The above graph shows that 2007 was
a very expensive year, and that the cost
dropped substantially in 2008 when
the recession hit. Interestingly though,
the frequency graph is stable until 2011
where we see a huge increase. Otherwise
the cost graph changes more frequently.
The fall in cost since 2007 probably
relates to the high speeds of container
vessels during the last economic boom,
and with high speed comes high cost.
During 2008 and 2009 container vessels
started to operate slow steaming, and
the cost of collisions fell significantly. It
is worrying that we are now seeing an
increase in both cost and frequency