Record-low maritime losses reported by Allianz. - Catastrophic Losses: An unprecedented event where a small number of vessels incurred damage or went missing
Shipping Risks Shape Complex, Evolving Landscape
In its 2025 Safety and Shipping Review, Allianz Commercial has painted a picture of the global shipping industry's risks as a dynamic and intricate environment, marked by escalating geopolitical tensions and new, tangible threats. Despite a steep decline in large ship losses over the past decade—a total of 27 in 2024—the rising prominence of these risks is a growing concern for the industry [3][5].
Central to these concerns is the "shadow fleet," a covert group of vessels engaging in activities that often skirt around sanctions and regulations. Allianz estimates that around 17% of the world's tanker fleet belongs to this evasive category, with almost 600 of them trading Russian oil specifically [1]. These vessels, mostly uninsured, have been implicated in multiple incidents, from fires to oil spills, further fueling environmental perils and complicating regulatory enforcement [2].
As geopolitical tensions mount, the shipping industry faces several challenges. Conflicts, attacks on vessels, detentions, and enforcement of sanctions pose safety threats and compromise the stability of crucial maritime trade routes [3][4][5]. Trade restrictions and protectionism, currently impacting 18% of global maritime trade, are causing disruptions in shipping volumes and exacerbating supply chain stresses [1][4].
Environmental and operational threats continue to plague the shipping industry, with oil spills posing a significant risk due to the activities of the shadow fleet. Other operational challenges such as fires, mis-declared cargo, aging fleets, and the transition to alternative fuels amid decarbonization efforts add to the complexity [4][5]. The industry remains vigilant against partial and attritional losses despite considerable advances in managing large vessel risks since the past decades [5].
To recap, while advancements in safety measures have substantially reduced large vessel losses over the years, Allianz Commercial raises concerns over the emergence of the shadow fleet and increasing geopolitical tensions, which could heighten environmental as well as disruptive impacts on global maritime commerce [3][4][5]. The challenges facing shipowners, insurers, and regulatory bodies represent a significant test for the industry's resilience and adaptability in the face of these evolving risks.
The community policy and employment policy must address the growing concern of the evasive, uninsured "shadow fleet" engaging in activities that flout sanctions, pose environmental hazards, and complicate regulatory enforcement in the global shipping industry. As the industry navigates through the complex landscape of escalating geopolitical tensions and new threats, it is imperative to formulate industry-specific, finance-informed, and transportation-aware policies to ensure the stability and sustainability of maritime commerce.
