Safety of maritime assets tugged by a pandemic : coronavirus challenges for the shipping sector

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      <subfield code="a">The global impact of the ongoing coronavirus (Covid-19) pandemic has led to imposition of unprecedented measures by governments. Businesses and industries across the world are in a state of abeyance. Shipping, being the backbone of international trade, is also severely impacted. The outbreak has affected almost all vesse types and has led to a number lying idle. It is reasonable to expect that owners will be considering the option to lay-up their assets to tide over the uncertain decline in international trade. Ship-managers and ship-operators are seeking solutions with minimum costs within agreed budgets. The safety of a vessel during lay-up and, its reliability after subsequent reactivation, primarily depends on the strict implementation of recommended procedures and guidelines throughout the tenure of lay-up. In this document, Allianz Global Corporate & Specialty's (AGCS)' Allianz Risk Consulting (ARC) team highlights some challenges that are unsettling the maritime industry and disrupting routine activities on board merchant vessels. It also lists key points to be considered for the safe lay-up of commercial vessels.</subfield>
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