2023 Cefor half-year hull trends released

Cefor half-year hull trend report as of June 2023 published.

Contents:

• Vessel values again show a strong variation by segment in 2023 renewals. For the container segment, which saw big upward adjustments in 2021 and 2022, the trend started to reverse during 2022 and continues with substantial downward value corrections in 2023. On the upside, tank vessel values show value increases in 2023, and the supply/offshore segment signs of improval compared to the preceding years.  
• Claims frequency: upward trend after 2020 and returning to pre-pandemic levels but not yet exceeding these.  
• Total loss frequency some increase in 2023 but this does not break the long-term positive trend, with this frequency oscillating since 2010 around a low level of 0.05%.
• Major claims: Some increase in the first half year of 2023 compared to the previous benign years, with four claims reported above USD 10 million, of which one exceeds USD 30 million. Three of these most costly claims were fires.  
• Claim cost per vessel: increased to pre-pandemic levels but still comparably moderate
• Inflation: some upward trend identifiable in the average claim cost.   

Download the complete report as pdf here.