The decline in losses came as the global shipping industry saw a rise in piracy, droughts slowing traffic in the Panama Canal, and wars in Ukraine and Gaza put shipping vessels and their crews in dangerous situations. (Credit: EvrenKalinbacak/Adobe Stock)
During 2023, just 26 large shipping vessels were lost, marking a record low, according to Allianz Commercial, which reported the total number of lost ships fell more than 33% year-on-year and dropped 70% during the past decade. Allianz defines a large vessel as a ship with more than 100 gross tons.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
