Global insurer Allianz Commercial recently issued its 2025 Safety & Shipping Review, examining maritime risk trends and losses. The report revealed that the shipping industry has made significant improvements when it comes
Global insurer Allianz Commercial recently issued its 2025 Safety & Shipping Review, examining maritime risk trends and losses. The report revealed that the shipping industry has made significant improvements when it comes to maritime safety in recent years. During the 1990s the global fleet was losing 200+ vessels a year. This total had halved 10 years ago and is now down to a record low of 27 as of the end of 2024 (from 35 in 2023).
Despite the ongoing trend for fewer large losses, challenges remain. Shipowners are trying to operate vessels safely within an ever-changing and dynamic regulatory framework and do the right thing while managing a host of complex issues. One such risk is the rise of the shadow fleet, comprised of mostly older, poorly maintained oil tankers, which has expanded rapidly, posing significant maritime safety and environmental risks.
Shadow Fleet Risks
In July 2024, the Singapore-flagged oil tanker Hafnia Nile collided with the dark fleet super tanker Ceres I off Malaysia’s east coast, causing both vessels to catch fire. The incident followed the detention of shadow fleet tanker Andromeda Star by Danish authorities in March 2024 after the 15-year-old vessel collided with the Bulgarian-flagged cargo ship
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