2021 marine transportation risk report From Allianz Insurance

The following is the 2021 marine transportation risk report From Allianz Insurance recommended by recordtrend.com. And this article belongs to the classification: global economy , research report.

After a slight decline in 2020, the global maritime trade volume is still expected to exceed the level in 2019 this year. However, the recovery remains unstable. Delays and transport capacity management related to New Coronavirus pneumonia caused congestion and empty container shortages in peak hours. In June 2021, it is estimated that a record 300 cargo ships are waiting to enter the overcrowded port. The waiting time of containers for port berths has almost doubled compared with 2019.

In March 2021, an estimated 200 thousand sailors remained on board and could not be repatriated because of the restrictive measures of New Coronavirus pneumonia. Long time at sea will lead to mental fatigue and wrong decision-making, and ultimately affect safety.

As shipping companies seek economies of scale and fuel efficiency, the scale of ships becomes larger and larger. The largest container ship broke through the 20000 TEU mark, and the order volume exceeded 24000 TEU – the transport capacity of container ships alone has increased by 1500% in the past 50 years and more than doubled in the past 15 years.

In recent years, the number of fires on large ships has increased significantly. A record 40 cargo related fires occurred in 2019 alone. Among all ship types, the number of fires / explosions leading to total losses increased again in 2020 to 10, which is the high data in four years. Fires usually start in containers, which may be caused by undeclared / misreported dangerous goods (e.g. chemicals and batteries).

The resilience of maritime supply chain has also become the focus of attention. For example, the “Changci” incident has had an impact on the global supply chain relying on maritime transportation. It has exacerbated trade disputes, extreme weather, the effects of New Coronavirus pneumonia, and the delay and interruption in the surge in demand for container goods and commodities. In this regard, Captain Andrew Kinsey, senior marine risk consultant of AGCs, said, “developing a stronger and diversified supply chain will become more and more important, and understanding key nodes and supply chain nodes will become more and more important.”

According to the report, in recent years, there have been more and more GPS deceptions, which may lead ships to mistakenly believe that they are in a different position from the actual situation. The improvement of network risk awareness and supervision is transforming into the adoption of network insurance by shipping companies, although it has been mainly used for shore based operations so far.

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