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ALLIANZ: DELAYS IN SHIPPING KEEP DECLINING REACHING THE ALL-TIME ANNUAL LOW
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Despite increasing dangers, the worldwide shipping industry is continuing to show a drop in big vessel losses. According to the Safety and Shipping Review 2024 published by global insurer Allianz, shipping losses reached a record low, continuing a previous trend.
The organisers point out that over the last 10 years, different types of biofuel have been tested aboard, but the main focus of these trials has been on the characteristics of combustion and the amount of pollution reduction. Because biofuel has been shown to work with current engines and bunkering infrastructure, it is a desirable "drop-in" green fuel. However, there is much less data on the continuous and long-term use of biofuels, which is an important component to meet the projected demand for biofuels.
According to the analysis, the global fleet lost just 26 large ships in 2023, despite the industry facing increasing instability and uncertainty from war and geopolitical events, climate change, and the revival of piracy, among other hazards. This was a decrease of nearly one-third on an annual basis and seventy percent over the previous ten years. A total of 41 and 59 losses were reported in 2022 and 2021, respectively, whereas 729 ships have been lost in the previous ten years.
According to Allianz, the decrease in losses is occurring in a setting that is getting riskier. The conflicts in Gaza and Ukraine, the reappearance of Somali piracy following a protracted hiatus, the drought caused by climate change, and the push to decarbonise are just a few of the many problems facing the shipping sector. The problem is that these problems are developing quickly, which is altering the maritime industry's operational environment.