The Engine Room Problem And Why Machinery Failure Remains Shipping's Dominant Risk

By Paul Morgan (gCaptain) – Every year, Allianz Commercial publishes its Safety and Shipping Review, and every year the shipping industry’s commentators reach for the same headline: the long-term decline in total losses, the improving safety record, the falling incident numbers. 

All of that is true, and none of it should be dismissed. But the 2026 edition of the review, published against a backdrop of war in the Persian Gulf and the closure of the Strait of Hormuz, contains a finding that deserves considerably more attention than it typically receives. Machinery damage or failure was the cause of more than