42% Spike in Maritime Incidents Linked to Ageing Fleet: DNV

Higher freight rates due to vessel rerouting linked to the Red Sea crisis have delayed the scrapping of older vessels. Image Credit: DNV

Maritime safety incidents have risen sharply in recent years, with a 42% increase recorded between 2018 and 2024, despite the global fleet expanding by just 10% in the same period, according to DNV's new Maritime Safety Trends 2014–2024 report.

The findings, based on casualty data from Lloyd's List Intelligence, reveal that machinery damage or failure was the leading cause of incidents, accounting for 60% of all cases in 2024, up from 38% a decade ago.

Vessels over 25 years old were involved in 41% of incidents, up from 32% in 2014, highlighting the growing risks linked to ageing ships.

DNV says several shipowners have delayed retiring older vessels due to a surge in freight rates.
Rerouting linked to the Red Sea crisis may have further postponed scrapping, as owners seek to maximise earnings.

"As freight rates surged in a tonne-miles driven market, many shipowners delayed scrapping older vessels, which put seafarers, cargo and the environment at greater risk," Knut Ørbeck-Nilssen, CEO of DNV Maritime, said.

"The industry must act decisively to improve safety standards amid an ageing fleet."

The report also notes a 42% rise in fire and explosion incidents since 2020. Passenger and ferry vessels saw the highest number of casualty events, while war-related losses jumped from 12 cases in 2023 to 51 in 2024 amid ongoing geopolitical instability.

However, not all trends were negative. Casualties from collisions, groundings and sinkings have dropped by 26% since 2014, despite a small rise in contact-related incidents in the last two years.

This decline is likely due to advances in navigation systems, digital safety tools, and better route and weather management.

DNV is urging more robust risk assessments and better integration of human and technological factors to prevent future incidents.