Once the Hoegh Osaka was returned to port, there was an investigation of the crisis while the cars were driven off the ship. There was speculation that the cargo was unstable when it left port. So what does this mean for the car manufacturer and exporter? Will the cars become scrap due to potential safety issues from damage unseen? Check out the links below to read more about this event.
Sunday, April 23, 2017
$53 million in Luxury Cars Lost At Sea
I came across an interesting story that was posted January 6, 2015 about how the cargo ship Hoegh Osaka, destined to the Middle East with $53 million in luxury cars, never completed it's delivery. Shortly after the Hoegh Osaka began its journey from Southampton, it began to list (tilt). This can happen if cargo shifts, or is unevenly loaded. The crew made a critical decision to run the ship aground not far from Southampton to prevent capsizing. Then, it was a race against time to stabilize the ship before being swept out to sea.
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Wow! I am amazed it did not capsize even after sitting at a 52 degree angle for many days. It's an unfortunate loss for those car manufacturers; there were a lot of very nice cars on the ship. Sounds like some of the cars might be able to be salvaged but others might need to be scrapped.
ReplyDeleteThis risk for something like this disaster rely on both buyers and sellers such that the shipment could be lost, refused at the shipping port or mis-loaded. An insurance certificate is a document certifying that the goods are insured for shipment and therefore covered for losses and damages. It is a requirement for any international trade transaction to have insurance coverage since international shipments represent a high degree of risk for loss. My guess is they had an insurance certificate.
ReplyDeleteI happened to agree, they had to of had risk insurance for this. I'm
Deletenot sure what the middle east has for laws on liability,but if this happened in the US I'm sure they would have be all sold as some sort of salvages. I'm glad you shared this, I thought the research question we had on this was outdated, now I know better! Sacha B
Interesting read! It reminds me of the discussion we just did in class. I cannot believe that they did not ensure that the cargo would shift, especially when carrying something as heavy as vehicles. I can imagine that even the slightest shift could have an impact. Hopefully they are able to salvage most of the cars and get insurance money for the rest. - Lorreen McCabe
ReplyDeleteGreat reference to a relevant article. The reports (2016) on the event's cause are interesting to read: https://www.lloydslist.com/ll/sector/ship-operations/article519802.ece
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