Shipping losses continue to fall but not in SE Asia

ALMOST a third of shipping losses in 2017 - 30 in number - occurred in the South China, Indochina, Indonesia and Philippines maritime region, causing certain sections of the press to call the area the "new Bermuda Triangle". Certainly, losses were up but there is no real mystery as to why.

Losses in South-east Asia were actually up an apparently dramatic 25 per cent annually but major marine insurer Allianz Global Corporate & Specialty (AGCS) said that this was driven by activity in Vietnamese waters. The major loss factors in South-east Asia are actually weather, busy seas and lower safety standards on some domestic routes. In particular, November 2017's Typhoon Damrey caused six losses. The area has been the major global loss hotspot for the past decade, hence the interest of some of the press.

While those looking for mystery behind the occurrence of so many accidents in this region will disappointed, they may be fascinated to learn that Friday, and even Friday the 13th, does statistically appear to be an unlucky day. Analysis shows that Friday is the most dangerous day at sea with 175 losses of 1,129 total losses reported have occurred on this day over the past decade. Friday the 13th really can be unlucky. Three ships were lost on this day in 2012 including Costa Concordia, the largest ever marine insurance loss. The unluckiest ship of the past year is a passenger ferry operating in the East Mediterranean and Black Sea region. She was involved in seven accidents in 12 months.