Long-term decline in shipping losses continues but economic pressures, cyber risk and superstorms challenge safety progress
• 85 large ships lost worldwide in 2015, down by 45% over a decade.
• Regional disparities remain. Losses up in top global hotspot – South China and South East Asian waters. In 2015, East and West African coasts saw losses of six ships bringing the tally of vessels lost between 2006 and 2015 to 94.
• Economic and market conditions are pressurizing costs, raising safety concerns.
• Cyber exposure, driven by Internet of Things (IoT), e-navigation and piracy, “mega ship” salvage issues, superstorms and increasing Arctic casualties heighten risk environment. Piracy incidents down in West and East Africa, although the risk remains high.