BraemarSA (ASIA) – Quarterly Trends report

Global observations for the first half of this year are:

CASES OVER USD250,000                                             Mar/May                            June/Aug                           Total                          
Engine Room Machinery 23 24 47
Grounding 3 4 7
Fire/Explosion 2 5 7
Contact/ Collision/ Allision 7 5 12
Propeller/ Rudder/ Steering 4 2 6
Heavy weather 2 1 3
Sinking/ Capsize 1 0 1
Flooding 0 0 0
Ice 1 0 1
Structure 5 0 5
Pods 1 2 3
Thrusters 2 1 3
Tailshaft 0 2 2
Coatings 0 1 1
Other 1 6 7
Total Casualties Worldwide 52 53 105
 

Total Estimate For Quarter            

63,017,000   40,047,000   103,064,000  
Average Per Casualty 1,211,865 755,604 981,562
Total Casualties Asia Over USD250K 16 8 24
Total Casualties Asia Over USD250K 16 8 24
Total Cost 37,697,000 9,850,000 47,547,000
Average 2,356,063 1,231,250 3,587,313

 

Comment:

Engine room machinery damage claims (main engine diesels, main engine turbochargers and generator diesel engines) deliver the highest proportion of casualties we see at 45% of the total cost. While the value of each individual machinery incident may be less than the higher profile casualties, such as collisions, fires and floodings, the sheer volume of claims makes these figures significant. In August we saw average generator engine repair costs of USD480,000 and main engine damages up to USD650,000 with larger slow speed Diesel damage going as high as USD1M and more.

 

Interesting was the spike in structural failures in March/ May, which included tank over pressurisation, tween deck failures, main mast damage and hull fractures. However, the failures are varied and merely a spurious statistic. However, three of the five fires in June/August were in engine rooms, which are an all too common problem and usually caused by volatile vapours impinging on hot surfaces due to a lack of maintenance usually. Asia – during May, overall figures in Asia were affected by a single collision damage claim estimated at USD20M which rendered a relatively young container ship a CTL, a symptom of the low vessel values at the moment. The seven fires we saw worldwide represented USD15.7M of estimated damage with USD4.5M of this being in Asia

 


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