The marine industry operates in a challenging and unpredictable environment, making risk management, operational coordination, and safety preparedness essential to minimizing hazards and ensuring smooth operations. The 2012 Costa Concordia disaster highlighted the consequences of poor risk assessment and human error when the cruise ship struck a submerged rock due to navigation errors, resulting in 32 fatalities and $2 billion in insured losses, based on research from Verisk PCS®. This tragedy underscored the need for stringent risk management, including adherence to navigational protocols and real-time monitoring.
Similarly, the 2020 MV Wakashio oil spill off Mauritius led to more than $200 million in insured losses, according to Verisk PCS, exposing critical gaps in operational coordination. Delayed responses and miscommunication among stakeholders worsened the environmental disaster, emphasizing the importance of integrated communication systems and coordinated emergency responses. Both incidents reinforced the need for robust safety preparedness. Regular safety drills, clear evacuation procedures, and updated contingency plans are crucial for effective crisis management.
Although it was not a marine industry loss, the tragic crash of Jeju Air Flight 7C2216 in South Korea on December 29, 2024, which claimed 179 lives and is a PCS Aviation index event, provides valuable lessons for the marine industry. Authorities suggested that a bird strike may have caused a malfunction in the hydraulic system controlling the landing gear, leaving insufficient time for the pilots to manually deploy it. This incident underscores the critical need for proactive risk management. Likewise, maritime operators must adopt real-time weather monitoring, predictive maintenance systems, and hazard identification protocols to reduce risks.
The crash also exposed deficiencies in operational coordination, particularly in communication between the cockpit and air traffic control—issues that are equally relevant to the marine sector. Miscommunication between vessels, port authorities, and rescue teams can lead to collisions, groundings, or delayed emergency responses. Strengthening coordination through integrated communication systems and joint exercises is essential. Furthermore, the crash revealed gaps in safety preparedness, highlighting the importance of rigorous crew training and cultivating a strong safety culture.
The marine industry has made significant strides to improve safety. The International Safety Management (ISM) Code mandates risk mitigation systems, while the Global Maritime Distress and Safety System (GMDSS) enhances communication during emergencies. Regulations such as the International Convention for the Safety of Life at Sea (SOLAS) and the Standards of Training and Certification of Watchkeeping (STCW) reinforce crew training, and predictive maintenance systems powered by artificial intelligence (AI) help detect risks early. These efforts continue to strengthen marine resilience and safety.
