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 April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Petrobras Requests to Assist the Federal Prosecutors Office

On April 24, Petrobras submitted a request to assist the Federal Prosecutors Office in seven criminal lawsuits related to Operação Lava Jato (Operation Car Wash),

GEA UV Ballast Water Treatment

Earlier this year GEA won the first contract for equipping cruise liners with its UV ballast water treatment system, BallastMaster marineX, powered by Trojan Marinex.

Horizon Delivers Second 80’ Towboat to FMT

Horizon Shipbuilding, Inc. announced the delivery of another 80’ Inland River Towboat, the M/V Chip Stiebing, to Florida Marine Transporters (FMT) of Mandeville, La.

Finance

Rolls-Royce to Sell Michell Bearing Business

Rolls-Royce has today confirmed its intention to sell its Michell Bearings business to British Engines Limited for a cash consideration of £12.6m. Subject to licence consents,

Euronav Warns Against Speeding up Tankers

Many investors are asking questions about the dynamics of the tanker market and asked us to confirm their views on vessel utilisation across the tanker market. This

D'Amico Orders Two 'Eco' LR1 Product Tankers

D'Amico International Shipping has ordered two new long range one product tankers, to be built by Vietnam’s Vinashin Shipyard Co for about $44m each.   The tankers

Salvage

Grounded Bulker Refloated on St. Marys River

The grounded 603-foot Canadian bulk carrier Mississagi was refloated on the St. Marys River following operations to offload approximately 2,000 tons of stone, Saturday.

Two Rescued from Sinking Shrimp Boat

Two fishermen were rescued from their sinking shrimp boat by a U.S. Coast Guard aircrew Friday off the coast of Saint Simons Island near Brunswic, Georgia.   Watchstanders

Maritime Casualty Forum Held in Singapore

More than 250 shipping and insurance professionals gathered for the first ever Asian Maritime Casualty Forum held during Singapore Maritime Week.   The two-day conference,

 
 
Maritime Contracts Maritime Security Maritime Standards Pipelines Pod Propulsion Port Authority Salvage Ship Repair Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | 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: 0.3379 sec (3 req/sec)