Dubai: The owner and insurers of one of the world’s largest container ships stuck in the Suez Canal face claims totalling millions of dollars even if the ship is refloated quickly, agencies reported quoting industry sources.
The 400-metre, 224,000-tonne Ever Given ran aground on March 22 after losing the ability to steer amid high winds and a dust storm, the Suez Canal Authority (SCA) said in a statement, threatening to disrupt global shipments for days.
GAC, a Dubai-based marine services company, said authorities were still working to free the ship mid-afternoon on Wednesday, and that information it had received earlier claiming the vessel was partially refloated was inaccurate.
The ship’s owner, Japanese firm Shoei Kisen KK, and its insurers could face claims from the SCA for loss of revenue and from other ships whose passage has been disrupted, insurers and brokers said.
Container ships of this size are likely insured for hull and machinery damage of $100-140 million, insurance sources say. The ship was insured in the Japanese market.
The cost of the salvage operation is also borne by the hull and machinery insurer.
Owners of the cargo on board the ship and on other ships stuck in the Canal will likely claim from the ship’s liability insurer for losses to perishable goods or missed delivery deadlines.
UK P&I Club said in an emailed statement to Reuters that it was the protection and indemnity insurer for the Ever Given, but declined to comment further. This segment of insurance covers ships against pollution and injury claims.
The bulk of those insurance claims will then likely be reinsured through a programme run by the wider International Group of P&I Clubs, Smith at McGill said.
At least 30 ships were blocked to the north of the Ever Given, and three to the south, local sources said. Several dozen ships could also be seen grouped around the northern and southern entrances to the canal.