Responsible for carrying 90% of the world’s trade, the shipping industry is the backbone of the global economy. Allianz reports that the international marine cargo industry transports goods with an estimated value of $4.5 trillion annually. Between 1980 and 2016, the deadweight tonnage of container ships—a measure of how much weight a ship carries—grew from 11 million metric tons to 244 million metric tons, and between 2016 and 2019, global container market demand is projected to increase by about 4.7%, according to Statista. The most common maritime risk management issues have traditionally been relatively predictable: natural disasters, mechanical failures and human error.