The global maritime industry has reached a major milestone: only 27 major vessels were lost worldwide in 2024, the lowest number on record, according to Allianz Commercial’s latest annual Shipping and Safety Review. This marks a 20% decrease from the previous year and a stark improvement compared to the 1990s, when over 200 ships were lost each year.
This achievement highlights progress in safety and operational standards but comes at a time when the maritime sector is navigating a complex and increasingly volatile global environment.
“While the industry shows growing resilience, serious risks remain,” said Captain Rahul Khanna, Global Head of Marine Risk Consulting at Allianz Commercial. “Cyberattacks and GPS interference are on the rise. And despite ceasefires bringing hope, Red Sea security threats and supply chain disruptions are expected to persist.”
Mounting Global Challenges
Among the top concerns is the intensifying U.S.-China trade conflict, which as of mid-April 2025 affects nearly 18% of global maritime trade—a sharp increase from 4% just a month earlier. At the same time, the expansion of a “shadow fleet”—a network of poorly maintained and underinsured tankers used to circumvent sanctions—now makes up approximately 17% of the world’s tanker fleet. Around 600 of these vessels are involved in transporting Russian oil alone.
“These aging tankers pose a serious environmental and financial risk,” warned Justus Heinrich, Global Product Leader for Marine Hull at Allianz Commercial. “An oil spill involving a shadow fleet vessel could cost up to $1.6 billion, with taxpayers likely footing the bill.”
Fires, Equipment Failures & High-Risk Regions
Fires remain a critical safety issue, with 250 incidents recorded in 2024—the highest number in a decade and a 20% year-on-year increase. About 30% of these fires occurred on containerships, cargo vessels, or roll-on/roll-off ships. Over 100 total vessel losses have been linked to fires in the last ten years.
In terms of regional risk, the British Isles experienced the most shipping incidents in 2024 (799), followed by the Eastern Mediterranean and Black Sea (694). Globally, equipment failure or damage was the leading cause of incidents, accounting for more than half of all 1,860 reported cases.
A Sector Still Central to Global Trade
Despite these ongoing challenges, the maritime industry remains essential to international commerce. 90% of global trade is still carried by sea, and the sector has shown substantial improvements in safety, with total losses down 75% over the last decade.
Looking ahead, the shipping industry faces the difficult task of balancing traditional safety issues with emerging threats. As Captain Khanna notes, “The next few years will be decisive in shaping the future of the maritime sector and global trade.”
