Connect with us

Economy

Shipping Companies Lost 1,382 Containers to Bad Weather Yearly – Report

Published

on

NPA

World Shipping Council Says 1,382 Containers Lost Year

A recent report by the World Shipping Council has estimated that about 1,382 containers are lost at the sea yearly due to bad weather and other unforeseen circumstances.

In the report titled ‘Containers lost at sea – 2020 update’, the council attributed the disappearance of over 1,382 containers to severe weather, rough seas, ship groundings and structural failures as some of the problems which can result in containers being lost at sea.

The report said it used a survey-based system to calculate the losses made by shipping companies over a 12-year period.

It said, “Upon review of the results of the 12-year period (2008-2019) surveyed, the WSC estimates that there were on average a total of 1,382 containers lost at sea each year.

“With 12 years of data, it is particularly interesting to look at the trend of three-year averages, reported in each of the survey updates.

“In the first period (2008-2010), total losses averaged 675 per year and then quadrupled to an average of 2,683 per year in the next period (2011-2013).

“This was due in large part to the sinking of the MOL Comfort (2013) that resulted in a loss of 4,293 containers and further impacted by the grounding and loss of M/V Rena (2011) resulting in approximately 900 containers lost.

“Nevertheless, the next period (2014-2016) was marked by another vessel sinking with the tragic total loss of the SS El Faro (2015) with the loss of 33 crew members and 517 containers.

“Even with that, the three-year average annual loss for the period was 1,390, about half of the previous period. The downward trend continued into the most recent period (2017-2019) when the three-year average annual loss was almost halved again to 779.”

The WSC, therefore, encouraged governments and other stakeholders to improve container safety and reduce containers lost at sea.

This, it said could be achieved by making adjustments to the Safety of Life at Sea and revising the International Organisation for Standardisation standards for container lashing equipment and corner castings.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

Comments
Advertisement
Advertisement