The collision of these two vessels resulted in a hole on the port side of the HYUNDAI BRIDGE leading to an oil leak which is tackled by the Korean Coast Guard.
An estimated 1,000 Containers were on board the vessel with a roughly estimated cargo value of some USD 38 – 50 million. Pollution prevention measures and salvage operations may reach a roughly estimated USD 4 – 8 million making up a salvage contribution of 10 – 20% of the saved values for ship and cargo.
Salvors will likely impose their right to lien the ship for salvage security. Whether salvors will also lien the estimated 1,000 containers of cargo directly or whether the provision of security from cargo receivers will be handled by a General Average under the submission of security for cargo interests by the liability insurer of the ship owner/charterer will have to be seen.
Please feel free to contact us to look after your interests if you are directly involved in this casualty.