A shipping industry shaped by escalating security risks along key corridors, disruption of trade routes, ongoing uncertainty and higher premiums demands a strategic emphasis on resilience over cost efficiency, a new report warns.

The closure and reported deployment of mines in the Strait of Hormuz is the latest in a series of recent disruptions, according to Allianz Commercial’s Safety and Shipping Review 2026.

The report estimates $US125 billion ($181 billion) worth of vessels and cargo were awaiting permission to pass through the strait in the Persian Gulf at the time it was written.

There were more than 200 fire incidents reported on large vessels last year – down on 2024 but still the second-highest total over the past decade. At least nine total ship losses were reported.

The number of “shipping incidents” fell last year to 2818 from 3353 in 2024. Machinery damage or failure was the major cause, accounting for half, followed by 260 collisions.

The east Mediterranean and Black Sea accounted for most incidents, followed by the British Isles.

The report notes that, with 90% of international trade transported across oceans, maritime safety and stable trading routes are critical.

Allianz Commercial CEO Thomas Lillelund says while maritime safety has improved in recent years, the shipping industry is operating in increasingly complex and volatile conditions.

“The Middle East conflict and Strait of Hormuz closure is just the latest in a series of severe interruptions to hit shipowners and cargo operators. Resilience, geopolitics and efficiency must be balanced in an increasingly unpredictable world, where the cost of uncertainty is reshaping the shipping industry,” he said.

The report says the Middle East conflict underscored the structural importance of maritime choke points and how critical they are for shipping and international trade. It also highlighted mental strain placed on thousands of seafarers who endured months on board fearing attack.

While marine insurance, with increased hull and cargo premiums, has been available throughout the conflict, the concern for shipowners has been “more about the risk to the crew and the vessel of transiting a conflict zone”.

Before the conflict, up to 140 vessels travelled through the strait each day.

Allianz Commercial global head of marine risk consulting Rahul Khanna says it is clear the industry has to “pay a price for uncertainty, shifting from ‘just in time’ to ‘just in case’ supply chains, and prioritising resilience over cost efficiency”.