Subscribe to our Mailing Lists (It's free!)
Wednesday, March 22, 2023
SAFETY4SEA
  • Home
  • Safety
    • All
    • Accidents
    • Alerts
    • Loss Prevention
    • Maritime Health
    • Regulation
    • Safety
    • Seafarers
    • Security
    safety issues

    Five organisations sign MoU for the safety and security of global trade

    IGP&I: How to handle marine casualty claims

    IGP&I: How to handle marine casualty claims

    Laskaridis ship saves yacht passengers off Chile

    Laskaridis ship saves yacht passengers off Chile

    Container ship

    Container ship hits pier at Kaohsiung Port

  • SEAFiT
    • All
    • Intellectual
    • Mental
    • Physical
    • Social
    • Spiritual
    Wabi sabi

    Wabi Sabi: Imperfection makes perfection at work

    sexual abuse

    Sexual abuse at sea: Where we stand

    workplace procrastination

    Workplace procrastination: How can it stop?

    Spring is coming: Time to detox and renew

    Spring is coming: Time to detox and renew

  • Green
    • All
    • Arctic
    • Ballast
    • Emissions
    • Fuels
    • Green Shipping
    • Pollution
    • Ship Recycling
    • Technology
    IMO, MPA and Norway sign MoU to reduce emissions in developing countries

    IMO, MPA and Norway sign MoU to reduce emissions in developing countries

    Bureau Veritas

    Bureau Veritas awards AiP to Viridis ammonia-powered bulk vessel

    uk zero emission shipping

    ECSA: Shipping must be explicitly included in EU’s Net-Zero Industry Act

    israel low sulphur

    NGOs urge IMO for deep emission cuts from ships before 2030

  • Smart
    • All
    • Connectivity
    • Cyber Security
    • E-navigation
    • Energy Efficiency
    • Maritime Software
    • Smart
    New smart project aims to improve maritime logistics

    New smart project aims to improve maritime logistics

    Samsung, Kongsberg join forces to develop autonomous LNG carriers

    Samsung, Kongsberg join forces to develop autonomous LNG carriers

    Avicus

    HD Hyundai signs research agreement for fuel-saving verification project

    BIMCO

    New BIMCO campaign to accelerate uptake of eBLs

  • Risk
    • All
    • CIC
    • Detentions
    • Fines
    • PSC Case Studies
    • PSC Focus
    • Vetting
    Singapore

    Eco Spark arrested in Singapore

    Liberia

    Liberia: key guidance for machinery space deficiencies

    orange county oil spill fines

    Taiwan’s Wan Hai Lines to pay $950,000 in civil penalties

    ABS report

    ABS: Port State Control Q4 Report

  • Others
    • All
    • Diversity in shipping
    • Maritime Knowledge
    • Offshore
    • Ports
    • Reports
    • Shipping
    • Sustainability
    • Videos
    norway fall accidents

    Norway Supreme Court: EU ships cannot fish Arctic snow crab

    Wabi sabi

    Wabi Sabi: Imperfection makes perfection at work

    Odesa Coast

    Six cargo ships arrive at Odesa Coast after extension of Black Sea Grain Initiative

    danish shipping eu ets

    IMO reaches milestone for its mandatory Member State Audit Scheme

  • Columns
    SCMA: Maritime arbitration is expected to rise in prominence

    SCMA: Maritime arbitration is expected to rise in prominence

    SCMA: Maritime arbitration is expected to rise in prominence

    Port of Rotterdam: Energy transition can be successful only with scalable and affordable alternatives

    Career Paths: Bernard van Haeringen, GoodFuels

    Career Paths: Fabiana Martins, SMA (Brazil)

    Trending Tags

    • Career Paths
    • Industry Voices
    • Maripedia
    • Maritime History
    • Resilience
    • Seafarers Stories
    • SeaSense
  • Events
  • Plus
No Result
View All Result
  • Home
  • Safety
    • All
    • Accidents
    • Alerts
    • Loss Prevention
    • Maritime Health
    • Regulation
    • Safety
    • Seafarers
    • Security
    safety issues

    Five organisations sign MoU for the safety and security of global trade

    IGP&I: How to handle marine casualty claims

    IGP&I: How to handle marine casualty claims

    Laskaridis ship saves yacht passengers off Chile

    Laskaridis ship saves yacht passengers off Chile

    Container ship

    Container ship hits pier at Kaohsiung Port

  • SEAFiT
    • All
    • Intellectual
    • Mental
    • Physical
    • Social
    • Spiritual
    Wabi sabi

    Wabi Sabi: Imperfection makes perfection at work

    sexual abuse

    Sexual abuse at sea: Where we stand

    workplace procrastination

    Workplace procrastination: How can it stop?

    Spring is coming: Time to detox and renew

    Spring is coming: Time to detox and renew

  • Green
    • All
    • Arctic
    • Ballast
    • Emissions
    • Fuels
    • Green Shipping
    • Pollution
    • Ship Recycling
    • Technology
    IMO, MPA and Norway sign MoU to reduce emissions in developing countries

    IMO, MPA and Norway sign MoU to reduce emissions in developing countries

    Bureau Veritas

    Bureau Veritas awards AiP to Viridis ammonia-powered bulk vessel

    uk zero emission shipping

    ECSA: Shipping must be explicitly included in EU’s Net-Zero Industry Act

    israel low sulphur

    NGOs urge IMO for deep emission cuts from ships before 2030

  • Smart
    • All
    • Connectivity
    • Cyber Security
    • E-navigation
    • Energy Efficiency
    • Maritime Software
    • Smart
    New smart project aims to improve maritime logistics

    New smart project aims to improve maritime logistics

    Samsung, Kongsberg join forces to develop autonomous LNG carriers

    Samsung, Kongsberg join forces to develop autonomous LNG carriers

    Avicus

    HD Hyundai signs research agreement for fuel-saving verification project

    BIMCO

    New BIMCO campaign to accelerate uptake of eBLs

  • Risk
    • All
    • CIC
    • Detentions
    • Fines
    • PSC Case Studies
    • PSC Focus
    • Vetting
    Singapore

    Eco Spark arrested in Singapore

    Liberia

    Liberia: key guidance for machinery space deficiencies

    orange county oil spill fines

    Taiwan’s Wan Hai Lines to pay $950,000 in civil penalties

    ABS report

    ABS: Port State Control Q4 Report

  • Others
    • All
    • Diversity in shipping
    • Maritime Knowledge
    • Offshore
    • Ports
    • Reports
    • Shipping
    • Sustainability
    • Videos
    norway fall accidents

    Norway Supreme Court: EU ships cannot fish Arctic snow crab

    Wabi sabi

    Wabi Sabi: Imperfection makes perfection at work

    Odesa Coast

    Six cargo ships arrive at Odesa Coast after extension of Black Sea Grain Initiative

    danish shipping eu ets

    IMO reaches milestone for its mandatory Member State Audit Scheme

  • Columns
    SCMA: Maritime arbitration is expected to rise in prominence

    SCMA: Maritime arbitration is expected to rise in prominence

    SCMA: Maritime arbitration is expected to rise in prominence

    Port of Rotterdam: Energy transition can be successful only with scalable and affordable alternatives

    Career Paths: Bernard van Haeringen, GoodFuels

    Career Paths: Fabiana Martins, SMA (Brazil)

    Trending Tags

    • Career Paths
    • Industry Voices
    • Maripedia
    • Maritime History
    • Resilience
    • Seafarers Stories
    • SeaSense
  • Events
  • Plus
No Result
View All Result
SAFETY4SEA

IUMI Statistics report a continued reduction in total losses

by The Editorial Team
March 31, 2015
in Shipping
FacebookTwitterEmailLinkedin

IUMI Spring Statistics report on three key sectors : hull, cargo and energy

The International Union of Marine Insurance (IUMI) has released its Spring Statistics which report on three key sectors:

1. Hull

Hull losses show a general downward trend in total loss frequency for most vessel types. The frequency of total loss since 1997, as a percentage of the world fleet, continues to decrease and has more than halved by both the number of vessels and tonnage. However, an overall increase in percentage of the frequency of heavy weather and grounding related total losses is reported. PA casualties also reduced year-on-year during the period 2007-2014. Groundings are reported as being a significant cause of this type of casualty.

RelatedNews

IUMI: Challenges regarding insuring vessels in war-related regions

IUMI major claims database “on a growth trajectory”

2. Cargo

Cargo market statistics indicate the global economy is continuing to recover, although it remains volatile and uneven, and there has been a recent slowdown in key emerging markets such as China, Brazil and parts of Europe. Despite this continued recovery, inflation is likely to remain a factor due to the extent of economic slack in the major economies and the short term market interest rates continuing to be very low.Oil and gas prices have fallen sharply due to slower growth in key commodity importing nations. Simultaneously, with US shale gas extraction and continued OPEC production, excess supply has also contributed to this dramatic fall.

The cost of salvage and wreck removal is also dramatically increasing – it is estimated that Superstorm Sandy is the sixth costliest event in global insurance history.Cargo theft, mysterious disappearance and the misappropriation of cargo is also growing in severity. In general, exposures and risks are growing in size and complexity and these will require stable solutions in the future.

3. Energy

The energy industry continues to provide profitable results for insurers. The worldwide mobile fleet continues to grow. Although the Gulf of Mexico is showing neutral growth, the rest of the world fleet has increased significantly. For the first time in recent years utilisation rates are down worldwide, with the exception of drillships. Day rates continue to increase in most areas with only a few reductions reported.

Following significant losses experienced in 2013, control of well figures normalized in 2014. Average control of well cost was approximately $14m in 2014 compared with $20m in 2013. The oil price reduction is expected to lead to less drilling this year.For platforms and pipelines, attritional loss activity continues to remain flat which follows the long term trend. Significant changes in commodity prices over recent months are likely to lead to operators accelerating the decommissioning of these assets.

Further analysis of Spring Statistics 2015 may be found by clicking at the following articles:

IUMI Statistics report growth in fleets

IUMI Analysis on Mobile Offshore Drilling Unit Statistics

Source: IUMI – International Union of Marine Insurance

Tags: IUMI

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

IMO, MPA and Norway sign MoU to reduce emissions in developing countries

IMO, MPA and Norway sign MoU to reduce emissions in developing countries

March 21, 2023
safety issues

Five organisations sign MoU for the safety and security of global trade

March 21, 2023

SEAFiT Poll

What is the biggest obstacle for the social life onboard?

Stay tuned for the results!

MARITIME EVENTS

Explore

  • Safety
  • Green
  • Smart
  • Risk
  • Others
  • Events
  • Plus

Useful Links

  • About
  • Disclaimer
  • Editorial Policies
  • Advertising
  • Contact

RISK4SEA Facts

Did you know that age matters for 2020? 73% more for Five Deficiency Ratio for Bulk Carriers aged 6-10 yo vs. 2019 in Australia.

Learn more risk4sea.com

© 2021 SAFETY4SEA

No Result
View All Result
  • Safety
    • Alerts
    • Accidents
    • Loss Prevention
    • Maritime Health
    • Regulation
    • Safety
    • Seafarers
    • Security
  • Green
    • Arctic
    • Ballast
    • Emissions
    • Fuels
    • Green Shipping
    • Pollution
    • Ship Recycling
    • Technology
  • Smart
    • Connectivity
    • Cyber Security
    • E-navigation
    • Energy Efficiency
    • Maritime Software
    • Smart
  • Risk
    • CIC
    • Detentions
    • Fines
    • PSC Focus
    • Vetting
  • Others
    • Diversity in shipping
    • Maritime Knowledge
    • Offshore
    • Ports
    • Reports
    • Shipping
    • Sustainability
    • Videos
  • Columns
    • Opinions
    • Career Paths
    • Industry Voices
    • Maripedia
    • Maritime History
    • Seafarers Stories
    • SeaSense
  • Events
  • Plus

© 2021 SAFETY4SEA

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Disclaimer.