While Maritime Risks Soar, Total Losses Plummet in '23 - Report
It was only 30 years ago when maritime lost approximately 200 large vessels per year. Despite the mounting risks to shipping globally, its safe to say that safety measures and technology put in place in the interim have paid off, as in 2023 the industry saw 26 large ships lost -- down from 41 a year earlier and the lowest total ever, according to the Allianz Commercial Safety and Shipping Review 2024.While the ship loss numbers continue to fall, the industry still has a significant…
Maritime Risk Symposium: Full Program Released
The 2022 Maritime Risk Symposium (MRS), scheduled to be held Nov. 15-17, 2022, hosted by Argonne National Laboratory at the Argonne campus in Lemont, Illinois, recently unveiled the full conference program, packed with experts with insights on the challenges facing the inland waterway systems.Click here to read the fulll program for MRS 2022MRS is an annual international event focused on risks involving the global maritime transportation system (MTS). For the MRS, the U.S. Coast Guard partners with the sponsor…
Insurance Insights: Larger Vessels, Larger Exposures
The blocking of the Suez Canal by one of the largest container ships in service in the world – the Ever Given – in March 2021 caused huge delays to hundreds of vessels waiting to transit the canal, one of the biggest chokepoints on the critical East/West trade shipping route. The blockage was estimated to have affected an estimated $9.6bn of goods each day, or around 12% of total world trade.The latest in a growing list of incidents involving large vessels, the Ever Given has…
Arctic Shipping Requires New Ways to Manage Risks
In February 2021, LNG carrier Christophe de Margerie, escorted by a nuclear icebreaker, became the first large-capacity cargo vessel to transit the eastern sector of the Northern Sea Route (NSR). The voyage demonstrated that year-round safe navigation is possible along the entire length of the Northern Sea Route (NSR).In the last five years, cargo traffic along the NSR has grown almost fivefold, reaching 33 million tons in 2020. Last year, there were 64 voyages on the NSR compared with 37 in 2019.
Risk Management with a Mouse Click
Risk Intelligence provides security data, information, analysis and assessment to enable safe navigation in areas of risk in an increasingly uncertain world.Since its founding in 2001, Denmark-headquartered security information specialist Risk Intelligence has developed a fully integrated risk assessment and planning tool that provides valid, actionable intelligence to any fleet, on land, in port or at sea, 24/7/365. The company has three information and intelligence products that together assess security risks at sea…
Dualog, NYK Sign Cyber-Risk Contract
Japanese shipping company NYK has signed a long-term industrial research and development project agreement with Tromsø-based Dualog which aims to result in a cutting-edge Cyberrisk Management System for vessels.The project announced today at the Norwegian Embassy in Tokyo will receive two years of funding from the Norwegian government fund Innovation Norway.The agreement will see the development of digitized products and services across a test-bed of 50 vessels with a view to eventually being rolled out across NYKs self-operated fleet of 250 ships.The accord follows hot on the heels of a strategic partnership both companies signed in the summer of 2017…
Maritime Risk Symposium, Nov. 12-15 at SUNY Maritime
The State University of New York Maritime College, in collaboration with the U.S. Coast Guard, National Academy of Sciences, academic institutions, industry partners, and federal, state and local agencies, will host the 10th Annual Maritime Risk Symposium (MRS 2019) Nov. 13-15, 2019, at New York Maritime College located in the Bronx, New York.MRS 2019 will bring together academics, government and commercial entities to discuss the threats, challenges and risks associated with the Marine Transportation System with a focus on current and future marine transportation challenges and threats.
Mitigating Maritime Risk
“The First Steps in Mitigating Contemporary Risks to our Strategic Sea Lines of Communication”It is indisputable that the world’s economy floats on seawater. It is equally indisputable that international maritime transportation is the tool that keeps the global economy moving. The world economy has surged over the last half century, and that growth has been largely driven by globalization and the consequent reduction in barriers to trade. Any operational disruptions in maritime transportation have wider consequences for society…
