Number of incidents on the rise as obsolete vessels are kept in use

The increasing number of vessels over 20 years old is becoming a safety liability, with incident rates sharply rising in recent years. Older ships now account for the majority of machinery failures and onboard fires, underscoring the escalating operational risks associated with fleet age.

Regulatory uncertainty, geopolitical tensions, and elevated newbuilding prices have discouraged owners from renewing their fleets; however, the result is an ageing fleet facing increasing pressure, particularly within the tanker segment.

Worldwide fleet urgently needs regeneration
“We need a recycling push now,” said DNV CEO Knut Orbeck-Nilssen, noting that delays in scrapping are compounding industry risk.

This safety trend could act as a catalyst for accelerated scrapping, particularly if pressure increases from insurers, classification societies, or port state control. In the short term, the reduced effective supply would bolster charter rates – especially in sectors with older tonnage, such as the tanker segment, where approximately 20% of the fleet is over 20 years old.