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Suez chaos causes shipping companies to calculate costs for "lost expenses"



(Reuters) – Owners and charterers of ships that can not sail through the Suez Canal for almost a week face at least $ 24 million in expenses that they will not be able to get back because their insurance does not cover them, industry sources say.

Up to 400 vessels, including oil tankers and vessels transporting goods to stuck consumers, calculate the cost after stopping traffic through Egypt's Suez Canal for six days.

A giant container ship that had blocked the waterway since March 24 was flooded on Monday, the canal authority said.

Ships usually have different types of insurance, including protection and compensation for pollution and damage. Separate hull and engine policies cover vessels against physical damage.

"Both exclude loss of income", says Claudio Blancardi, underwriter of the marine insurance company Nordic Marine. one day for each ship and it must be written off. This includes oil tankers.

"Tanker owners are not paid demurrage (delay costs) for delays in the canals, they incur the waiting days and cost on their own account," said a shipping source on condition of anonymity.

Apart from shipowners, charterers of ships that rent the ship for a longer period of time would also not be able to claim back losses, which means that they must also cover these costs, the sources say. lost expenses when the traffic congestion on the ships goes down the canal.

These expenses include additional fuel costs, lost days when the ship could not complete its voyage and extra necessities.

"It takes days rather than a day to clear the backlog," says William Robinson, CEO of insurance company Charles Taylor.

Cargo owner

Owners of cargo on the ever given container vessel or other vessels delayed in the canal may not be covered by insurance. [1

9659002] "In general, if you carry anything other than perishable cargo, you are not buying insurance insurance," says Marcus Baker, global manager, marine and cargo, at insurance broker Marsh.

Fitch Ratings said on Monday that reinsurers could face losses totaling hundreds of millions of euros from the block.

However, industry sources said that insurance and reinsurance claims would probably be mainly due to damage to the self and the canal, as well as dredging costs.

UK Club, the P&I insurer for Ever Given, said in a statement on Monday that it had insured the ship's owner Shoei Kisen for “certain third party liabilities that may arise as a result of an incident such as this – including damage caused of infrastructure or requirements for obstacles.

The ship's hull is insured by Japan's MS&AD Insurance Group. Industry sources said the hull policy would also cover salvage costs.

Brokers estimate that the ship has been insured for 100-140 million dollars.

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