The global shipping industry is facing growing safety concerns as the world’s merchant fleet continues to age, according to the latest Safety and Shipping Review 2026 by Allianz Commercial. The report noted that the average age of the global fleet reached 23 years in 2025, with vessels over 20 years old now accounting for nearly one-quarter of the world’s container ship fleet—the highest proportion seen in decades.

The report warned that older vessels are more vulnerable to structural wear, machinery failures, and outdated technology, increasing risks to seafarers, cargo, and the marine environment. Allianz said ships over 20 years old were involved in more than half of all reported maritime safety incidents, highlighting the growing importance of timely maintenance and fleet modernization.

Despite these concerns, the shipping industry's overall safety record has improved, with total vessel losses declining by 37% over the past five years compared to the previous five-year period. Improvements in regulations, ship design, and risk management have contributed to this positive trend.

However, fleet renewal remains challenging due to limited shipyard capacity, increasing demand for new vessels and retrofits, evolving environmental regulations, and uncertainty surrounding future fuel technologies. These factors have prompted many shipowners to extend the operational life of existing vessels.

Industry stakeholders continue to emphasize the importance of regular maintenance, modernization, and investment in newer, safer vessels to help maintain high safety standards while supporting the long-term sustainability of global shipping.