Vessel Condition Assessments (VCAs) aid in the operation of vessels due to both the increasing number of incidents the marine industry has experienced recently and the ageing global fleet. According to DNV, there has been a 42% increase in maritime casualties reported from 2018 through 2024; however, during this same period, the total global fleet only increased 10%. Therefore, vessels are continuing to be placed under greater stress from operations beyond what was originally intended for their lifecycle.
In 2024, machinery damage or failure accounted for 60% of all incidents, up from 38% a decade earlier. Vessels 25 years and older contributed to 41% of global casualties, highlighting the vulnerability of ageing fleets, particularly in demanding offshore operations. These trends underscore the need for structured assessments that accurately determine a vessel’s technical condition before deployment, charter, or purchase.
Key Industry Patterns
- Increasing age-related risk: More vessels are operating late into their lifecycle, raising structural and mechanical failure rates.
- Machinery reliability challenges: Propulsion, power generation, and auxiliary systems now represent the majority of incident sources.
- Insufficient traditional maintenance: Maintenance accounts for 20–30% of OPEX, yet reactive strategies remain common. Predictive approaches can reduce costs by 25–45% when supported by accurate baseline condition data from a VCA.
Relevance for Offshore Companies in Mumbai
Many offshore support vessels along India’s west coast are ageing, high-utilisation assets exposed to monsoon conditions and repetitive operational cycles. VCAs help identify early-stage issues that could lead to downtime, delays, or lost charter opportunities.
Why VCAs Matter
With incidents rising faster than fleet expansion, a VCA has become an essential safeguard, improving safety, compliance, maintenance planning, cost control, and overall vessel reliability.
