Fewer ships lost, but new threats loom

OVER the last forty years or so there has been a remarkable development at sea, although it has gone largely unnoticed by society in general. During that time there have been some terrible accidents. The Estonia, Herald of Free Enterprise, Prestige, Costa Concordia and several more come to mind. Despite these disasters, however, it is now the case that far fewer ships are lost at sea than used to be the case.

That trend has been confirmed by major marine insurer Allianz Global Corporate & Specialty (AGCS) which reports shipping losses as being at a record low.

The insurer's Safety & Shipping Review 2020 cautions that the impact of Covid-19 and political tensions "cloud the horizon". Nevertheless the headline story is 41 large ships were lost worldwide in 2019, down by more than 20 per cent year-on-year and almost 70 per cent over a decade.