An insurer’s view of Suez
Captain Rahul Khanna, the global head of marine risk consulting with Allianz Global Corporate & Specialty (AGCS), has assessed the salvage of the stranded 'Ever Given' and the consequences for shipping.
In addition to the rise in traffic volumes – vessels’ container capacity has doubled over the last ten years – the salvage of the 224,000 t heavy and 400 m long ship is a difficult undertaking. The 20,000 teu vessel is among the top 1% of vessel sizes on the seas, which “many experts in the salvage sector have been warning about for some time.”
Besides damage to the ship, salvage and ship disposal costs will be incurred, along with third party claims, including damage done to the canal, the loss of perishable goods in the cargo as well as claims for business interruptions and loss of revenue resulting from this blockage. Estimates have it that the blockage has brought about USD 10 billion of daily shipping and cargo traffic to a standstill. (cd)