However, this news is heavily diluted by an equally dramatic increase in serious partial losses, up by 200% since 1998.

IUMI stresses these are preliminary figures for 2006 as both total and partial losses or constructive total losses can rise in the early months of this year.The 2006 losses equate to approximately 0.1% of the world fleet, compared to 0.3% in 1996 and nearly 0.5% in 1990.

There was a slight increase in actual tonnage lost in 2006, particularly in the bulk carrier sector, but this is largely explained by the total loss of a capesize bulker accounting for 37% of the total gross tonnage.

The statistics, relating to the marine and offshore energy markets, comprise 43 graphics and four pages of commentary. The marine figures cover losses, the world fleet, construction activity, scrapping, freight rates and vessel values and repair costs. The energy statistics cover the world fleet of mobile offshore drilling units, newbuildings, the financial dynamics and losses.

They are the first statistics of their kind to be produced by IUMI as part of its commitment to respond to members’ requests to provide more technical information to underpin underwriting decisions. IUMI will continue to enhance the statistics, and also issue them on a regular basis to supplement the extensive statistics presented at each IUMI annual conference.

Commenting on the statistics, Deirdre Littlefield, the New York based president of IUMI said, ‘The continuing and welcome downward trend in ship total losses is explained by a number of factors. Lessons learned in the past have led to better designed and more robust ships being built. More stringent inspections and surveys demanded by insurers, classification societies, flag states and the port state control regime, enhanced safety and maintenance regulations introduced by the International Maritime Organization and other bodies, and the huge advances in technology and communications which have ushered in the new shipboard electronic age, these are the main drivers of greater safety at sea.

The information can be found on the title page of IUMI’s website at www.iumi.com