Highlights

  • Half of the 10 largest ships reported as total losses in 2017 were bulk carriers.
  • Fire was the cause of loss for three of the 10 largest vessels lost.
  • The Stellar Daisy was the largest vessel lost last year.

Timeline

--> 28 February 2017 - Saint Nektaris

The 13,697 GT bulk carrier suffered an engine failure at Varna, Bulgaria. She was later towed to scrapyard pier.

--> 31 March 2017 - Stellar Daisy

The 148,431 GT bulk carrier sank after taking on water due to a hull crack, approximately 3,700km off the coast of Uruguay. Only two of its crew were rescued while 22 crew remain missing.

--> 19 May 2017 - Mutiara Sentosa 1

The 12,365 GT ferry suffered a fire onboard while underway off Masalembu Island in the Java Sea. Five people died, while several remain missing. 192 were rescued.

--> 15 June 2017 - Med Star

The 16,776 GT bulk carrier sustained fire off Rhodes island, Greece. The fire was extinguished and the ship was towed ans sent for break-up.

--> 20 June 2017 - Theresa Arctic

The 43,414 GT product tanker grounded on reefs off Kilifi, Kenya. She was later refloated and sent for scrap.

--> 12 July 2017 - Kea Trader

The only six-month old 25,145 GT container ship ran aground on the Durand reefs off Mare, in New Caledonia. She sustained damaged beyond repair, while salvage operations are yet to be completed to date. The official report released last week revealed that a series of human errors related to poor judgement and unfamiliarity with ECDIS led to the grounding.

--> 26 July 2017 - Melite

The 39,964 GT bulk carrier grounded at Pulau Laut, Indonesia, suffering hull damage.

--> 22 August 2017 - Maersk Pembroke

The 31,333 GT boxship suffered a fire while sailing approximately 400km off Isles of Scilly. The fire was extinguished. The ship was towed and sold for break-up.

--> 30 August 2017 - Norm

The 25,190 GT bulk carrier sustained an engine malfunction near Rondo Island, Indonesia. She was towed and sent for demolition.

--> 13 October 2017 - Emerald Star

The 33,205 GT bulk carrier sank off the coast of the Philippines. 15 crewmen were rescued and 11 are still unaccounted for.

The report however revealed that 2017 saw the second lowest total of shipping losses over the past decade and losses in the last ten years have declined by more than a third (38%), driven by improved ship design, technology and advances in risk management and safety, as well as recent lower shipping activity.

The frequency and severity of total losses declined over the past year, continuing the positive trend seen over the past decade...However as the use of new technologies on board vessels grows, we expect to see changes in both the risk profile of shipowners and the maritime loss environment in future. Insurers will have to deal with a growing number of more technical claims - such as cyber incidents or technological defects - in addition to traditional losses, such as collisions or groundings,

...says Baptiste Ossena Global Product Leader, Hull and Marine Liabilities, AGCS.