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A chain cuts through a capsized cargo ship filled with cars

jalopnik.com

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Re: A chain cuts through a capsized cargo ship filled with cars

#51

Post by dmd »

patja wrote: post #36
dmd wrote: post #19

Earlier quoted context omitted.

There were about 4000 cars on board. If each car has 10 quarts of oil, that's 10000 gallons or about 32 tonnes. Oil tanker spills are typically in the range of tens to hundreds of thousands of tonnes of oil. So, don't waste cycles worrying about it; it's a rounding error in the general scheme of things.

10 quarts? I don't think the v8 in my first car even took that much. Aren't most vehicles more like 5 or 6 quarts?

I always overestimate in estimates like this so people don't quibble with them saying I'm underestimating.

Re: A chain cuts through a capsized cargo ship filled with cars

#52

Post by ynniv »

tmhrtly wrote: post #16

Does anyone know who pays for this process? I would imagine the owner of the ship, but I imagine there's a non-zero likelihood that something like this could bankrupt them. In that case... is there mandatory insurance or similar?

According to Wikipedia the owner/operator is the $6B Hyundai Glovis, and the ship was insured.

https://en.wikipedia.org/wiki/MV_Golden_Ray

Re: A chain cuts through a capsized cargo ship filled with cars

#57

Post by laurent92 »

chairmanwow1 wrote: post #53

Is it possible to have Adblock on mobile? That site is literally unreadable do you the unbelievable amount of ads.

Have you tried the Reader mode of your phone? Oftentimes it succeeds to display the text only. I now browse with Reader mode by default.

Re: A chain cuts through a capsized cargo ship filled with cars

#58

Post by gnu8 »

nradov wrote: post #34
gnu8 wrote: post #21

Earlier quoted context omitted.

The insurers of the ship and/or cargo would be paying to salvage whatever value they can extract from the wreck, to reduce their losses. You’re right about the non-zero chance of insurmountable loss, which is why the owner of the ship and the owner of the cargo would both have a shitload of insurance. Read about Lloyd’s and the shipping insurance business. People have been doing this for hundreds of years.

This salvage operation is far more expensive than the scrap value of the ship and cargo.

Definitely, but it’s the difference between losing $100 million or $99 million. They’ve already sustained the loss, the only thing to do now is try and offset it.

Re: A chain cuts through a capsized cargo ship filled with cars

#59

Post by fblp »

ynniv wrote: post #52
tmhrtly wrote: post #16

Does anyone know who pays for this process? I would imagine the owner of the ship, but I imagine there's a non-zero likelihood that something like this could bankrupt them. In that case... is there mandatory insurance or similar?

According to Wikipedia the owner/operator is the $6B Hyundai Glovis, and the ship was insured. https://en.wikipedia.org/wiki/MV_Golden_Ray

"Insurance losses on the ship are estimated at $70 - 80 million, and $80 million in its contents."

Re: A chain cuts through a capsized cargo ship filled with cars

#60

Post by 112012123 »

yohannparis wrote: post #47
112012123 wrote: post #37

Earlier quoted context omitted.

Depends on the jurisdiction. In many countries, yes there are insurance requirements. Even in ones where there aren't, most vessels owned by larger companies carry insurance for the same reason anyone else does. On the other hand, since oceangoing ships are (mostly) regulated by the countries they're registered in, which is frequently a regulation-light jurisdiction like Panama, Liberia, or the Marshall Islands - the…

The ship in the article left Georgia to Baltimore, you cannot move goods from and to the USA with a boat that is not registered in the USA. That's is why only few cruise ship start and end their trips in the USA.

Correct - vessels on US cabotage-restricted routes will always be registered (and crewed etc) in the US.
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