Based on available sources, the frequency of explosions in the marine engine’s starting air manifolds is determined under real conditions. A cause-and-effect analysis of these explosions and their root causes are identified. A probabilistic model of an explosion in the starting air manifold of a marine engine is built using a fault tree analysis (FTA). Using a stochastic simulation (Monte Carlo) and an exact reliability availability calculation (ERAC) algorithm applied to the developed FTA model, selected reliability measures are calculated to describe an incident of the top event, which involves an explosion in the starting air manifold. For such an event, several factors are calculated, including the availability, the unavailability, the failure frequency, and the mean time to failure. Based on the simulations, the relative frequency of the top event is determined in relation to the number of events that can simultaneously occur and lead to an explosion. The significance of each basic event is assessed to determine their individual impact on the explosion incident. The following measures are used: the Vesely–Fussell measure of importance, the criticality measure of importance, the Birnbaum measure of reliability importance, and the Birnbaum measure of structural importance. The results of the analysis show that defective starting air valves are most responsible for the explosion incident in the starting air manifold. During the first year of the ship’s operation, the reliability does not fall below the value of 0.65, while the mean time to failure and the top event frequency are statistically at the level of one explosion per approximately 2.28 years of continuous engine operation.