This review shows just 26 total losses of vessels (over 100 gross tonnage [GT]) during 2023, compared with 41 a year earlier, down by more than a third. Annual shipping losses have declined by 70% over the past decade (89 in 2014). South China, Indochina, Indonesia, and the Philippines is the main loss hotspot globally, both over the past year and decade, accounting for almost of third of all losses at sea in 2023. A huge volume of imports and exports flows through the region, resulting in high levels of shipping traffic, which is reflected in the number of incidents.
