Home
FacebookTwitterSearchMenu
  • Subscribe
  • Subscribe
  • News
  • Features
  • Knowledge Library
  • Columns
  • Customs
  • Jobs
  • Directory
  • FX Rates
  • Categories
    • Categories
    • Africa
    • Air Freight
    • BEE
    • Border Beat
    • COVID-19
    • Crime
    • Customs
    • Domestic
    • Duty Calls
    • Economy
    • Employment
    • Energy/Fuel
    • Events
    • Freight & Trading Weekly
    • Imports and Exports
    • Infrastructure
    • International
    • Logistics
    • Other
    • People
    • Road/Rail Freight
    • Sea Freight
    • Skills & Training
    • Social Development
    • Sustainability
    • Technology
    • Trade/Investment
    • Webinars
  • Contact us
    • Contact us
    • About Us
    • Advertise
    • Send us news
    • Editorial Guidelines
International
Sea Freight

Total losses at sea dip despite global disruption and uncertainty

18 May 2022 - by Staff reporter
The Wakashio, a Panamanian-flagged vessel, wrecked off the coast of Mauritius. 
0 Comments

Share

  • Facebook
  • Twitter
  • Google+
  • LinkedIn
  • E-mail
  • Print

The total losses at sea of vessels carrying a gross tonnage of more than 100 tonnes decreased by 57% over the last ten-year period, representing the steepest decline of its kind in recorded history, German financial service provider Allianz Global Corporate & Speciality (AGCS) has found.

This is despite an environment that had become heavily competitive, unpredictable and prone to disruption, even before the coronavirus outbreak at the beginning of 2020.

In its Safety & Shipping Review 2022, Allianz sums up sea freight as a sector that continues “its long-term positive safety trend over the past year”.

However, Russia’s invasion of Ukraine, the growing number of costly issues involving larger vessels, crew and port congestion challenges resulting from the shipping boom, and managing challenging decarbonisation targets, means there is no room for complacency.

Said the global head for Marine Risk Consulting at AGCS, Captain Rahl Khanna: “The shipping sector has demonstrated tremendous resilience through stormy seas in recent years, as evidenced by the boom we see in several parts of the industry today.”

Taking a closer look at figures, he emphasised that “total losses are at record lows – around 50 to 75 a year over the last four years compared with 200+ annually in the 1990s”.

More precisely, last year 54 total losses were reported, comparing well with the 65 a year earlier. In the 1990s, these figures were at least four times higher.

The Review furthermore highlights that “the 2021 loss total is made more impressive by the fact that there are an estimated 130 000 ships in the global fleet today, compared with some 80 000 (vessels) 30 years ago.

“Such progress reflects the increased focus on safety measures over time through training and safety programmes, improved ship design, technology and regulation,” the Review says.

Challenges remained though, Khanna pointed out.

“The tragic situation in Ukraine has caused widespread disruption in the Black Sea and elsewhere, exacerbating ongoing supply chain, port congestion, and crew crisis issues caused by the Covid-19 pandemic.

“At the same time, some of the industry’s responses to the shipping boom, such as changing the use of, or extending the working life of vessels also raise warning flags.

“Meanwhile, the increasing number of problems posed by large vessels, such as fires, groundings and complex salvage operations, continue to challenge shipowners and their crews.”

Sign up to our mailing list and get daily news headlines and weekly features directly to your inbox free.
Subscribe to receive print copies of Freight News Features to your door.

Arrest of Molefe and others welcomed, but long-overdue – Saftu

Africa
Economy

The workers at UCW in Nigel – a local manufacturer with proven capacity – were the primary victims, Saftu said in a statement following the arrests.

Yesterday
0 Comments

Sharp increase in box losses at sea

Logistics
Sea Freight

A recurrence of last year’s losses off the Cape of Good Hope has not yet been observed in 2025.

Yesterday
0 Comments

Lack of rail interoperability stymies progress

Road/Rail Freight

“The AU has called for an integrated transport sector with world-class infrastructure that crisscrosses the continent." – Mesela Nhlapo, CEO, Aria.

Yesterday
0 Comments

DRC-Rwandan peace accord bodes well for Lobito Corridor

Logistics

The DRC and Rwanda have lapsed into a recurring internecine struggle in the Lake Kivu area.

Yesterday
0 Comments

Is the writing on the wall for the North-South Corridor?

Infrastructure
Road/Rail Freight

The switch from Beitbridge to the route via Botswana has exposed glaring infrastructural issues.

Yesterday
0 Comments

Shipping alliances and MSC dominate over 80% of container market

Logistics

Alliances offer operational efficiencies, but there are concerns about service quality, competition, and freight rate volatility.

Yesterday
0 Comments

Trade tension between the US and Canada increases over tech tax (*)

Imports and Exports
Trade/Investment

Some $750 billion in annual trade both ways could be impacted.

Yesterday
0 Comments

Civil contractors' confidence takes a knock

Logistics

Insufficient demand for projects is dampening the mood among the sector’s business leaders.

Yesterday
0 Comments

Chrome tax for ore exports a bad idea – trade consultant

Imports and Exports

The aim is to protect local ferrochrome producers, preserve jobs and boost industrialisation.

27 Jun 2025
0 Comments

The North-South Corridor – a copper stopper for logistics

Logistics
27 Jun 2025
0 Comments

Cabinet approves plan for ferrochrome export tariff

Economy
Imports and Exports

The government is intervening to stem the sector’s protracted decline, which has led to smelter closures and job losses.

27 Jun 2025
0 Comments

Vessels use message distortion to avoid detection

Sea Freight

These broadcasts have been observed since hostilities began between Israel and Iran.

27 Jun 2025
0 Comments
  • More

FeatureClick to view

Road & Rail 27 June 2025

Border Beat

Forum tightens net against border corruption
25 Jun 2025
Police clamp down on cross-border crime
17 Jun 2025
Zim's anti-smuggling measures delay legitimate freight operations
06 Jun 2025
More

Poll

Has South Africa's ports turned the corner?

Featured Jobs

New

Sea Export Controller (In-house)

Tiger Recruitment
East Rand
30 Jun
New

Export Controller

Lee Botti & Associates
Durban
30 Jun
More Jobs
  • © Now Media
  • Privacy Policy
  • Freight News RSS
  • About Us
  • Advertise
  • Send us news
  • Contact us