The chocked-up marine supply chain, as illustrated by news photos of ships sitting at ports for long periods waiting to be unloaded, is becoming an issue of increasing concern to the insurance industry.
An official providing an update on the Golden Ray wreck removal off the coast of Georgia said it is the largest in United States history and required more than 3 million collective man-hours.
A crack in a bridge over the Mississippi River has stranded more than 700 barges, cutting off the biggest route for U.S. agricultural exports when the critical waterway is at its busiest.
The world watched as the MV Ever Given remained stuck in the Suez Canal between March 23 and 29. The ultra-large 20,000-TEU vessel was in the middle of its voyage from the Port of Tanjung Pelepas in Malaysia to the Port of Rotterdam, Netherlands, when, according to the vessel operators, strong winds made it run aground.
Six people were rescued near the coast of Louisiana after a commercial boat capsized about eight miles off Port Fourchon on the Gulf of Mexico, the U.S. Coast Guard said late Tuesday.
The blockage of the Suez Canal is likely to lead to large reinsurance claims, adding to upward pressure on marine reinsurance rates, James Vickers, chair of reinsurance broker Willis Re International, told Reuters.
Analysts at specialist broker McGill and Partners believe that the re/insurance industry could be looking at costs in excess of $100 million due to the ongoing obstruction in the Suez Canal.
The stranded mega-container vessel, Ever Given in the Suez Canal, is holding up an estimated $400 million an hour in trade, based on the approximate value of goods that are moved through the Suez every day, according to shipping data and news company Lloyd’s List.
An engineering problem has forced another delay before salvage crews can start removing an overturned cargo ship that’s been partially submerged on the Georgia coast for more than a year, officials said Wednesday.
As expected, Hurricane Hanna made landfall at around 5 p.m. Saturday just south of Baffin Bay as a Category 1 storm. What was not expected was the size of its storm surge and the devastation it would leave behind.
While battling a large fire aboard a cargo ship at Blount Island, the Jacksonville Fire and Rescue Department said an explosion occurred, injuring firefighters. According to Fire Chief Keith Powers, eight firefighters were injured in the explosion, and an additional firefighter was treated for heat exhaustion.
During repairs to the Coney Island Steeplechase Pier, a spud barge sank and damaged the pier further. The court had to decide if the insurer was responsible for the barge’s damages.
“The improbable can happen. But when a number of improbabilities occur consecutively within a short period of time it is very difficult to accept that they are coincidences.”
Rescue teams made contact Monday with four crew members still inside the Golden Ray, a day after the cargo ship capsized off the coast of Georgia, according to the U.S. Coast Guard.
