Costa Concordia tops 2012 increase in ship losses
However long term downward trend continues, says Allianz
By CFOWorld.co.uk staff | CFO UK | Published 17:18, 10 January 13
In wake of the Costa Concordia incident, 106 ship losses were reported worldwide in the 12 months to 25 November, 2012, up from 91 ships the previous year, but a 27 percent decrease on the 10-year average of 146 ships per annum, according to insurer Allianz.
In its annual Safety and Shipping Review of maritime losses published this week, Allianz said that despite the long term downward trend in mishaps, driven by technology, training and regulation and a proactive response from the shipping industry to safety improvement, human error remains the core challenge.
The year 2012 was marked by two high profile accidents with the loss of the Costa Concordia off Italy on 13 January (the largest loss of the year at 114,137 gross tons) followed by that of the ferry, Rabaul Queen, off Papua New Guinea on 2 February. Both incidents caused multiple fatalities.
In the review, Allianz noted that foundering (sinking or submerging) was the most common cause of losses in the past year (49 percent) followed by wrecking or running aground (22 percent). Collisions such as that involving the Baltic Ace and Corvus J in early December 2012 accounted for a relatively small number of losses (6 percent).
With 30 losses reported, twice as many shipping accidents centred on the seas around South China, Indochina, Indonesia and the Philippines. Shipping losses also occurred more often in the East Mediterranean and the Black Sea (15 losses in 2012) or around Japan, Korea and North China (10 losses), the insurer said.
The report highlights that human error remains a root cause of most incidents. Fatigue, economic pressures, and inadequate training are causes for concern.
File photo: Costa Concordia © Reuters 2012.
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