Nearly one third of shipping losses that occurred in the South China, Indo-china, Indonesia and Philippines maritime region has been attributed to the newly identified Bermuda Triangle.
What happened?
Early in 2018, a review report released by the Allianz Global Corporate & Specialty [AGCS] highlighted that large shipping losses have declined to 38% over the past decade, with this downward trend continuing in 2017.
The company said, “There were 94 total losses reported around the shipping world in 2017, down 4% year-on-year [98] – the second lowest in 10 years after 2014. Bad weather, such as typhoons in Asia and hurricanes in the U.S., contributed to the loss of more than 20 vessels, according to the annual review, which analyzes reported shipping losses over 100 gross tons [GT]. Nearly one third of shipping losses in 2017 [30] occurred in the South China, Indochina, Indonesia and Philippines maritime region, up 25% annually, driven by activity in Vietnamese waters”.
He further added, “This area has been the major global loss hotspot for the past decade, leading some media commentators to label it the ‘new Bermuda Triangle’. The major loss factors are actually weather – in November 2017, Typhoon Damrey caused six losses, busy seas and lower safety standards on some domestic routes”.
Major hotspots
It has been reported that outside of Asia, the East Mediterranean and Black Sea region is the second major loss hotspot [17] followed by the British Isles [8].There was a 29% annual increase in reported shipping incidents in Arctic Circle waters [71], according to AGCS analysis. Cargo vessels [53] accounted for more than half of all vessels lost globally in 2017. Fishing and passenger vessel losses are down year-on-year. Bulk carriers accounted for five of the 10 largest reported total losses by GT.
Friday proves to be unlucky for shipping
The most common cause of global losses remains foundering [sinking], with 61 sinkings in 2017. Wrecked/stranded ranks second closely followed by machinery damage/failure.
Further analysis showed that friday is the most dangerous day at sea – 175 of 1,129 total losses reported have occurred on this day over the past decade. Mariners felt that friday the 13th has proved to be can be unlucky since three ships were lost on this day in 2012 including the Costa Concordia, the largest-ever marine insurance loss.
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Source: Bernews
