Ship structures while in service are likely to be subjected to age deterioration which had actually caused catastrophic structural or total loss especially for bulk carriers. This had implied the need to develop advanced technologies which can allow for proper management and control of such age related deterioration. Recently, IMO and class societies have developed rules and regulations utilizing risk-based methods. The Formal Safety Assessment (FSA) is an example of such developments. In this paper a finite element model has been established by using ship structural analysis program for fore-end bulkhead of an existing bulk carrier which is being subjected to SOLAS XII as a risk control option of formal safety assessment. The main aim of the finite element model is to assess the strength characteristics of the structural members during service time with the reduction of bulkhead plating thickness due to age deterioration according to a recommended corrosion model and estimated corrosion rates. The insights developed from the present study are useful for finding a proper management for structural repair with consideration of corrosion wastage