Wreck Removal Costs More Nowadays

Press Release
Tuesday, April 23, 2013

Insurers, Lloyd's of London, say in a new report that the cost of dealing with shipwrecks is rising as ships grow in size.

The report, 'The challenges and implications of removing shipwrecks in the 21st century', warns that the cost of dealing with shipwrecks is spiralling and the increase in removal cost is often passed to insurers, reinsurers and ship owners.

Recent examples of expensive wreck removals include the container ship Rena which sank off New Zealand in 2011. So far, that removal has cost USD240m while the highly complex work to take away the ill-fated cruise ship Costa Concordia is still underway.



Lloyd's says that the total cost of the top 20 most expensive wreck removals in the past decade is USD2.1bn and rising. The report shows how increasing vessel sizes and growing cargo volumes are driving up wreck removal costs. In the 1990s, a large container vessel carried 5,000 TEU. Today, the largest container ship has a capacity of 16,000 TEU.

The report can be downloaded here.
 

Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

iSURVEY Awarded Two-year Contract with Island Offshore

iSURVEY has been awarded a two-year contract with offshore vessel owner, Island Offshore Management, which will see iSURVEY AS provide positioning services to Island

Buckeye Pipeline Quietly Makes Key Acquisition

Houston-based logistic firm Buckeye Partners has spent more than $3.5 billion buying assets since 2010, transforming itself from a quiet regional pipeline utility into an emerging energy powerhouse.

Sri Lanka Port Project: China Merchants, CHEC Invest $601-M

Two of China's largest port operators and engineering firms have agreed to invest in a $601 million terminal in Sri Lanka's Hambantota port, part of a series of

Finance

For Europe's LNG Ports, Russia Gas Fears and US Exporters Buoy Demand

Gas buyers nervous of Russia cutting supply are helping solve Europe's problem of too many underused liquefied natural gas (LNG) terminals, as they seek space at France's Dunkirk plant.

Statoil: COSL Pioneer Temporarily Suspended

Due to overcapacity in their rig portfolio, Statoil will lay up the COSL Pioneer rig in the fourth quarter of 2014. The rig is currently carrying out an assignment

Buckeye Pipeline Quietly Makes Key Acquisition

Houston-based logistic firm Buckeye Partners has spent more than $3.5 billion buying assets since 2010, transforming itself from a quiet regional pipeline utility into an emerging energy powerhouse.

Salvage

Impact of Upcoming Regulations on Wreck Removal

The Nairobi International Convention on wreck removal was ratified by India recently and will be enforceable from April next year. This will place financial responsibility

Update: SS Central America Salvage

Odyssey Marine Exploration completes current phase of SS Central America recovery; 15,500+ gold and silver coins, 45 gold bars recovered to date; 161,000-square meter,

T&T Salvage Refloats Containership

Damn the Torpedoes: T&T Salvage completes another successful OPA 90 response T&T Salvage and their strategic response partner, Cabras Marine, successfully refloated a 17,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pipelines Port Authority Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1192 sec (8 req/sec)