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Tianjin explosion serves as warning to all global supply in chains
LAST August's huge explosion in the Port of Tianjin Port should be viewed an example of why work practices and risk policies should be examined more thoroughly, says TT Club risk manager Peregrine Storrs-Fox.
"Tianjin provides a spectacular example of how cargo in transit, potentially mis-declared, or packed or handled incorrectly, can cause widespread damage and loss of life," he said, noting that this was one of many lesser port-related accidents last year.
"Together, these are the tip of an iceberg that is made up of many less serious incidents that occur each year," he said, referring to a container chemical explosion that sent scores to hospital in Santos and a chemical fire that spread toxic fumes through Vancouver's port area.
But the Tianjin explosions are thought to be the biggest insured loss of 2015, with property loss estimated at between US$2.5 and $3.5 billion and economic losses potentially many multiples of that.
This incident had become a focal point, drawing attention to underlying problems within global supply chain processes, said Mr Storrs-Fox, TT Club's risk management director.
"The troubling increase in cargo related shipboard fires result in a need for operators to review safety regulations, particularly relating to the storage and handling of dangerous goods," Mr Storrs-Fox said.
"Tianjin provides a spectacular example of how cargo in transit, potentially mis-declared, or packed or handled incorrectly, can cause widespread damage and loss of life," he said, noting that this was one of many lesser port-related accidents last year.
"Together, these are the tip of an iceberg that is made up of many less serious incidents that occur each year," he said, referring to a container chemical explosion that sent scores to hospital in Santos and a chemical fire that spread toxic fumes through Vancouver's port area.
But the Tianjin explosions are thought to be the biggest insured loss of 2015, with property loss estimated at between US$2.5 and $3.5 billion and economic losses potentially many multiples of that.
This incident had become a focal point, drawing attention to underlying problems within global supply chain processes, said Mr Storrs-Fox, TT Club's risk management director.
"The troubling increase in cargo related shipboard fires result in a need for operators to review safety regulations, particularly relating to the storage and handling of dangerous goods," Mr Storrs-Fox said.
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