and decade. This area saw four total losses alongside regions like the British Isles and East Mediterranean and Black Sea. High levels of shipping traffic due to significant import and export volumes contribute to these incidents.
Fishing vessels accounted for nearly 40% of lost vessels in 2024 with ten reported cases, followed by cargo ships with six and chemical/product tankers with three. Foundering was identified as the primary cause of total loss across all vessel types at twelve incidents, making up nearly half of all cases. Fire or explosion was second with seven incidents; fishing vessels were frequently affected.
Globally, reported shipping casualties or incidents rose by about 10% during 2024 to reach a total of 3,310 compared to the previous year's count of 2,963. The British Isles experienced the highest number at 799 incidents, followed closely by East Mediterranean and Black Sea at 694. Machinery damage or failure was responsible for more than half of all shipping incidents globally in that year.
Despite fewer large-scale losses occurring recently within this sector overall – partially due improvements such as better understanding risks involved – shipowners continue grappling challenges related operating safely amidst evolving regulations geopolitical tensions impacting political risk conflict potential causes maritime loss increasingly relevant context current climate transition decarbonization efforts underway
Partial attritional concerns persist despite advancements mitigating large-vessel risks fires collisions groundings still occur lack mitigation understanding preventative measures processes need disseminated throughout industry ensure continued safety significant effort required moving forward
On June thirty first annual webinar scheduled take place discussing latest trends within maritime sector including geopolitical overview hull cargo insights insurance outlook beyond attendees interested participating encouraged register receive personal certificate Germany Austria Switzerland upon request
Source: Lloyd’s List Intelligence Casualty Statistics.
Data Analysis & Graphic: Allianz Commercial.