The maritime industry has achieved an unprecedented level of safety, reaching its highest historically recorded standards, according to the latest report by Allianz. Despite the complex geopolitical environment, piracy threats, and common maritime accidents (such as fires and cargo liquefaction), vessel losses in 2024 have fallen to historic lows, with only 27 incidents reported.
Falling Vessel Losses Reflect Industry Progress
The “Safety and Shipping Review 2025” highlights that total vessel losses continue a downward trend. However, the report notes that the broader geopolitical landscape remains fluid, with tensions that could alter the current safety outlook. Nonetheless, industry improvements are evident. In 2024, only 27 ships were reported lost – a significant decrease from 35 in the previous year, representing a 20% annual decline. Over the past decade, total losses have decreased by approximately 75%.
Comparing this to the 1990s, the progress becomes even more apparent. Nearly two decades ago, the industry was losing over 200 vessels annually. A decade later, that number was halved. Since then, safety improvements have been dramatic. For example, in 2015, there were 105 vessel losses; this number has steadily decreased year over year: 103 in 2016, 94 in 2017, 74 in 2018, 72 in 2019, 67 in 2020, 62 in 2021, and 42 in 2022.
Increase in Maritime Accidents and Fire Incidents
While vessel losses decrease, reported maritime accidents and incidents have increased by approximately 10% in 2024, with a total of 3,310 incidents compared to 2,963 in the previous year. The UK and the Mediterranean/Black Sea regions recorded the highest numbers, with 799 and 694 incidents respectively.
Fire-related incidents remain a significant concern, with seven losses reported in 2024, unchanged from the previous year. Overall, 250 fire incidents occurred during the year, marking a 20% increase and representing the highest annual tally in a decade. Nearly one-third of these fires affected containers, cargo, or Ro-Ro vessels, indicating a rise compared to the overall damages caused by fires over the last ten years.
Shift in Types of Vessel Losses and Involvement of Fishing Fleets
Interestingly, fishing vessels have surpassed cargo ships as the most involved in incidents, accounting for approximately 40% of total vessel losses. Sinking remains the leading cause, responsible for nearly half of all losses. Additionally, extreme weather events were cited as contributing factors in at least seven cases during 2024. The average age of ships involved in total loss over the past decade is around 29 years.
Geopolitical Tensions and Security Threats
Captain Rahul Khanna, head of Marine Risk Consulting at Allianz Commercial Global, emphasizes the rising significance of political factors and conflicts. “The importance of geopolitical tensions as potential causes of maritime losses is increasing. While traditional causes of loss have decreased over time, we may find ourselves in a situation where conflicts and geopolitical developments overtake this positive trend,” he notes.
The Shadow Fleet: A Growing Threat
A particularly concerning development highlighted in the report is the rise of the so-called “shadow fleet” of Russia. Comprised of aging, poorly maintained oil tankers, this fleet has expanded rapidly following Russia’s invasion of Ukraine.
It is estimated that approximately 17% of the global tanker fleet now belongs to this shadow fleet — roughly 600 vessels that exclusively trade Russian oil. These ships have been involved in numerous incidents, including fires, collisions, and oil spills.
The industry operates in an increasingly unstable and complex environment characterized by attacks, ship seizures, sanctions, and the risks posed by damage to critical undersea cables. Allianz emphasizes that, despite the importance of maritime shipping to the global economy, recent months have introduced new layers of risk that necessitate constant vigilance.
Vessel Losses by Year
Year | Vessel Losses |
2015 | 105 |
2016 | 103 |
2017 | 94 |
2018 | 74 |
2019 | 72 |
2020 | 67 |
2021 | 62 |
2022 | 42 |
2023 | 35 |
2024 | 27 |
Maritime Incidents by Region (2024)
Region | Incidents |
UK | 799 |
Mediterranean/Black Sea | 694 |
Fire Incidents
Year | Fire Incidents |
2023 | 250 |
2024 | 250 |
Vessel Types Involved in Losses
Vessel Type | Percentage of Total Losses |
Fishing Vessels | 40% |
Cargo Ships | 60% |