Insurance premiums for ship hulls reached $9.2 billion in 2023, reflecting a 7.2% increase compared to the previous year. This rise has been attributed to two main factors: the expansion of the global fleet and the escalation of ship values. Ilias Tsakiris, general manager of the American Club (Europe) and CEO of Hellenic Hull, shared these insights during the 150th annual general meeting of the International Union of Marine Insurance (IUMI).
Shipowners have been investing in enhancing their fleets by acquiring vessels equipped with advanced technologies to address the demands of international trade. Consequently, hull insurers have been extending coverage for these assets that hold greater value. Despite this growth, Tsakiris cautioned about potential challenges on the horizon due to intensified competition in the market, particularly from existing insurers aiming for rapid expansion.
Another significant issue Tsakiris brought to attention was the effect of geopolitical tensions on global trade routes, notably in the Middle East. He highlighted the ongoing crisis in the Red Sea caused by Houthi rebels, which has led many shipowners to avoid the Suez Canal and instead take longer routes around Africa for the safety of their crews. This strategic redirection not only results in longer journeys but also comes with heightened operational risks. Ships navigating these unfamiliar waters are at increased risk of damage and delays, particularly due to the limited rescue and repair facilities available along these alternative routes.
Moreover, Tsakiris addressed the environmental implications associated with longer shipping routes. Increased distances lead to higher fuel consumption and emissions. He remarked, “While the CII rating may appear improved, ships actually burn more fuel on these longer journeys, directly impacting the industry’s carbon footprint. This poses a serious challenge as we strive to reduce emissions in alignment with global targets, necessitating solutions that fulfill regulatory demands while effectively lowering the environmental impact of maritime shipping.”
Tsakiris also noted a notable increase in the frequency and cost of compensation claims in 2023, although they remained consistent with pre-pandemic levels from the previous year. He expressed cautious optimism about the stabilization of the situation as we approach 2024.
Πηγή: naftemporiki.gr
