19 November 2014

[191114.EN.SEA] MOL Lost Little From Comfort Sinking, But Can Make Money From Lawsuit

JAPANESE shipping giant MOL has suffered little financial loss from the sinking of its 8,110-TEU MOL Comfort in July 2013, one of the largest ships ever lost at sea, reports Lloyd's List.

“The whole damages in the incident have been fully insured,"said managing executive officer Masahiro Tanabe. “Financially we have [not seen] significant impact at all."

There may even be money to be made from the sinking through yet to be resolved lawsuit against the shipbuilder.

MOL has launched a lawsuit against shipbuilder Mitsubishi Heavy Industries for negligence and vessel defects, seeking at least $131.6 million for the whole vessel loss, costs of strengthening sisterships as precautionary measures, and other damages.

The shipbuilder has rejected all responsibilities while arguing that it had designed and constructed the ships based on class rules, and that issues relating to ship operations such as overweight containers - could have caused the casualty.

A dozen shippers, cargo underwriters, container owners and and non-vessel-operating common carriers have joined MOL’s suit against the shipbuilder under Japan’s Product Liability Law, which is expected to last until at least 2015.

Source : HKSG.                                                   

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