Factors driving the ageing fleet and delayed vessel scrapping
A range of different factors are contributing to the ageing fleet. In recent years, there has been high demand for ton nage, with this translating into sky-high freight rates, partic ularly in 2024. Many shipowners are delaying the scrapping of vessels that would normally be decommissioned, opting to profit from these assets instead.
Other factors that are also at play are the new regulations from the IMO and EU on emissions and fuel efficiency. These have made shipowners hesitant to invest in new builds until they are more certain about what new fuels to adopt. Additionally, space in shipyards is limited and building costs are high, driving shipowners to focus on their existing assets, or else upgrade or retrofit these assets instead of replacing them.
Either way, the ageing global fleet is clearly having an impact on casualty statistics.
Over half (52%) of all incidents in 2024 were attributable to vessels 20 years of age or older, with 41% of incidents for vessels in the 25+ age category. In contrast, 41% of incidents in 2014 came from vessels over 20 years old, with 32% coming from the 25+ age category.
The statistics also show that the growth in incidents in 2024 is mainly being driven by the older portion of the fleet. In real terms, the number of casualties rose by 358 between 2023 and 2024. Some 285 of these incidents came from vessels over 25 years old, representing 80% of all incident growth. Of these, 236 (83%) were attributable to machinery damage/failure. For machinery damage/failures, age is an even bigger fac tor. In 2024, a total of 45% of these kinds came from vessels over 25 years of age, with a further 12% in the 20-24 age category. In 2014, the corresponding figures were 39% and 9%, respectively.
The ageing fleet is also a significant factor in the number of hull damages, which increased by 7% to reach 114 inci dents in 2024. Some 46% of hull damages were attributable to vessels which were 20 years or older. While the main way of reversing this trend will be a replace ment of the ageing portion of the global fleet with new, modern vessels, some other short-term fixes can be ap plied. More regular maintenance of vessels, and upgrades to equipment and parts can reduce the risk of casualties for these vessels, helping to prolong their lifespans in a way that is safer for the vessels, their crew, and the surrounding environment.
Urgent need for better fire safety
Of equal concern are the numbers of fire/explosions, which increased by 18% in 2024, and by 58% since 2014. As fire and explosions tend to have higher rates of injuries and fatalities and, with a disproportionately high amount (27%) coming from the passenger/ferry segment, this is a trend that needs to be quickly reversed. As a matter of high priori ty, enhanced fire safety measures and emergency response training should be implemented on all vessels where this is deemed to be lacking.
Decline in collision, foundering, and piracy incidents but sharp increase in war losses
Putting these trends aside, the safety data does have some more promising stories to tell. Although the number of ‘accident’ casualties – a combination of collisions with another vessel, contact with a static object, foundering, and wrecked/stranded – slightly increased in 2024, the overall trend shows that this decreased from a total of 881 in 2014 to 656 in 2024, representing a decline of 26%.
This decline is likely attributable to technological ad vancements which have seen significant improvements to navigation systems, digital safety mechanisms, and route and weather planning over the past decade. Other factors, such as improved vessel design and engineering, stricter safety regulations, and data-driven risk management have also contributed.
THE REPORT | SEP 2025 | ISSUE 113 | 79
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