Cargo ships move approximately 90% of goods in global trade. (Photo: iStock)Since ancient times, people and goods have moved from place to place by sea, and that continues into the 21st century. What are the key issues for the shipping industry today? How have they changed over the last 12 months? The answers are in a new report from Allianz Global Corporate & Specialty (AGCS) “Safety and Shipping Review 2018.”
Shipping transports approximately 90% of global trade with more than 50,000 merchant ships trading internationally, according to data from the International Chamber of Shipping, which makes vessel safety critical to the industry’s loss statistics.
The AGCS report notes that the maritime industry saw the number of total shipping losses decline slightly to 94, the second lowest total over the past decade. Over the past decade, total losses declined by 38%, which the report says is driven by improved ship design, technology and advances in risk management and safety, as well as lower shipping activity.
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Geographic issues
The number…
