Identifying 3 Risks in the Cargo Shipping Industry

Cargo freighters handle much of the world’s international trade. They are the enormous vessels that cross oceans carrying everything from cars and trucks to toiletries. There are several risks in the cargo shipping industry that vessels must be protected against.

1. Piracy

When a ship is at sea, it is necessarily vulnerable. In commercial shipping risk management, piracy must always be considered a legitimate threat. There is always the potential for piracy and so shipping companies should always have emergency plans that address the potential threats involved. 

2. Autonomous Shipping

A lot can go wrong when there are not crews of people on board that have been prepared to handle potentially disruptive situations. Commercial shipping risk management relies on computer technology that can be tampered with. Any number of potentially bad situations exist if a computer’s autonomous system is hacked or experiences a cyberattack.

3. Natural Elements

The ocean will always have an association with risk. Even though sophisticated equipment exists to detect atmospheric issues, storms can be unpredictable and tremendously destructive. Even a storm that doesn’t cause damage to a vessel could keep it from arriving at a port, and thereby delaying business.

Commercial shipping is the industry that drives the world. Vessels must be protected against threats, whether on the dock or a thousand nautical miles off the coast.

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