The global bulk carrier sector has continued its long-term improvement in vessel safety, but a new generation of geopolitical threats is reshaping the industry’s risk landscape, according to INTERCARGO’s latest casualty analysis.
The INTERCARGO Bulk Carrier Casualty Report 2026, covering the period from 2016 to 2025, shows that traditional causes of vessel losses have steadily declined even as the global fleet expanded significantly. However, the organization warns that conflict-related attacks in key shipping corridors are adding an increasingly unpredictable dimension to operational risk.
Over the ten-year period, the worldwide bulk carrier fleet grew to 13,669 vessels, up from around 10,400 a decade earlier. During that time, 17 bulk carriers of 10,000 dwt and above were lost, representing a combined 1.63 million dwt, while 71 seafarers lost their lives.
Credit: INTERCARGO
The rolling ten-year average of annual vessel losses continued its long-term downward trend, reflecting sustained improvements in ship design, crew training, operational practices and regulatory compliance.
Yet the INTERCARGO argues that the industry’s safety challenge is evolving.
Conflict zones reshape the risk profile
While casualty statistics remain dominated by operational incidents, INTERCARGO highlights the growing impact of geopolitical instability on bulk carrier operations.
Between 2024 and 2025, five bulk carrier casualties in the Red Sea and Gulf of Aden were linked to missile, drone and uncrewed surface vessel attacks, resulting in fatalities and injuries. Although these incidents are excluded from the report’s statistical analysis because they stem from acts of conflict rather than traditional maritime casualties, INTERCARGO says they illustrate a broader shift in the operating environment for merchant shipping.
Commenting on the report, INTERCARGO Chairman John Xylas said the sustained decline in bulk carrier losses demonstrates the industry’s long-term commitment to improving safety, but warned that emerging security challenges mean the sector cannot afford complacency.
The steady reduction in bulk carrier losses over the past decades reflects the industry’s continuous efforts to improve safety. Behind these numbers are real lives, and every incident reinforces the importance of learning and acting together The risk environment is no longer defined by traditional operational challenges alone. INTERCARGO will continue to work with its members and partners to turn insight into action, so that improvements in safety are accelerated
… Xylas highlighted.
The association reiterates its support for freedom of navigation and stresses the need to protect seafarers operating in high-risk regions as geopolitical tensions continue to disrupt global trade routes.
The incidents demonstrate that bulk carriers now face security risks that extend well beyond navigation, cargo handling and machinery reliability. Operators must now manage both operational safety and geopolitical exposure.