Marine link
 

Tonnage Losses Up Substantially 1st Qtr.

According to figures released by the Institute of London Underwriters (ILU), the underlying improvement in merchant ship casualty experience seen in 1993 did not hold up during the first quarter of the year. Statistics, taking into account ships of 500 gt and over, show that in the January to March 1994 time period a total of 24 ships were recorded as total losses or constructive total losses (CTLs). While the number of ships lost represents a 40 percent decrease from the same time period of a year before (40 vs. 24); the tonnage total lost in the first quarter of 1994 (384,874 gt) was much higher—59.5 percent— than the total of 218,794 gt lost in the first quarter of 1993.

The 348,874 gt lost in the first quarter of 1994 is about half of the total tonnage lost in the whole of 1993 (which was 129 ships totaling 739,483 gt). The figures also do not include three vessels in January which were all lost as a result of breaking their tow, and 14 other vessels which were confirmed as total losses occurring the previous year. The largest individual loss in the first quarter of1994 was the Maltese-flagSfoZidi, a 138,765-gt tanker built in 1976. The vessel was extensively damaged after an explosion and fire, and the vessel was sold for breaking up.

Two of the most expensive hull total losses (for underwriters), according to ILU, were the Italian- flag liquefied gas carrier Red Star and the Liberian-flag ore/oil carrier Marika, insured for $14 million and $12.5 million respectively.

A spectacular casualty, although not total loss, was the Finnish-flag passenger ferry Sally Albatross, which grounded and was holed west of Helsinki in March. A successful rescue operation accounted for 1,100 passengers and 158 crew.

Loss Of Life According to ILU casualty reports (which the organization admits are difficult to collate accurately), 179 people were either killed or reported missing as a result of losses (both total and partial) during the first quarter of 1994. By contrast, a total of 613 were reported for all of 1993; 386 for all of 1992. Additionally, the figures do not tell the whole story, as ILU statistics cover only vessels 500 gt and higher, excluding fishing vessels and other craft.




Ship Electronics History

Avondale Delivers Navy Ship; Launches Product/Chemical Carrier
CCL Unveils Details Of hantiers-Built Legend Of The Seas
Celebrity Cruises Savers Limelight During Galaxy Inaugural
CHINA: Its role in world trade and shipping
Construction Of Disney Magic Begins At Fincantiori
Containership Project Prospects Look Good
Cruise Industry Enjoys Unprecedented Growth
Disney Brings Magic To The Seas
Dominance From Down Under
European Consortium To Develop A Ship Hull Integrity Program
IMO Further Amends SOLAS
Intermarine Launches Fifth Osprey Class Minehunter For U.S. Navy
Launching Ceremony For MCM-14 "Chief" At Peterson Builders, Inc.
Lloyd's Register Touts ShipRight Procedures, Rulefinder Database
M o b i l e Docking A i d System for Ships
MarAd News
Merged STN Atlas Elektronik Exhibits Extensive Range Of Products At SMM '94
NASSCO To Build Two More Sealift Ships For $436 M
NEWPORT NEWS: Tackling The Commercial Market With New Product Tanker Design
NEWPORT NEWS: Tackling The Commercial Market With New Product Tanker Design
NNS Wins $65 M Contract For Submarine Work
Oslo Again Proves To Be Hot Spot For Maritime Innovation
Proteus Engineering Releases New VisualSMP Seakeeping Softwan
Scandinavian Maritime Industry Company & Contract Updat
Status of U.S. Shipbuilding Assistance Programs
The U.S. Cruise Market
Tonnage Losses Up Substantially 1st Qtr.
Trinity's Halter Marine Wins $47.2 M For Navy Oceanographic Ship
U.S. Government Allocates $9.3 Million For SLICE Technology
U.S. Navy Christens And Launches Trinity-Built Oceanographic Ships
 
rss feeds | archive | privacy | history | articles | contributors | top news | contact us | about us | copyright