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Loss News

Maersk Eindhoven Cargo Loss: Engine Oil Pressure Triggered Loss of Propulsion

Maersk Eindhoven Cargo Loss: Engine Oil Pressure Triggered Loss of PropulsionMaersk says a loss of propulsion led to some 260 containers falling overboard from the Maersk Eindhoven in severe weather off the coast of Japan this week. Another 65 containers are reported damaged on deck.22 February 2021 Monday 10:00

Marine Insurance Losses Seen Below $250 Million from Beirut Blast

Marine Insurance Losses Seen Below $250 Million from Beirut BlastInsurance claims for damage to ships, goods and the port itself after a warehouse explosion last week in the port of Beirut were likely to total less than $250 million, reinsurance broker Guy Carpenter said on Monday.10 August 2020 Monday 15:07

Genting Warns of "Significantly Higher" Losses in First Half of 2020

Genting Warns of "Significantly Higher" Losses in First Half of 2020The COVID-19 pandemic has disrupted the operations of virtually every passenger vessel firm, and Genting is no exception. Its cruise ships World Dream, Genting Dream, SuperStar Gemini, SuperStar Aquarius and Star Pisces07 August 2020 Friday 12:00

Safety and Maintenance Issues in UK Report on Evergreen Container Loss

Safety and Maintenance Issues in UK Report on Evergreen Container LossThe U.K.’s Marine Accident Investigation Branch (MAIB) recently issued a detailed accident report investigating the 2017 loss of containers from Evergreen Marine Corp.’s 7000 TEU container ship Ever Smart.29 July 2020 Wednesday 11:10

SAMSA: MSC boxship released from detention after container loss

SAMSA: MSC boxship released from detention after container lossThe South African Maritime Safety Authority (SAMSA) has released from detention MSC Palak, a 9,411 TEU containership that lost more than 20 containers overboard in Algoa Bay last week.22 July 2020 Wednesday 17:00

Sembcorp Marine Posts Steep Loss Due to COVID-19 Shutdown

Sembcorp Marine Posts Steep Loss Due to COVID-19 ShutdownSembcorp Marine posting a net loss of $84 million in the first half due to the COVID-19 shutdown, which closed all of its Singapore yards for months.20 July 2020 Monday 13:05

Asian waters account for largest share of ships lost at sea

Asian waters account for largest share of ships lost at seaIncidences of large vessels lost at sea have occurred mostly in Asian waters, even as such losses on a global basis are at a record low in 2019, according to a review by insurer Allianz Global Corporate & Specialty (AGCS).17 July 2020 Friday 10:20

Shipping Losses Continued Downward Trend in 2019, Allianz Says

Shipping Losses Continued Downward Trend in 2019, Allianz SaysAsian waters accounted for a third of the shipping industry’s total losses at sea globally last year, even as shipping losses continued their declining trend, says marine specialty insurer Allianz Global.16 July 2020 Thursday 14:30

Burned Car Carrier Hoegh Xiamen Declared a Total Loss

Burned Car Carrier Hoegh Xiamen Declared a Total LossIn a brief statement issued Friday, shipowner Ocean Yield ASA reported that the burned car carrier Hoegh Xiamen has been declared a total constructive loss.04 July 2020 Saturday 10:01

Australia Continues Enforcement Effort From APL England Container Loss

Australia Continues Enforcement Effort From APL England Container LossAs part of its latest order, AMSA expects the owner and operator to respond to the direction with a detailed search plan.17 June 2020 Wednesday 14:00

Total Losses Continue to Decline

Total Losses Continue to DeclineThe Nordic Association of Marine Insurers (Cefor) has published its latest statistics noting the frequency of total losses reached so far in 2018 is at its lowest level since 1996.30 August 2018 Thursday 09:40

Dorian LPG reports loss-making quarter

Dorian LPG reports loss-making quarterStamford, CT, headquartered Dorian LPG Ltd. (NYSE: LPG), which continues to be the subject of a take-over offer from BW Gas, has reported results for the three months ended June 30, 2018.11 August 2018 Saturday 11:50

ONE Takes $120M Loss Due to "Teething Problems"

ONE Takes $120M Loss Due to "Teething Problems"Ocean Network Express (ONE), the ocean carrier comprising the container operations of NYK, MOL and K Line, posted a loss of $120 million in the first quarter due to "operational teething problems that affected service quality" and higher bunker prices.01 August 2018 Wednesday 11:45

L'Austral Grounding: Loss of Awareness during “Blind Pilotage”

L'Austral Grounding: Loss of Awareness during “Blind Pilotage”New Zealand's Transport Accident Investigation Commission has released its investigation report on the 2017 grounding of the cruise ship L'Austral, operated by the French cruise line Compagnie du Ponant, noting the risks of “blind pilotage.”26 July 2018 Thursday 12:15

Large Shipping Losses Declining

Large Shipping Losses DecliningLarge shipping losses have declined by 38 percent over the past decade, according to Allianz Global Corporate & Specialty SE’s (AGCS) Safety & Shipping Review 2018.26 July 2018 Thursday 11:45

Quick, Heavy Rolling Caused Container Losses

Quick, Heavy Rolling Caused Container LossesThe Australian Transport Safety Bureau has released its preliminary investigation report into the loss of containers overboard from the container ship YM Efficiency, off Newcastle, New South Wales, Australia last month.25 July 2018 Wednesday 10:45

South Korean Yards Post Quarterly Loss

South Korean Yards Post Quarterly LossTwo of the world's largest shipyards, South Korea's Samsung Heavy Industries and Hyundai Heavy Industries, have swung to a net loss.24 July 2018 Tuesday 12:45

Shipping Losses Continue to Fall

Shipping Losses Continue to FallLarge shipping losses have declined by 38 percent overall in the past decade, according to the Safety & Shipping Review 2018 by Allianz Global Corporate & Specialty (AGCS).19 July 2018 Thursday 09:45

Australia to Investigate Loss of 83 Containers from Ship in Heavy Weather

Australia to Investigate Loss of 83 Containers from Ship in Heavy WeatherThe Australian Transport Safety Bureau (ATSB) will investigate the loss of dozens of shipping containers overboard from the Yang Ming-operated cargo ship YM Efficiency off of New South Wales, Australia last Friday.06 June 2018 Wednesday 13:34

Lego Wealth Fund Will Exit Tankers Investment After Loss

Lego Wealth Fund Will Exit Tankers Investment After LossKirk Kapital, a wealth fund owned by members of the Lego family, will sell its five product tankers after the vessels triggered the first loss in three years.27 April 2018 Friday 12:51

Gener8 Maritime Reports 4Q Loss of $45.4 mln

Gener8 Maritime Reports 4Q Loss of $45.4 mlnThe New York-based Gener8 Maritime Inc. (GNRT) reported a loss of $45.4 million for the fourth-quarter ended December 31, 2017, after reporting a profit of $5.8 million in the same period a year earlier.15 March 2018 Thursday 18:02

Global Ship Lease Reports 4Q Loss

Global Ship Lease Reports 4Q LossUK-based containership owner Global Ship Lease (GSL) reported a loss of $99.1 million in its fourth quarter. It posted revenue of $37.9 million in the period.06 March 2018 Tuesday 17:54

Eagle Bulk Shipping Reports 4Q Loss

Eagle Bulk Shipping Reports 4Q LossUS based owner-operators of Supramax dry bulk vessels reported a loss of $16.6 million in its fourth quarter ended December 31, 2017, compared to a net loss of $142.4 million for the fourth quarter in 2016.06 March 2018 Tuesday 16:37

Maersk Line Addresses Loss of Containers from Ship Off U.S. East Coast

Maersk Line Addresses Loss of Containers from Ship Off U.S. East CoastThe world’s largest container shipping company, Maersk Line, has issued a statement regarding the loss of containers from one of its vessels during the nasty storm that slammed the U.S. East Coast over the weekend.06 March 2018 Tuesday 11:46

Triyards Holdings Losses Shipping Contract

Triyards Holdings Losses Shipping ContractCash-strapped shipbuilder Triyards Holdings Limited has received a termination notice for a chemical tanker design and construction deal.02 March 2018 Friday 16:14

Diana Shipping Reports Loss for 4Q

Diana Shipping Reports Loss for 4QGreece-based Diana Shipping inc. (DSX) has reported a loss of $436.9 million in its fourth quarter. The net loss attributed to common stockholders of $438.4 million for the fourth quarter of 2017, including a $422.5 million impairment loss.23 February 2018 Friday 16:55

Transocean Upbeat About Offshore Recovery, Despite Quarterly Loss

Transocean Upbeat About Offshore Recovery, Despite Quarterly LossDrilling contractor Transocean Ltd on Wednesday expressed optimism about a recovery in offshore drilling activity this year, despite reporting its third quarterly loss in a row.22 February 2018 Thursday 15:29

HMM Losses Exceed $1 Billion, But Carrier Still Plans to Order More Megaships

HMM Losses Exceed $1 Billion, But Carrier Still Plans to Order More MegashipsHyundai Merchant Marine (HMM) slumped to a KRW1.2trn ($1.1bn) net loss in 2017. And this follows a KRW484bn loss the year before, bucking the industry trend of improved profitability.14 February 2018 Wednesday 12:52

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