Allianz: Shipping industry faces down COVID-19, political strife

Improved ship design and technology are two factors driving the long-term improvement in shipping-industry losses.

By Capt. Andrew Kinsey | July 20, 2020 at 08:30 AM

The shipping industry has continued to operate through the pandemic, despite crew changes and port disruptions. (Illustration provided by Allianz)

The safety of shipping vessels is critical, given that as much as 90% of world trade is transported by the global shipping industry.

Improved ship design and technology, stepped-up regulation and risk management advances such as more robust safety management systems and procedures on vessels are some of the factors behind the long-term improvement in shipping-industry losses, according to Allianz’s “Safety & Shipping Review 2020.” The sector saw the number of reported total shipping losses of over 100 gross tonnages (GT) a decade ago decline during 2019 to 41 — the lowest total this century and a close to 70% fall over 10 years.

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