Rahul Khanna News

Ongoing and new threats posed by the ripple effects of the Ukraine conflict will create challenges to the shipping sector over the next 12 months and beyond, according to insurer Allianz Global Corporate & Specialty SE’s (AGCS) Safety & Shipping Review 2023.Every year AGCS analyzes reported shipping losses and casualties involving vessels over 100 gross tons. During 2022, 38 total losses were reported globally, compared with 59 a year earlier. This represents a 65% decline in…

About the Author: Captain Rahul Khanna is Global Head of Marine Risk Consulting at Allianz Global Corporate & Specialty. A marine professional with 26 years of experience within the Shipping and Maritime industry, Captain Khanna served more than 14 years on board merchant ships in all ranks, including Master of large oil tankers trading worldwide. Although shipping losses have more than halved over the past decade fires on board vessels remain among the biggest safety issues for the maritime industry.

Commercial insurer Allianz Global Corporate & Specialty released its Safety & Shipping Review, an annual analysis of shipping losses and accidents worldwide. The 2022 report reveals that the maritime sector continues its long-term positive safety trend over the past year with 54 total losses of vessels reported globally, compared with 65 a year earlier. This represents a 57% decline over 10 years (127 in 2012); while during the early 1990s the global fleet was losing 200+ vessels a year.The 2021 loss total is made more impressive by the fact that there are an estimated 130…

The owner and insurers of one of the world's largest container ships stuck in the Suez Canal face claims totaling millions of dollars even if the ship is refloated quickly, industry sources said on Wednesday.The 400-metre, 224,000-tonne Ever Given ran aground on Tuesday morning after losing the ability to steer amid high winds and a dust storm, the Suez Canal Authority (SCA) said in a statement, threatening to disrupt global shipments for days.GAC, a Dubai-based marine services company…

The record low 41 large shipping losses worldwide in 2019 represents a 20% improvement year-on-year and almost 70% over a decade, but the coronavirus crisis could endanger the long-term safety improvements in the shipping industry for 2020 and beyond, as difficult operating conditions and a sharp economic downturn present a unique set of challenges, according to recent report from marine insurer Allianz Global Corporate & Specialty (AGCS).Consequences of coronavirus and a sustained…

The pandemic has brought about sudden changes for cargo transportation, impacting shippers and transport companies around the world and potentially increasing the risk environment, particularly for high-value and temperature-sensitive goods. In a new risk bulletin AGCS highlights steps for cargo owners to consider when developing contingency plans.While in most cases initial government directives have established cargo transportation as an essential activity, permitted during any quarantine period…

The reluctance of foreign banks to deal with Iran could complicate any compensation payments resulting from the collision last week of an Iranian oil tanker and a Chinese cargo ship, sources say. The tanker Sanchi, carrying 136,000 tonnes of highly flammable condensate oil, collided with the Chinese dry cargo vessel CF Crystal on Saturday in the East China Sea, causing an oil spill and a blaze that is still raging four days later. Liability has yet to be established but lawyers…

Seas where Sanchi collision incident has taken place are leading region for maritime accidents. East/South East Asian waters have been identified as the top worldwide hotspot for shipping losses, with 34 ships lost in this region in 2016 alone – 40 percent of all shipping losses globally – according to a report from marine insurer Allianz. Analysis of global shipping losses over the last decade has highlighted East/South East Asian seas as an accident hotspot, with the collision of the oil tanker Sanchi with another ship off the coast of Shanghai as the latest major shipping incident in the region. Sanchi is currently on fire as a result of the collision, with its cargo of condensate raising concerns around the potential for explosion and pollution.

The Panama Canal’s impact on shipping routes and vessel sizes since it opened in 1914 is undisputed. This will continue with the opening of a third channel for larger vessels in 2016. This briefing examines the risk management impact of this expansion on the maritime industry. Why is the Panama Canal Expansion Significant? The Panama Canal’s $5.25 billion expansion increases the maximum vessel capacity and enlarges the overall volume of transported freight. Existing locks can handle ships up to 106 ft. wide, 965 ft. long, and 39.5 ft. of draft.

Inadequate protection against cyber risks is becoming a major threat to the maritime sector, increasingly interconnected and dependent from automation. Ports and ships have become target of hackers. Allianz Global Corporate & Specialty (AGCS) says that cyber risks a growing concern in shipping sector, particularly around e-navigation. The IT risk is now beginning in this area, but soon ports and ships could become attractive targets for hackers, says Captain Rahul Khanna, Global Head of Alliance Marine Risk Consulting (AGCS). Companies must simulate these potential scenarios and identify the correct strategies of risk mitigation, says Khanna. Dr. Other scenarios can see cybercriminals affecting important ports, close the terminal or interfere with container or confidential data.

Container ship safety is under the spotlight with ever-increasing ship sizes, as evidenced by the January 2015 inauguration of the world’s largest container ship, the MSC Oscar (19,224 teu). The length of four football pitches, it can carry 19,000 containers. Yet ships as large as 22,000 teu are expected to be in service soon. Experts in this field say that losing bigger ships could cost $1bn each. Dr. Sven Gerhard, Global Product Leader Hull & Marine Liabilities of Alliance Marine Risk Consulting, Allianz Global Corporate & Specialty (AGCS) says: “Larger ships can also mean larger losses. Maximum exposure would not necessarily be limited to vessel and cargo value but could also include environmental or business interruption backlash.

As the Panama Canal prepares to celebrate its 100th anniversary, insurers are warning of the increased risks that will arise from the plan to double the cargo-carrying capacity of the world’s most famous canal. In a report entitled Panama Canal 100: Shipping Safety and Future Risks, Allianz Global Corporate & Specialty (AGCS) identifies that the value of insured goods transiting the canal zone may increase by over $1 billion per day following completion of the Third Set of Locks Project, which will see two new sets of locks built, creating a third transit lane for larger ships.

As the Panama Canal prepares to celebrate its 100th anniversary, insurers are warning of the increased risks that will arise from its plan to double the cargo-carrying capacity of ships transiting one of the world’s most important waterways. In a new report entitled Panama Canal 100: Shipping Safety and Future Risks leading marine insurer, Allianz Global Corporate & Specialty (AGCS) identifies that the value of insured goods transiting the canal zone may increase by more than $1 billion per day following completion of the Third Set of Locks Project…