2026-09-18 · Source: SMI Digital
Summary in 3 Points • Tigris and Thetius report a 20% increase in shipping vessel fires • Undeclared goods, including lithium batteries, are a major fire risk • SP188 regulation allows less visibility for certain lithium batteries --- A report by Tigris and Thetius highlights a 20% increase in fires on shipping vessels, with a major container ship fire occurring approximately every 17 days. The report identifies undeclared and mis-declared goods, particularly lithium-ion batteries, as a significant cause of these incidents. The regulation SP188 allows certain lithium batteries to bypass full declaration processes, reducing their visibility in the supply chain. This lack of transparency poses a risk to the global supply chain, as demonstrated by past incidents involving explosive substances and heat-sensitive materials. The report urges carriers to proactively improve safety measures beyond current regulations.
The increase in container ship fires due to undeclared hazardous goods, such as lithium-ion batteries, could impact marine cargo insurance underwriting. Insurers may need to reassess risk exposures and consider stricter policy terms for shipments involving potentially hazardous materials. The London Market could see a rise in claims related to shipping incidents, prompting a review of pricing strategies and coverage limits. Underwriters might also explore enhanced risk assessment tools to better evaluate the visibility and declaration of dangerous goods in shipping manifests.