Almost a third of the vessels that were lost at sea last year were in the vicinity of the Philippines and other parts of Asia where high volumes of shipments pass through, according to global underwriter Allianz Global Corporate & Specialty (AGCS).
The Safety and Shipping Review 2024 report by AGCS noted that most of the shipment losses were tracked in the Philippines, South China, Indochina, and Indonesia in 2023.
Last year, a total of 26 vessels were lost worldwide, which is fewer than the 41 lots in 2022. The latest figure shows a significant improvement as shipment losses amounted to as much as 105 vessels in a single year in the past decade.
Most of the shipment losses were cargo, with a total of 16 vessels, followed by fishing with four vessels and tug boats with three vessels.
Vessels sinking was the primary cause of shipment loss last year. Others were wrecked and stranded while some were lost due to fire or explosion and collision.
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