The number of global ship sinkings has fallen to a record low. According to the annual report on shipping risks from the industrial insurer Allianz Commercial, released on Wednesday, only 26 larger ships were lost last year. This represents a decrease of a good third compared to the previous year and a decrease of more than 70 percent over a ten-year comparison.

In the 1990s, the annual average of shipwrecks was still over 200. Therefore, traffic on the world's seas has become significantly safer. Nevertheless, apart from current wars and conflicts, dangers for ships and their crews persist, particularly due to piracy.

According to Allianz Commercial, there were 120 reported pirate attacks worldwide last year, five more than in 2022. The most dangerous regions are the Gulf of Guinea off the coast of West Africa and the Strait of Singapore in Southeast Asia. However, particular concern arises from the resurgence of piracy at the Horn of Africa, where Somali pirates hijacked a ship in December 2023 for the first time since 2017 and several more attacks have been recorded since then.

According to the assessment of Allianz shipping experts, the numerous attacks by Islamist Houthi militias on merchant vessels in the Red Sea in the aftermath of the Gaza war could serve as inspiration for Somali pirates. Accordingly, wars like those in Gaza and Ukraine have indirect effects on shipping security by creating or facilitating subsequent risks.

Another example of such subsequent dangers is an international "shadow fleet" of an estimated 600 to 1400 oil tankers exporting Russian oil and involved in at least 50 incidents, including fires, collisions, and oil spills. "These are mostly older, poorly maintained ships operating outside international regulations and often without adequate insurance," said Justus Heinrich, head of marine insurance in Germany and Switzerland at Allianz Commercial. "This poses serious environmental and safety risks."

Allianz Commercial is the subsidiary responsible for industrial and corporate clients of the Munich DAX group Allianz SE.

In XETRA trading, Allianz shares temporarily gain 0.11 percent to 267.50 euros.