Allianz Commercial’s annual Safety and Shipping Review 2025 highlights a significant milestone in maritime safety: the global fleet experienced a record low of 27 total losses in 2024, a notable decrease from 35 in 2023. This marks a 75% decline in total losses over the past decade, underscoring the industry’s commitment to enhancing safety standards.
Key Highlights
- Record Low Losses: The 27 total losses in 2024 mark a sharp decrease from the 105 reported in 2015. Advances in ship design, enhanced training, and better emergency response strategies have all contributed to this progress.
- Regional Hotspots: Despite overall improvements, certain regions continue to pose challenges. The South China, Indochina, Indonesia, and Philippines area remains the highest-risk zone, with other problem areas including waters near the British Isles and the Eastern Mediterranean.
- Most Affected Vessel Types: Fishing vessels accounted for nearly 40% of losses, making them the most affected type. Cargo and chemical/product vessels followed with fewer, but still significant, incidents.
- Main Causes of Loss: Sinking remains the leading cause of total vessel loss, representing almost half of all incidents. Fires and explosions, especially among fishing vessels, were the second most common cause.
Emerging Risks in Maritime Operations
Although total vessel losses are on the decline, the maritime industry faces a new generation of challenges that demand ongoing attention. Geopolitical instability remains a significant concern, with conflicts and territorial disputes threatening key shipping routes and endangering vessel security.
Climate change is also exerting pressure on global maritime operations, as the frequency and intensity of extreme weather events—such as storms, floods, and rising sea levels—increase the likelihood of disruption and damage to ships and port infrastructure. At the same time, the growing dependence on digital systems has introduced cybersecurity as a critical vulnerability.
As vessels become more connected, they are more susceptible to cyberattacks that could compromise navigation, communication, and overall operational integrity. Addressing these emerging risks is essential to safeguarding the future of global shipping.
The shipping industry has made significant strides in improving safety, but must remain proactive in the face of evolving threats. Continued investment in technology, training, and risk management will be essential to sustain progress and protect global maritime operations.
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Source: Allianz
