- The total insurance bill from the ONE Apus box spill this week is set to top $50m.
- More than 1,900 containers – including around 40 boxes containing dangerous goods – tumbled into the Pacific Ocean on Monday.
- The main cause for this container loss from the Japanese boxship is a violent storm cell en route to America.
Sam Chambers writes for Splash 247 about how ONE Apus box spill sets the insurance bill to a whooping $50m.
Worst loss of boxes at sea
The accident is the worst loss of boxes at sea since the MOL Comfort sank seven years ago.
The annual average number of containers lost at sea around the world for the years 2017 through 2019 numbered 779, according to the World Shipping Council, providing some perspective on the scale of Monday’s accident.
No crew injured
Fortunately no crew were injured during the storm and the heavy rolling of the magenta-coloured ship.
Ship insured at Japan P&I Club
The ship is insured by the Japan P&I Club with its cargo insurance also coming from a Tokyo-based insurer.
Insurance bill tops $50m
At an average FOB value of $25,000 per box, according to estimates from Singapore’s CTI Consultancy, the cargo claims are set to be in the region of $47.5m, while other items such as off hire and repairs will ensure the insurance bill tops $50m.
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Source:Splash247
