The Turkish-owned Panama-flag ship in question: http://www.shipspotting.com/gallery/search.php?query=8727604&x=36
It seems that the ship, of the sea-river Volgo-Balt type, broke in two in stormy conditions. Unlike some other sea-river types this design seems to have been more successful from the structural point of view - only one total loss listed out of well over a hundred in service, and that was a slow capsize after deck cargo shifted. But I doubt that the ship had been well-maintained in recent years.
The port inspections you mention - under Port State Control - do apply generally and this ship has been visited regularly. The subjects of individual PSC inspections vary, especially now that they cover the Maritime Labour Convention as well as IMO requirements.
In the case of GEROI ARSENALA, there were two inspections this year and four in 2016. Nothing in the list of defect heading concerning ship structure (cracks, rusting, hatch covers etc) but plenty which suggest poor crew management ashore or on-board, or both. But, as Capt Ted may point out, the quality of PSC inspections also varies enormously from the very focused and well-planned to the cursory, incompetent or corrupt.