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

Contracts

Samsung Heavy Takes Up 7 Container Ship Order

South Korea's Samsung Heavy Industries said on Wednesday that it is proceeding with a project worth 642.9 billion won ($617.67 million) to build seven container ships as planned.

South Stream Gas Pipeline Re-route via Turkey Possible

Turkish Energy Minister Taner Yildiz said on Wednesday that Ankara would consider the passage of the South Stream natural gas pipeline through Turkey if Russia made such a request.

China Shipyard Delivers Handymax Size Bulk Carrier

COSCO Corporation (Singapore) inform that its Dalian Shipyard in China has delivered a bulk carrier of 57000 dwt, named "GUOTOU 108", to its Asian buyer. The Handymax bulker measures 189.

Finance

Three European firms win Angola deepwater deals

Three European companies have won contracts for almost half the value of Angola's $16 billion ultra-deepwater Kaombo oil project, confirming a trend toward bigger

Litigation Can Cost Shipbrokers an Arm & a Leg

A survey of London solicitors by specialist intermediaries insurer ITIC has highlighted the high cost of litigation for shipbrokers and others seeking judgment in the English courts,

Scorpio Tankers' Latest Sale & Purchase Deals

Scorpio Tankers says it recorded a gain of US$51-million from the sale of the 7 VLCC newbuilding contracts announced earlier. In March 2014, the Company received

Salvage

South Korean Ferry Incident Update

Almost 100 ships, 18 helicopters involved in rescue; as many as 340 people from one school thought to be on board. Accident may be South Korea's biggest in 20 years.

Rescue underway to assist sinking S. Korean ferry

A passenger ferry carrying about 470 people was listing badly off South Korea's southwest coast and had sent a distress signal, a Korean coast guard official said on Wednesday,

Wreck-Removal Convention to Enter into Force

Shipowner liability on the horizon as Denmark ratifies international instrument The Nairobi International Convention on the Removal Wrecks will enter into force on April 14,

 
 
Maritime Security Maritime Standards Navigation Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.1092 sec (9 req/sec)