Earlier quoted context omitted.
Yes, safety is a significant disadvantage of the use of magnesium as portable stored energy, but if your ship's payload is already on fire, in most cases the shipment will not be very successful anyway, and loss of the ship is a serious possibility. If a hypothetical ship full of magnesium sinks without catching the magnesium on fire first, the magnesium will probably not catch fire from exposure to water. Perhaps if…
I agree, the point is you’re not risking something like: https://en.wikipedia.org/wiki/Halifax_Explosion “At least 1,782 people, largely in Halifax and Dartmouth, were killed by the blast, debris, fires, or collapsed buildings, and an estimated 9,000 others were injured.” “Nearly all structures within an 800-metre (half-mile) radius, including the community of Richmond, were obliterated.[3] A pressure wave snapped tr…
It seems unlikely to happen by accident because at stoichiometry you need more water than magnesium, and I don't think spontaneous explosion is a real risk with magnesium. The International Magnesium Association's safe handling guide https://cdn.ymaws.com/www.intlmag.org/resource/resmgr/safety... does mention that magnesium swarf can spontaneously combust in the presence of water, but I think swarf is too coarse to explode. It recommends keeping wet magnesium swarf under water to prevent it from heating up enough to spontaneously ignite.
But presumably you'd be shipping the magnesium in the form of plates, ingots, or rolls rather than powder, swarf, or loose foil.