Shipping has been a historic business in which safety has been a concern for hundreds of years. The MARPOL conventions were established in the 1970s in response to growing public concern about the destructive repercussions of marine pollution due to multiple oil tanker accidents. Hazard identification and risk analysis (HIRA) begins with the process design and continues through the discharge and decommissioning of the containers. Furthermore, the issue continues, and the active pollution generating phase will not be completed until the crash, and missing containers at sea are no longer a threat. This can be recovered by reducing shipping’s negative effects on the maritime environment using a hazard identification and risk assessment approach. The X-Press Pearl incident in Sri Lanka will be discussed in this study, how the country recovers, and the method of hazard identification and risk assessment should be implemented.