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Geopolitical tensions lead to increasing risks for shipping sector globally
- Allianz Safety and Shipping Review 2025: Trade conflict between the US and China and growing shadow fleet add to substantial challenges for the shipping industry.
- Despite geopolitical headwinds: only 27 large ships lost worldwide in 2024, down by more than 20%, the industry’s lowest-ever total.
- Progress made on traditional risks such as fires, collisions, and groundings, which are the main causes of losses, but potential for large claims remains a concern.
SINGAPORE – Media OutReach Newswire – 27 May 2025 – The fast-changing geopolitical landscape is creating new risks and challenges for a shipping industry already juggling the energy transition and the legacy of the Covid-19 pandemic, according to Allianz Commercial’s Safety and Shipping Review. The industry faces an increasingly volatile and complex operating environment, marked by attacks against shipping, vessel detentions, sanctions, as well as the fall-out from incidents involving damage to critical sub-sea cables. Furthermore, the ripple effect of increasing protectionism and tariffs threatens to remake supply chains and shake up established trade relations.
Given 90% of international trade is transported across oceans, those developments are concerning, especially as the industry continues to see the potential for large claims from traditional risks such as fires, collisions and groundings, which are still the main drivers for total losses of large vessels. However, there is also good news. The shipping industry has made significant improvements when it comes to maritime safety in recent years. During the 1990s the global fleet was losing 200+ vessels a year. This total had halved 10 years ago and is now down to a record low of 27 as of the end of 2024 (from 35 in 2023).
“The relevance of political risk and conflict as a potential cause of maritime loss is increasing with heightened geopolitical tensions. Total losses from traditional causes may have reduced over time, but we could be in a position where this positive trend is potentially offset by war and other political-related exposures. As an industry, we are in a better position with regards to traditional risks, but there is a renewed focus on geopolitical risks,” says Captain Rahul Khanna, Global Head of Marine Risk Consulting, Allianz Commercial.
US-China trade conflict and growing shadow fleet bring uncertainty and challenges
China has been the biggest target of the protectionist measures of the US administration with tariffs reaching 145%, before both countries agreed to reduce them for 90 days. Developments have significantly impacted global maritime trade with approximately 18% of it subject to tariffs as of mid-April 2025, compared with 4% in early March, and dramatic declines in shipments reported in the immediate aftermath of the “Liberation Day” announcements. While the future of US trade-focused policies remains uncertain, another phenomenon is posing an increasing challenge for the maritime and insurance industries: the shadow fleet. Since the start of the war in Ukraine, the size of the shadow fleet has grown significantly. Today, around 17% of the world tanker fleet is thought to belong to the shadow fleet: estimates indicate there are close to 600 tankers trading Russian oil alone. Shadow fleet vessels have been involved in tens of incidents around the world including fires, collisions and oil spills.
“Although recent sanctions are making it harder for these vessels to trade, the shadow fleet continues to pose a serious risk to maritime safety and the environment, as many are likely to be older vessels that are poorly maintained and inadequately insured. In case of an oil spill involving a shadow fleet tanker, cleanup costs could be as much as US$1.6bn,” says Justus Heinrich, Global Product Leader, Marine Hull, Allianz Commercial.
Red Sea rerouting: older vessels and riskier routes in addition to higher costs
With ongoing geopolitical volatility in the Middle East, many ship operators have rerouted vessels around the Cape of Good Hope, adding time and cost to transits between Asia and Europe. For example, this rerouting adds around $1mn in costs and at least 10 days to a typical transit between China and Europe. According to estimates, cargo volumes in the strait had fallen by two-thirds by September 2024, with rerouting costing the global economy some US$200bn that year. The quality and safety of vessels may also be impacted as a result of this rerouting.
“With container capacity under pressure, some shipowners have gone out to the market to meet supply, purchasing tonnage that is often older and second best. This has helped push up values and seen vessels scheduled for scrap and older tonnage stay in the market longer. The concern is that when called back into service, these vessels may not be in the best state to operate safely on longer sea routes and in rough weather,” says Captain Nitin Chopra, Senior Marine Risk Consultant, Allianz Commercial Asia.
Fires and mis-declared cargo remain a top concern for large vessels
Large vessel fires are still a major concern for hull and cargo insurers. There were seven total losses reported across all vessel types during 2024, the same number as a year earlier. The number of incidents overall was up year-on-year to a decade high of 250, again across all vessel types. Around 30% of these fire incidents occurred on either container, cargo or roll-on roll-off vessels (ro-ros) (69). More than 100 total losses of vessels have been caused by fires in the past decade. Efforts to mitigate these risks are underway, with regulatory changes and technological advancements aimed at addressing mis-declared cargo, a primary contributor to such fires. This is critical as the electrification of the global economy poses further challenges given the growing number of lithium-ion batteries and battery energy storage systems being transported.
“There is little doubt the shipping industry is becoming more resilient against the risks associated with large vessels, although we can by no means say they are under control. However, only 27 total losses during 2024 underlines the positive trend. To put this into perspective: there are over 100,000 ships (100GT+) in the global fleet. However, uncertainty and multiple risks persist. Cyber-attacks and GPS interferences are increasing. Ceasefires have raised hopes, but the Red Sea security threat and supply chain disruption will likely remain. Meanwhile, the green transition requires much work. The coming years will be decisive and will determine the path of the sector and global trade,” explains Captain Rahul Khanna, Global Head of Marine Risk Consulting, Allianz Commercial.
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https://commercial.allianz.com/
financial strength, and network of the world’s #1 insurance brand, we work together to help our customers prepare for what’s ahead: They trust us in providing a wide range of traditional and alternative risk transfer solutions, outstanding risk consulting and Multinational services as well as seamless claims handling. Allianz Commercial brings together the large corporate insurance business of Allianz Global Corporate & Specialty (AGCS) and the commercial insurance business of national Allianz Property & Casualty entities serving mid-sized companies. We are present in over 200 countries and territories either through our own teams or the Allianz Group network and partners. In 2024, the integrated business of Allianz Commercial generated around €18 billion in gross premium globally. https://commercial.allianz.com/
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New Documentary A MONA LISA OBSESSION from Discovery to debut December 14 in Southeast Asia
Owned by Frank Huang, an art collector and Taiwanese technology leader from Taiwan, this depiction of the Mona Lisa from his private collection adds a unique perspective to the ongoing conversation surrounding one of Leonardo da Vinci’s most iconic works.
The Mona Lisa has long captivated the world with her enigmatic smile and mysterious gaze – over centuries, many artistic interpretations inspired by the Mona Lisa have emerged, with scholars discovering more hidden details and subtle symbols, fueling the fascination of the original painting.
Catch A Mona Lisa Obsession in Southeast Asia on the Discovery Channel, Thursday, December 11, 2025 at 7:10 PM SGT and on Discovery Asia on Sunday, December 14 at 9:00 PM SGT.
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Financial Stress Keeps Singapore Awake, while Overall Well-Being in APAC Lags Behind Global Peers
Promotion of exercise culture and therapy may boost physical and mental health
The Singapore report of the Cigna Healthcare International Health Study 2025, released today encompasses more than 11,000 respondents across 13 markets, including 1,000 in Singapore and 4,000 across the Asia-Pacific region. The study reveals that physical, mental and financial well-being are the three aspects prioritized by Singapore residents. However, financial well-being is ranked the lowest with almost four in 10 (39%) rating their financial health as “fair” or “poor”.
Raymond Ng, CEO & Country Manager, Cigna Healthcare Singapore & Australia said: “Health and vitality are key to building resilient communities. It promises the well-being of our workforce and enables us to grow and prosper as a society. While vitality and well-being levels held firm among Singapore residents, more needs to be done in today’s uncertain environment to tackle stressors that can negatively impact their physical and mental well-being.”
The key indicators of vitality and well-being in Singapore are as follows:
| Vitality Score | Overall Well-Being
(% rating as “excellent” or “very good”)
|
Top Three Areas of Well-Being
(% rating as “excellent” or “very good” in 2025) |
| 2025: 61.2
2024: 61.4 |
2025: 34%
2024: 33% |
Family well-being: 44%
Mental well-being: 36% Physical well-being: 34% |
On a regional level, overall well-being in Asia Pacific lags behind the global average, with less than three in 10 (28%) Asia-Pacific respondents rating their overall well-being as “excellent” or “very good”, compared to four in 10 (41%) globally. While physical and mental well-being are the two most important aspects of well-being for respondents globally, financial well-being is more important for those in Asia Pacific, coming in as the third most important aspect. With financial well-being remaining the weakest aspect across the globe, there is a pressing need for governments and organizations to render support to address financial concerns.
Robert Peat, Chief Executive Officer, Asia Pacific, Cigna Healthcare said: “Asia Pacific continues to be one of the fastest growing regions in the world. To sustain this momentum, communities and employers need to recognize that healthy people are the foundation of a healthy economy and implement measures to close the gaps in their well-being.”
Sleepless in Singapore: Financial stress as the sleep killer
While mental well-being in Singapore remains stable with more than a third of respondents rating it as “excellent” or “very good” this year, eight in 10 (79%) respondents are stressed. Their greatest stressors are the current cost of living (53%); uncertainty about the future (47%); and personal finance (43%).
Stress affects more than mental and emotional health and can have huge implications on physical well-being. Our study reveals that disrupted sleep is the most common effect of stress among respondents in the nation, with close to half (48%) of respondents who are stressed reporting this effect, compared to 38% regionally.
Therapy remains underused by Singapore respondents. Despite nearly half (49%) of respondents reporting being negatively impacted by poor mental health, nearly nine in 10 (89%) say they did not receive counselling or therapy in the past 12 months, with 77% believing they do not need it. Given the impacts of stress and poor mental health on physical and overall well-being, more efforts are needed to raise awareness about the benefits of therapy and destigmatize seeking help.
Exercise culture runs strong in Singapore
More than a quarter (26%) of respondents in Singapore rate their exercise habits as “excellent” or “very good”.
When asked how they manage their weight, two-thirds (66%) said they exercise regularly, higher than the Asia-Pacific average of 61%; with only 4% of Singapore respondents turning to medication for weight management. The findings underscore a relatively strong exercise culture and the prioritization of healthy habits among those living in the nation. Communities and organizations may leverage the growing fitness trend to enhance physical well-being.
Cautious optimism around AI in healthcare
Close to half (47%) of Singapore respondents are positive about the impact of AI on healthcare, with 45% expecting it will reduce wait times within three years. This could have an outsized impact in Singapore, as respondents here are 29% more likely to have delayed or avoided getting care due to concern with wait times than their regional counterparts.
Additionally, almost half of Singapore respondents (48%) mention a reduction in human interaction as an expected change with the advent of AI. The challenge ahead is striking the right balance between efficiency and empathy.
The full findings of the report are available here.
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Cigna Healthcare Singapore
Cigna Healthcare is a division of The Cigna Group, a global health company committed to creating a better future built on the health and vitality of every individual and every community. Cigna Healthcare is a health benefits provider that advocates for better health through every stage of life. We guide our customers through the healthcare system, empowering them with the information and insight they need to make the best choices for improving their health and vitality.
Cigna Healthcare Singapore is a strong believer of total health and wellness and prides itself on delivering personalized solutions for the health of our clients and customers. To achieve this, Cigna Healthcare Singapore works as one global team and in close partnership with its customers, network providers and communities to understand and address their diverse needs. Learn more at www.cigna.com.sg
The JESSICA Beauty and Wellness Awards celebrate excellence across luxury beauty, healthcare and wellness. It is one of the most recognized beauty industry awards in Hong Kong. The organizer, JESSICA, is a major lifestyle and media company. For over 25 years, JESSICA has been reporting on fashion, lifestyle and business, as one of the most trustworthy and influential media sources in Hong Kong.
“We’re incredibly fortunate to win this new, Best AI Slimming Award with JESSICA,” said the spokesperson for SWISS REJU. “Our goal was to provide our guests with top medical aesthetic technologies. Platforms like BTL EXION and INDIBA, are exactly the type of top medical technologies which SWISS REJU is heavily investing in. The breathtaking results powered by AI, reflect the endless possibilities new technologies can bring to the beauty and slimming field”
The JESSICA Beauty and Wellness Awards is extremely selective and has a rigorous nominations and editorial selection process. Only brands that have been proven to provide genuine service and excellent results are eligible to compete. Amongst the Winners this year, are Australian organic brand “CANVAS” and Japanese household name “Panasonic VITALIFT” beauty appliances.
SWISS REJU, with its heavy investment in new and prestigious technologies such as INDIBA (recently approved in Europe under the Medical Device Regulation), offers a seamless blend of traditional wellness and innovation, allowing guests to experience what many considered to be one of the most effective slimming treatments in Hong Kong. INDIBA with its trademark Proionic 448khz technology, is loved by the Top 1% most influential users in the world, amongst them European royalties, celebrity footballers and international singers.
The recognition of this major annual Award, reaffirms SWISS REJU’s commitment to exceptional technology. It is the 12th annual award won by the brand, representing a new record.
SWISS REJU and integrative power of cutting edge technologies
SWISS REJU’s trademarked “K-Lipolysis” body contouring program offers winning technologies including INDIBA, BTL EXION, Winback, ATP LIPO X, amongst others. It is the unique contouring solution beauty lovers are craving for.
Hashtag: #SWISSREJU #熱光溶脂
http://www.reju.hkThe issuer is solely responsible for the content of this announcement.
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