Aging Fleets, Rising Risks:
Maritime Casualties Surge 42% in Six Years
Maritime casualties have surged at an alarming rate over the past six years, according to leading maritime risk management firm Det Norske Veritas (DNV)’s recently-released Maritime Safety Trends 2018-2024 report. A 42% increase in incidents between 2018 and 2024 was reported, which obviously outpaces the modest 10% growth of global fleet size during the period, raising serious concerns across the shipping industry.
Drawing from Lloyd’s List Intelligence data, the report reveals that over 2,200 casualty incidents have been recorded annually since 2021. Machinery damage and failure have emerged as the dominant cause, accounting for a staggering 60% of all maritime incidents in 2024—up from 38% just a decade ago.
Vessel age seems to be a key factor.
- Ships older than 25 years were responsible for:
- 41% of all reported incidents in 2024; and
- Almost half of all casualties related to machinery.
These aging, sometimes hazardous vessels are often kept in service longer due to economic and regulatory uncertainty. The year 2024 saw record-high shipping freight rates, prompting many owners to keep older vessels in service rather than replace them. Changing IMO (International Maritime Organization) and EU (European Union) emissions regulations, limited shipyard capacity, and increasing build costs also has generally discouraged building new, safer ships.
“As freight rates surged… many shipowners delayed scrapping older vessels, which put seafarers, cargo, and the environment at greater risk,” said Knut Ørbeck-Nilssen, CEO of DNV Maritime.
Other trends include:
- A 42% rise in fire and explosion incidents since 2020,
- S spike in war-related/geopolitical casualties—up from 12 in 2023 to 51 in 2024; and
- A decrease in casualties involving collisions, groundings, and sinkings, declining by 26% since 2014.
“To mitigate future risks, there is a need for thorough risk assessments in the development of new technologies, particularly in areas where regulation is lacking or non-existent,” said Øystein Goksøyr, Head of Safety, Risk and Systems at DNV Maritime. “Integrating the human element alongside technological advancements significantly improves safety outcomes.”
DNV emphasizes that while full fleet renewal is the long-term solution, some actions can be taken now, including more frequent maintenance, targeted equipment upgrades, and better crew training protocols.
We at the Herd Law Firm are proud to fight for seamen, maritime workers and passengers in all types of personal injury and death claims. As maritime personal injury attorneys (and sailors ourselves!) located in northwest Houston, we never waver in our commitment to help these maritime workers, passengers, and their families when they are injured or mistreated.
7/2/2025
Source: DNV.com
