Recovery of the MSC Napoli, which grounded off the British coast last November, has become the second most expensive claim ever, according to marine insurance group The London Club.
In it’s 2008 Annual Report, London Club states that the total cost for the recovering the 4,700 teu containership’s cargo, cleaning up spilled oil and removing the damaged ship is now approaching $185m, making it second only to the Exxon Valdez oil pollution claim in 1989.
“The response to this casualty has been an enormous challenge in technical, regulatory and legal terms,” said Paul Hinton, Chief Executive. “The salvage and removal of the wreck of the ship and her containers, as well as the disposal of cargo within the containers, has been a unique experience in a number of respects, but, importantly, it is the first occasion on which a large container ship has foundered in a recoverable condition off the coast of a European State.”
The London Club reports a $30m loss for 2007, it’s first for five years, which it attributes to the fall-out from America’s sub-prime mortgage crisis, reduced investment returns and increasing costs, as well as the Napoli incident.