Casualties in dry bulk shipping (1963–1996)

In recent years, bulk carriers have been identified with high risks of catastrophic structural failure and foundering, and with heavy loss of human life. This study, based upon Lloydʹs of London casualty records, identified four risk factors that had significant, independent effect upon the likelihood of a bulk carrier foundering. The risk of foundering increased with the age of the ship, and was related to the shipʹs flag of registration. Most importantly, however, increased risks were found for heavy cargoes of iron ore and scrap steel or iron, and for trading routes to the Far East and from Europe to North America. Additional safety measures, in particular regarding ship design and high-risk trades, may well be necessary to reduce the high casualty rates.