Bulk carrier safety continues to show steady long-term improvement, but the nature of risk facing seafarers is becoming more complex and multi-layered.
INTERCARGO’s Bulk Carrier Casualty Report 2026 covers the ten-year period from 2016 to 2025. Over that period, the global bulk carrier fleet grew from around 10,400 vessels in 2013 to 13,669 by December 2025. Against that backdrop of significant expansion, 17 bulk carriers of 10,000 dwt or above were lost, representing 1.63 million dwt in total, with 71 seafarer lives lost. The rolling ten-year average of annual losses has fallen consistently throughout the period.
This progress reflects sustained improvements across the industry, including enhanced ship design, improved crew training, operational experience and strengthened regulatory compliance. However, the findings also underline that while traditional accidents are declining, persistent and emerging risks remain, requiring continued vigilance and collaboration across the sector.
Persistent risks: learning from every loss
While overall losses have declined, the causes of the most serious incidents remain consistent:
• Cargo liquefaction remains the leading cause of loss of life, accounting for 37 fatalities (over 50% of the total). The concentration is stark: vessels in the 50,000–59,999 dwt range account for just four of the 17 losses but 52.1% of all lives lost, reflecting the particular danger of nickel ore and similar high-risk cargoes on these routes.
• Groundings remain the primary cause of vessel losses, responsible for 41.1% of cases. Losses are concentrated in vessels aged 15–19 years, underlining the importance of navigational discipline and passage planning as ships age.
• Flooding incidents, though fewer in number, account for nearly half of all lives lost
These figures underline the importance of practical implementation of existing safety frameworks, particularly the IMSBC Code.
INTERCARGO and its members continue to work closely with stakeholders to strengthen:
• Cargo declaration and testing procedures
• Enforcement by flag and port States
• Training for ship and shore personnel
• The practical implementation of the IMSBC Code, including more prescriptive requirements on moisture testing, sampling procedures and shipper declarations of cargo properties
• Transparency and timeliness of casualty investigations, to ensure lessons are learned and shared more effectively
A broader risk environment for seafarers
In parallel with operational safety, the report acknowledges the increasing complexity of the global operating environment.
Between 2024 and 2025, five bulk carrier casualties in the Red Sea and Gulf of Aden were linked to missile, drone and uncrewed vessel attacks, resulting in fatalities and injuries. These incidents are recorded separately from the statistical analysis but reflect a wider challenge facing international shipping.
INTERCARGO reiterates its strong support for the principle of freedom of navigation and the need to protect seafarers working in high-risk regions.
Since this report’s data period closed, the industry has been reminded once again of the human cost of cargo risk. In early 2026, the MV Devon Bay was lost while carrying nickel ore, with two seafarers lost their lives and four remained missing. The incident falls outside the ten-year analysis but precisely reinforces the priorities this report identifies.
Commenting on the report, John Xylas, Chairman of INTERCARGO, said, “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.”
A collective responsibility
With global dry bulk trade continuing to grow, INTERCARGO emphasises that maintaining and improving safety standards requires ongoing collaboration between all stakeholders, including shipowners, charterers, shippers, ports and regulators.
The continued decline in vessel losses demonstrates that industry efforts are making a difference. At the same time, recent incidents serve as a reminder that progress must be sustained. INTERCARGO's casualty analysis directly informs its broader programme of technical guidance and operational standards development for the dry bulk sector, most recently exemplified by its newly published Ship to Ship Transfer Guidelines for Bulk Carriers.
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