Approximately $125 billion in vessel and cargo value is currently awaiting passage from the Persian Gulf, highlighting the critical importance of maritime chokepoints and the escalating impact of geopolitical disruptions on global trade. According to Allianz Commercial's Safety and Shipping Review 2026, around 1,150 cargo-carrying vessels with a volume of 29 million GT and as many as 20,000 seafarers are waiting to resume operations following recent diplomatic breakthroughs. The situation underscores a transition toward a "new maritime order" defined by security risks along strategic corridors and a shift from cost efficiency to operational resilience.

Geopolitical uncertainty has emerged as a top priority for shipowners and cargo operators, challenging the industry's ongoing long-term safety improvements. The conflict in the Middle East paralyzed the Strait of Hormuz, a critical global oil trade route. While marine insurance cover has remained available, premiums for hull and cargo have increased. The primary concern for shipowners remains the risk to crew and vessels when transiting conflict zones, necessitating solid assurances of safe passage from the international community to restore traffic to pre-war levels of up to 140 vessels a day.

Despite these headwinds, the shipping industry has seen a decline in total losses and incidents. The review reports that total losses between 2021 and the end of 2025 numbered 350, an average of 70 per year, which is 37% down on the previous five-year period. In 2025 alone, 43 total losses were reported. Globally, shipping incidents declined by 16% year-on-year, falling to 2,818 in 2025 from 3,353 in 2024. The East Mediterranean and Black Sea region recorded the highest number of incidents (622), followed by the British Isles (619).

Key Incident Drivers and Trends

Traditional risks such as machinery damage and fires continue to pose significant challenges. Machinery damage or failure was the major cause of shipping incidents globally, accounting for over half of the total at 1,505 cases. Vessel collision followed with 260 incidents. Fires on large vessels, including container ships and car carriers, remain a critical worry, with more than 200 incidents reported during 2025. Although this figure is down from 2024, it represents the second highest total over the past decade, resulting in at least nine total losses.

The increasing size of vessels is driving a trend toward larger general average claims, where shipowners and cargo interests share losses to save a venture. Contributions to cover such losses can reach as high as 50% of the cargo value. For a vessel carrying a few thousand electric cars, this could easily exceed $100 million.

Incident Statistics (2025)

Thomas Lillelund, CEO of Allianz Commercial, noted that the industry has transformed from decades of relative stability to a complex and volatile environment. He emphasized that resilience, geopolitics, and efficiency must be balanced in an unpredictable world where the cost of uncertainty is reshaping the sector. Captain Rahul Khanna, Global Head of Marine Risk Consulting at Allianz Commercial, added that events in the Middle East have shifted supply chain strategies from "just-in-time" to "just-in-case" to prioritize resilience.