In 2024, maritime casualties surged by 15%, primarily due to machinery failures and an aging fleet, according to Lloyd’s List Intelligence. Since 2018, incidents have risen by 42%, while the global fleet only grew by 10%, raising concerns about maritime safety. Machinery damage, which constituted 38% of incidents in 2014, escalated to 60% in 2024, largely attributed to an aging fleet—44% of vessels are now over 25 years old.
Factors contributing to this aging fleet include high demand for tonnage, leading shipowners to delay scrapping older vessels to capitalize on high freight rates. Additionally, new regulations on emissions and limited shipyard capacity deter investment in new builds. In 2024, 52% of incidents involved vessels aged 20 years or older, with machinery failures particularly prevalent in this demographic.
While incidents of collisions and piracy have decreased, war losses have sharply increased due to geopolitical instability, highlighting vulnerabilities in maritime operations. The rise in machinery-related casualties impacts various vessel types, with significant increases noted in passenger ferries and general cargo ships. Urgent action is needed from shipowners to enhance maintenance practices and adopt new technologies to mitigate risks.
