Allianz Global Corporate & Specialty have released their Shipping and Safety Review 2015 reviewing global trends and developments in shipping losses and safety. According to the report, the maritime industry continued to improve its safety record in 2014 with 75 total losses reported worldwide; the lowest in 10 years. Losses declined by 32% compared with 2013 total of 110.

The 2014 accident year also represents a significant improvement on the 10-year loss average (127). Shipping losses have declined by 50% since 2005, driven in part by a robust regulatory environment.

More than a third of 2014’s total losses were in two maritime regions. As in 2013, South China, Indo China, Indonesia & Philippines had the most losses (17), followed by Japan, Korea and North China (12). Losses in both regions declined year-on-year. Total losses in the British Isles and surrounding waters (6) doubled.

A third of vessels lost were cargo ships (25) followed by fishing vessels (14). Together, they accounted for over 50% of losses.

For the past decade foundered (sunk/submerged) has been the most common cause of loss, accounting for 65% of losses in 2014 (49). Wrecked/stranded (grounded) was second (13). There was a significant reduction in fires/explosions resulting in total losses (4), down 73% year-on-year.

There were 2,773 casualties (incidents) during 2014 with the East Mediterranean & Black Sea region the hotspot (490), up 5% year-on-year. The British Isles, N.Sea, Eng. Channel, Bay of Biscay ranked second (465), up 29%.

The unluckiest ship? Analysis shows one vessel in the Great Lakes region of North America has been involved in19 incidents in the past 8 years – including six in 2013. It has suffered a fire, engine failure, steering failure and even hit a submerged log. The report notes that as Arctic ship traffic has increased, so has the number of Arctic ship mishaps. The annual report counts 55 ship casualties in the waters of the Arctic Circle last year, up from three a decade ago. Machinery damage or failure accounts for nearly half of those, with wrecking or stranding in second place. Only one Arctic ship, near northern Norway and Iceland, was considered a total loss. The report goes in depth for areas needed improvement and makes recommendations to improve safety.

For more information, visit www.agcs.allianz.com/assets/PDFs/Reports/Shipping-Review-2015.pdf.