An unmanned merchant vessel seems to be escaping from the stage of idea exploration. Once the concept proofs its safety, it may become a part of maritime reality. Although the safety aspect of such a ship has been addressed by a handful of scholars, the problem remains open. This is mainly due to lack of knowledge regarding actual operational circumstances and design of unmanned ships, which are yet to be developed. In the attempt of bridging this gap, the risk analysis associated with unmanned ships needs to be carried out, where all relevant hazards and consequences are assessed and quantified in systematic manner. In this paper we present the results of a first step of such analysis, namely the hazard analysis associated with the unmanned ships. The list of hazards covers various aspects of unmanned shipping originating from both design and operational phases of vessel’s life. Subsequently the hazards and related consequences are organized in a casual manner, resulting in the development of a structure of a risk model.