Allianz’s annual casualty review puts the number of ships totally lost in 2014 at 75, some 32% below the previous year.
The most common cause of total losses is foundering, accounting for 49 ships or 65% of losses in 2014.
Grounding was the second most common cause accounting for 13 vessels, with fires and explosions accounting for four more ships.
The Allianz report says there were 2,773 casualties globally during the year with European waters the most hazardous.
The East Mediterranean & Black Sea region was the top hotspot with 490 incidents, while waters around the UK, the North Sea, English Channel and Bay of Biscay accounted for a further 465 casualties.
Allianz Global Corporate & Specialty marine chief, Sven Gerhard, highlights that seven passenger ships were lost in 2014 including the Sewol tragedy off South Korea and the Norman Atlantic on a voyage from Greece to Italy.
“These two incidents underline a worrying gap in crew training when it comes to emergency operations on ro-ro ferries or passenger ships,” noted Gerhard.
The Allianz report also notes that a trend to minimum manning levels has led to seafarers being asked to do more with less.
Other concerns include the growth in the size of containerships, over-reliance on electronic navigation and the risk of a cyber attack on ports and shipping.
The Allianz report dubs a Great Lakes trading vessel as the unluckiest ship as it has been involved in 19 incidents in the past eight years including six in the same year.
Problems to have hit the ship include a fire, engine failure, steering failure and a collision with a submerged log.
Allianz’s 2015 Safety and Shipping Review is the latest in a series, but like previous editions is not based on insurance industry statistics but a compilation of reports of varying origin.
