An infographic released by Allianz Global Corporate & Specialty shows the extent of shipping losses over the last ten years, spanning across a number of different industries.
In a previous article published by PTI, it was reported that global shipping could be at threat of bankruptcy as a result of the 2008 financial crisis, with survival dependent upon selling off some of its assets.
According to the below infographic, the biggest loss occurred in the cargo shipping industry; around 55 losses took place in 2005, which remained fairly consistent year-on-year until 2011.
Although cargo ship losses have been much lower in recent years, this type of vessel remains the most lost at sea.
The year-on-year pattern also suggests that the number of shipping incidents is rapidly decreasing as cargo ship losses appear to have dropped by more than half in 2014 compared to that of 2004.
The most common cause of ship losses took place as a result of ships sinking, closely followed by ships running aground, a recent example being the Maersk ship which ran aground in the Suez Canal, and the Hoegh Osaka running aground in the Solent off the south coast of England.
See below for the infographic on the causes of ship losses: