Nearly eighty percent of global transportation activities are performed seaborne and this naturally causes an increase in maritime traffic. In spite of the existence of the regulations and recommendations on navigation safety, safety of life and environmental protection laid down by International Maritime Organization (IMO) and presence of international conventions and protocols, maritime accidents still continue to happen. Considering the whole maritime world, in order to minimise risk of accident and to ensure navigation safety and security, learning lessons from the past accidents is as important as abiding by the rules and regulations in force. This study, with an effort to bring novelty to analysis of maritime accidents, utilizes Functional Resonance Analysis Model (FRAM) method to analyse a past maritime accident. FRAM method assumes that accidents result from unexpected combinations (resonance) of normal performance variability. Accident analyses performed by FRAM method will serve as useful guidelines to minimise risk of maritime accidents. Analysis has shown that variables causing the accident do not have a linear relation. Having all necessary navigational aids on the bridge does not necessarily eliminate the risk of accident. One other important finding is that a single substantial reason did not cause the accident; on the contrary, it was caused by combination of reasons. The study also makes a reference to situational awareness as it plays a great role in preventing the accidents.