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Shipping losses continued their long-term downward trend with 75 reported worldwide in 2014, making it the safest year in shipping for 10 years, according to Allianz Global Corporate & Specialty SE’s (AGCS) third annual Safety and Shipping Review 2015, which analyses reported shipping losses of over 100 gross tons.

Losses declined by 32% compared with the previous year and were well below the 10-year loss average of 127. Since 2005 shipping losses have declined by 50%. More than a third of 2014’s total losses were in two maritime regions. South China, Indo China, Indonesia and the Philippines (17 ships) and Japan, Korea and North China (12 ships). Cargo and fishing vessels accounted for over 50% of all losses.

The most common cause of total losses is foundering (sinking/submerging), accounting for 65% of losses in 2014 (49). With 13 ships wrecked or stranded, grounding was the second most common cause with fires/explosions third, but significantly down year-on-year.

Continue reading “Shipping losses lowest for 10 years but cyber attacks pose new threats”

Ships and offshore structures are increasingly dependent on programmable control systems. These integrated and networked solutions provide an ever-larger target for cyber threats. Cybersecurity in the maritime and offshore industry was also up for discussion at this year’s CMA Shipping event during a session with the US Coast Guard, ship owners and class representatives.

In the past, critical network segments onboard vessels used to be kept isolated. This has changed a lot recently. “Ships and offshore structures are becoming more and more interconnected,” said Tor E. Svensen, CEO DNV GL – Maritime, when taking the stage at this year’s CMA (Connecticut Maritime Association) event in Stamford, CT. “In theory, all programmable components may be exposed to cyber threats, be it machinery, navigation or communication systems.”

Continue reading “DNV GL addresses cybersecurity risks”