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Update on the M/V Hyundai Fortune

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ROTTERDAM, Netherlands – The ships insurance company, the TT Club, estimates that at least 500 containers on the vessel have been destroyed. The value of the boxes on the vessel is put at around US$8M to US$9M, and will contribute to the general average. Regardless of the eventual conclusions of inspectors investigating the disaster, the TT Club yesterday expressed concern about the problems of knowing exactly what is loaded in containers.

Update on the M/V Hyundai Fortune

ROTTERDAM, Netherlands – The ships’ insurance company, the TT Club, estimates that at least 500 containers on the vessel have been destroyed. The value of the boxes on the vessel is put at around US$8M to US$9M, and will contribute to the general average. Regardless of the eventual conclusions of inspectors investigating the disaster, the TT Club yesterday expressed concern about the problems of knowing exactly what is loaded in containers.
 
A 20-foot container and its cargo is typically valued for contents at around US$30,000 but a ship trading from the Far East to Europe carrying high-value commodities could easily lift the value to US$150,000 or more each. This would make an overall cargo value in excess of US$300M realistic.
 
Such is the loss on the Hyundai Fortune, that the cost of insuring ships may rise, according to Marsh & McLennan Cos. and Aon Corp., the worlds’ largest insurance brokerages.
 
The original report of the fire’s cause was thought to be fireworks in the cargo. In an ‘urgent transmission’, Lloyd’s marine Intelligence state that the fireworks theory is being discounted due to the explosion being too powerful. The rear section of the ship has been almost totally destroyed and the hull almost split in two. Problems of knowing exactly what was in the containers are expressed. Some suspicion of fraud by shippers misdeclaring consignments in order to ship "prohibited cargo".
 
Next to the bikes, parts and accessories there was another special cargo on board: a brand new £250,000 air-barrier that is to be used on the safety fence at all ten rounds of the world championship SGP Series. Which caused a huge headache for FIM Speedway Grand Prix Series (SGP) organisers BSI.

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