Many bulk carrier losses have been reported of late, and one of the possible causes of such casualties is thought to be the structural failure of aging hulls in rough weather. Clearly, in such cases, vessels that start out belong adequate somehow become marginal later in life. Fatigue and corrosion related potential problems may be the most important factors affecting such age related vessel damage. With respect to fatigue, extensive studies have been done worldwide both experimentally and theoretically, and the results have been applied to some extent. However, in the case of corrosion effects, additional research is still needed to better understand, clarify and address the various strength uncertainties and their effects on structural behavior. This paper develops a probabilistic corrosion rate estimation model for the longitudinal strength members of bulk carriers. The model is based on available statistical data for corrosion of existing bulk carriers. The corrosion data collected are documented for future use.