A report published by Allianz Global Corporate & Specialty (AGCS) found more than a third of 2014's total losses took place in two maritime regions: South China, Indochina, Indonesia and the Philippines, with 17 ships lost; and Japan, Korea and North China, with 12 ships lost.

The most common cause for ship losses was foundering (ship sinking), with 65 percent (49 ships) of losses in 2014, followed by grounding, with 13 ships wrecked or stranded, and fire or explosion, with four ships lost.

It said the British Isles, North Sea, English Channel and Bay of Biscay had seen the most shipping incidents since 2005, with nearly one in five (18 per cent) of all incidents occurring in this region. These included machinery damage and hull damage.

The report Safety and Shipping Review 2015 said despite the decline, cyberrisks were a growing concern in the shipping sector, while the increasing size of container ships meant potential losses could exceed $1bn (£670m) for a single vessel.

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