قالب وردپرس درنا توس
Home / Insurance / Stranded Suez shipowner, insurance company faces millions in damages

Stranded Suez shipowner, insurance company faces millions in damages



(Reuters) – The owner and insurance companies of one of the world's largest container vessels stuck in the Suez Canal are facing a total of millions of dollars even though the vessel is floating fast, industrial sources said on Wednesday.

400 meters, 224,000 tons that Ever Given ran aground on Tuesday morning after losing the ability to steer in the middle of strong winds and a dust storm, the Suez Canal Authority (SCA) said in a statement and threatened to disrupt global transport for several days.

GAC, a Dubai-based naval service company, said authorities were still working to release the ship on Wednesday afternoon, and that the information it had received earlier that the ship was partially regrouped was incorrect.

The ship's owner, the Japanese company Shoei Kisen KK and its insurers may face claims from SCA for loss of revenue and from other vessels whose passage has been disrupted, say insurers and brokers.

"All roads lead back to the ship," said David Smith, head of marine at insurance broker McGill and Partners.

Shoei Kisen could not be reached for comment.

Container vessels of this size are likely to be insured for hull and machine damage of $ 1

00 to $ 140 million, insurance sources say. The ship was insured in the Japanese market, say two of the sources.

The cost of the salvage operation is also borne by the hull and machine insurer.

"It is potentially the world's largest container ship disaster ever without a ship going bang," said a shipping lawyer, who refused to be named. A team of about ten people is on its way to Egypt.

Supply Chain Questions

from ship liability insurers for losses to perishable goods or missed delivery deadlines, say the sources.

"If you have a constant build of ships, there are massive supply chain problems," says Marcus Baker, global manager, shipping and cargo at insurance broker Marsh LLC]. The UK P&I Club said in an email to Reuters that it was protection and so-called the admissions insurer for Ever Given, but declined to comment further. This insurance segment covers ships against pollution and damage.

The bulk of these insurance claims will then likely be reinsured through a program run by the broader international group of P&I clubs, Smith said at McGill.

At least 30 ships were blocked north of Ever Given and three south, local sources said. Several dozen ships could also be seen grouped around the northern and southern entrances to the canal.

The research company Kpler said that more than 20 oil tankers transporting raw and refined products were affected by the disturbances.

Rahul Khanna, Global Director of Marine Risk Consulting at Allianz Global Corporate & Specialty (AGCS), said that there may also be claims for damage to the canal. Pictures shared by SCA showed an excavator removing soil and rock from the canal's shore around the ship's arch.

Grounding is the most common cause of ship incidents in the canal, with 25 in the last ten years, according to AGCS

However, insurers look unlikely to claim spillage in the canal. Bernhard Schulte Shipmanagement, the ship's technical management company, said there were no reports of pollution.

Catalog


Source link