World News
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TOTAL SHIPPING LOSSES ARE DECLINING, BUT CHALLENGES PERSIST - REPORT The record low 41 large shipping losses worldwide in 2019 represents a 20% improvement year-on-year and almost 70% over a decade, but the coronavirus crisis could endanger the long-term safety improvements in the shipping industry for 2020 and beyond, as difficult operating conditions and a sharp economic downturn present a unique set of challenges, according to recent report from marine insurer Allianz Global Corporate & Specialty (AGCS). Consequences of coronavirus and a sustained economic downturn could threaten long-term safety improvements and trigger an uptick in losses from cost-cutting measures, fatigued crew, idle vessels and weakened emergency response, says AGCS in its Safety & Shipping Review 2020 analyzing reported shipping losses over 100 gross tons (GT) and identifying safety and risk management challenges. In addition, rising geopolitical tensions, emissions rules and decarbonization targets, misdeclared cargo and fire incidents continue to pose risk challenges. “Coronavirus has struck at a difficult time for the maritime industry as it seeks to reduce its emissions, navigates issues such as climate change, political risks and piracy, and deals with ongoing problems such as fires on vessels,” says Baptiste Ossena, Global Product Leader Hull Insurance, AGCS. “Now the sector also faces the task of operating in a very different world with the uncertain public health and economic implications of the pandemic.”
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January - March 2021 | Maritime Voice
