South China and nearby areas a hotbed for global losses
Increasing volatility and uncertainties from war, geopolitical events, climate change, and the trend toward larger vessels pose challenges for maintaining the shipping status quo, according to Allianz Commercial’s Safety and Shipping Review 2024.
Given that up to 90% of international trade is transported across oceans, maritime safety is critical. Thirty years ago, the global shipping fleet lost around 200 large vessels a year. This number fell to a record low of 26 in 2023, a decline of more than one-third year-on-year and 70% over the past decade.
“The speed and extent of the industry’s changing risk profil