In this article, we present the first large-scale data set for underwater ship lifecycle inspection, analysis and condition information (LIACI). It contains 1893 images with pixel annotations for ten object categories: defects, corrosion, paint peel, marine growth, sea chest gratings, overboard valves, propeller, anodes, bilge keel and ship hull. The images have been collected during underwater ship inspections and annotated by human domain experts. We also present a benchmark evaluation of state-of-the-art semantic segmentation approaches based on standard performance metrics. Consequently, we propose to use U-Net with a MobileNetV2 backbone for the segmentation task due to its balanced tradeoff between performance and computational efficiency, which is essential if used for real-time evaluation. Also, we demonstrate its benefits for in-water inspections by providing quantitative evaluations of the inspection findings. With a variety of use cases, the proposed segmentation pipeline and the LIACI data set create new promising opportunities for future research in underwater ship inspections.