NEARLY a third of vessels lost at sea last year were lost in southeast Asian waters where high cargo volumes flow, according to major German major marine insurer Allianz, reports the Philippines Inquirer.
Allianz's Safety and Shipping Review 2024 noted that most of the shipment losses were tracked in the Philippines, South China, Indochina and Indonesia last year.
In 2023, a total of 26 vessels were lost worldwide, fewer than 41 in 2022. The latest figure shows a significant improvement as shipment losses amounted to as much as 105 vessels in a single year in the
Most of the shipment losses were cargoes, with a total of 16 vessels, followed by four fishing boats and three tugs.
Vessels sinking was the primary cause for shipment loss last year. Others were wrecked and stranded while some were lost due to fire or explosion and collision incidents.
The report noted the geopolitical tension involving Russia, Ukraine and the Red Sea has made cross-border transfers of vessels challenging.
Unstable regimes, regional disputes and rivalries make for a dynamic situation around some of the world's busiest shipping routes,' said Nitin Chopra, senior marine risk consultant at Allianz Commercial Asia.
The Red Sea crisis shows just how important critical waterways like the Suez Canal are to the world economy, and how vulnerable they can be to disruption,' he said.
The Houthis have launched attacks in the Red Sea - one of the world's busiest shipping lanes - to show its support with Palestinians amid the ongoing war between Israel and Hamas.
This situation has forced shippers to reroute their vessels via the Cape of Good Hope in South Africa to avoid the Suez Canal, which means longer turnaround time and costlier operation.
'Both routes are critical for the transport of manufactured goods and energy between Asia, Europe and the US east coast. Whichever route vessels take, they face lengthy diversions and increased costs,' Mr Chopra said.
'And let's not forget, prior to these situations, the war in Ukraine had already prompted many shipping companies and cargo interests to seek alternative routes,' he said.
SeaNews Turkey
Allianz's Safety and Shipping Review 2024 noted that most of the shipment losses were tracked in the Philippines, South China, Indochina and Indonesia last year.
In 2023, a total of 26 vessels were lost worldwide, fewer than 41 in 2022. The latest figure shows a significant improvement as shipment losses amounted to as much as 105 vessels in a single year in the
Most of the shipment losses were cargoes, with a total of 16 vessels, followed by four fishing boats and three tugs.
Vessels sinking was the primary cause for shipment loss last year. Others were wrecked and stranded while some were lost due to fire or explosion and collision incidents.
The report noted the geopolitical tension involving Russia, Ukraine and the Red Sea has made cross-border transfers of vessels challenging.
Unstable regimes, regional disputes and rivalries make for a dynamic situation around some of the world's busiest shipping routes,' said Nitin Chopra, senior marine risk consultant at Allianz Commercial Asia.
The Red Sea crisis shows just how important critical waterways like the Suez Canal are to the world economy, and how vulnerable they can be to disruption,' he said.
The Houthis have launched attacks in the Red Sea - one of the world's busiest shipping lanes - to show its support with Palestinians amid the ongoing war between Israel and Hamas.
This situation has forced shippers to reroute their vessels via the Cape of Good Hope in South Africa to avoid the Suez Canal, which means longer turnaround time and costlier operation.
'Both routes are critical for the transport of manufactured goods and energy between Asia, Europe and the US east coast. Whichever route vessels take, they face lengthy diversions and increased costs,' Mr Chopra said.
'And let's not forget, prior to these situations, the war in Ukraine had already prompted many shipping companies and cargo interests to seek alternative routes,' he said.
SeaNews Turkey
