2020 June Hull Trends

Cefor half-year hull trend report as of June 2020 published.

Contents:

• COVID-19: Special focus on how COVID-19 impacts hull trends.
• Claims frequency: shows a clear downward trend in the first six months of 2020, which must be seen in connection with reduced activity of part of the world fleet in this period.
• Fires: Contrary to the overall claims frequency, the frequency of fires does not show any downward trend and fires continue to be a concern.
• Total loss frequency: continues to stay at a very low level.
• Major losses: In 2019, major loss impact had increased to a normally to be expected level after three consecutive years 2016-2018 with unusual low impact. In 2020, major loss impact again is very low. 
• Claim cost per vessel: Excluding total losses, the claim cost per vessel was in the first half year of 2020 at the lowest level since 2005. 
• Vessel values: The overall drop in insured values on renewal was 2.9%. What is different in 2020 compared to previous years is the strong variation by vessel type. This is due to COVID-19 impact and the drop in oil price in spring 2020 which impacted different vessel segments in different ways.     
• Mississippi and Paraná river: The challenges with high/low water levels in these rivers persist, with new casualties reported in 2020,

Read the whole report here.