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INSURANCE MARINE INSURANCE Nauctis: Company Lost $401 Million: 4,500+ Luxury Cars Sunk in the Worst Car Carrier Roro Ship Disaster Ever PLAY YOUTUBE VIDEO Original article: https://www.youtube.com/watch?v=DLbiEvCFg2Q Peter Burgess COMMENTARY I did junior level audit work in London in the insurance industry many decades ago and became aware of role the insurance industry played in keeping commerce financially afloat. Fast forward about 60 years to this video and the huge concentrations of value that are at risk in the modern global economy. This video decribes huge 'losses' that have happened over the last few years in the automobile supply chain ... none of which were headline 'news' because the modern economy is now so big and so normal! On reflection, while the 'actual' global economy has become impressive by almost any measure, the way it is reported and the way it is understood has become seriously 'problematic' and a 'risk' that needs to be addressed. Sadly ... and dangerously ... the modern media is not up to the task of doing the reporting that is essential for a healthy modern world! Peter Burgess
Company Lost $401 Million: 4,500+ Luxury Cars Sunk in the Worst Car Carrier Roro Ship Disaster Ever Nauctis Jul 29, 2024 160K subscribers ... 232,349 views ... 1K likes 13 Worst Car Carrier Roro Ship Disasters Ever 𝗙𝗼𝗿 𝗤𝘂𝗲𝘀𝘁𝗶𝗼𝗻𝘀, 𝗣𝗿𝗼𝗷𝗲𝗰𝘁𝘀, 𝗖𝗼𝗹𝗹𝗮𝗯𝗼𝗿𝗮𝘁𝗶𝗼𝗻𝘀, 𝗦𝗽𝗼𝗻𝘀𝗼𝗿𝘀𝗵𝗶𝗽, 𝗔𝗱𝘃𝗲𝗿𝘁𝗶𝘀𝗲𝗿𝘀 𝗼𝗿 𝗔𝗻𝘆𝘁𝗵𝗶𝗻𝗴, 𝗖𝗼𝗻𝘁𝗮𝗰𝘁 𝗺𝗲 𝘁𝗼: 𝗡𝗮𝘂𝗰𝘁𝗶𝘀𝗬𝗧@𝗴𝗺𝗮𝗶𝗹.𝗰𝗼𝗺 Nauctis is the ultimate hub for maritime, technology, transportation, and military enthusiasts. We release new videos every day on our YouTube channel, Don't miss out on any of our updates - subscribe to our channel and Follow our Social Media to explore additional content. We request you to maintain a respectful and constructive tone in the comments section. Any spam, insults, or trolling will not be tolerated and will be promptly deleted. Join us on our journey to discover the wonders of the sea, Technology, Transportation and Military! Transcript** 0:00 picture a massive ship carrying hundreds or thousands of luxury sports cars from various Brands crossing the vast Ocean Suddenly it faces unexpected disasters in just minutes these multi-million dollar cars burn to ashes or sink to the ocean floor due to ship accidents in the last 10 years about 21,900 cars have sunk or been damaged causing losses of over $1 billion this doesn't even include the losses from the ships themselves in this video we'll explore the 13 most expensive and worst car carrier ship accidents in Maritime history will cover destructive fires deadly collisions and ships capsizing with thousands of vehicles on board H 1:04 Ho Shamen shamen on June 4th 2020 a container ship named ho shamen caught fire in Jacksonville Florida the incident began when when crew members saw smoke coming from the ventilation room as they prepared to leave the port for Baltimore Maryland they found Fire On Deck 8 which was full of used vehicles the fire quickly spread to other decks and burned for days the Jacksonville fire and rescue Department came to help put out the fire 2:00 the fire was so big that it took firefighters over a week to extinguish it sadly nine firefighters were injured while doing their job however none of the 21 crew members were hurt the H Shaman and its cargo of 2,420 used vehicles suffered a total loss of $40 million in August 2020 after the rescue operation the ship was towed to Turkey for recycling the national Transportation safety board or NTSB found that all vehicles on the ho shamen were electric powered and their batteries weren't removed and secured according to procedures this increased the risk of electric arcs and damage to car parts 3:00 during loading neither cargo Personnel nor crew members paid attention to this MV Golden Ray issue MV golden ray MV golden ray was a car carrier that had transported cars through the global automotive supply chain for 2 years this giant ship was longer than two football fields and as tall as a 17 store rebuilding powered by a massive 5,522 L two-stroke diesel engine with 17335 horsepower rotating at a relatively slow 77 RPM this Hyundai glovis ship could Cruise the Seas at a top speed of 20 knots or about 23 mph in September 2019 MV golden left the port of 4:01 Brunswick Georgia carrying 7,742 Vehicles unfortunately the ship had an accident ENC capsized off the coast of St Simmons Island Georgia the incident began on September 7th when golden ray entered the Port Port workers started unloading 285 Hyundai Accents and Kia fortees from 2 decks and loading 339 new Kia till rides onto three decks of the ship after loading finished the ship continued its journey to Baltimore accompanied by the tuck booat Dorothy Morin when the golden Rays Captain felt he could control the ship he ordered a 10° right turn for the fourth sea Voyage but then the Captain asked for 5:00 another 20° right turn that's when the ship started to lose control and began to sink luckily all crew members of golden ray were unharmed and declared safe from the incident Felicity Ace Felicity Ace was a 17,700 DWT car carrier built in 2005 in February 2022 the ship was assigned to carry about 4,000 vehicles from mden Germany to Davisville Rhode Island however on February 16th 2022 the ship caught fire believed to have started on the car deck and then spread throughout the 6:02 ship realizing the ship was on fire the captain ordered the 22 crew members to abandon ship in a few days the fire seemed to spread from end to end of the 656 ft ship and despite efforts to tow it the ship was lost after drifting in the Atlantic for 2 weeks [Music] according to the Russell group reports at the time of the accident estimated that losses could reach $438 million not only that they also estimated that the companies of those cars suffered at least $400 million in losses with Volkswagen having the largest portion of cars on board totaling at least $155 million actually the first lawsuit was filed in 2023 in a court in stutgart Germany where Porsche is 7:06 headquartered meanwhile a second lawsuit was filed in brunwick targeting the parent company Volkswagen Group which owns Porsche of the 3,965 cars carried the largest portion is believed to be Porsche Audi and VW but Reports say there were also cars from Bentley and Lamborghini on MV Tricolor board MV triol the Norwegian flaged car carrier MV tricolor experienced three collisions in the English Channel within 2 weeks resulting in major damage marine pollution and possibly the biggest loss in the automotive export industry 8:01 in the early hours of December 14th 2002 the ship carrying nearly 3,000 BMW Volvo and Saab cars collided with Bahamas flaged container ship named Kiba about 20 mi north of France in the English Channel at that time MV tricolor was traveling from Ze brouge to Southampton although damaged Kariba kept moving while MV tricolor remained stuck on its side in 98 ft deep Waters luckily there were no casualties as all 24 crew members were rescued without injury by Kariba and another tuck booat named boxer however about 2,862 cars and 77 roro cargo units 9:00 mostly consisting of tractors and crane Parts couldn't be saved due to this accident the shipping Lane used by MV tricolor was closed and guarded by the French police ship glaive and HMS angle C along with several other ships to warn other passing ships about the presence of the sunken MV tricolor however it seems this G card was not tight enough because on January 1st 2003 a cargo ship named Nicola and another ship named Vicki carrying 70,000 tons of gas oil hit the wreck of MV tricolor causing oil spills around the Baltic Ace wreck Baltic ace in 20 8 Baltic ace collided with the container ship corvus J and sank about 10:05 15 nautical miles west of reram in just 15 minutes Baltic ace sank resulting in the loss of 11 crew members the ship was carrying 1,400 cars and sank with 540,000 L of oil at the time ending up on its side at a depth of 35 M and leaving only 10 to 12 M from the surface to avoid the pollution threat from the ship the Dutch Ministry of infrastructure and environment contracted bossis and its partner Mamet Salvage for the wreck removal operation the rescue began in May 2014 and finished in October 2015 resulting in about 13,000 tons of 11:00 metal and 460,000 L of fuel being removed from the wreck the salvagers used hot tapping to remove the fuel with methodology and heating systems developed to remove fuel from the sunken kyung Shin tanker in Korea in 2010 the oil was heated with inserts in the bunker tanks the wreck was then cut into eight sections to be lifted the same method was previously used in the Salvage of MV tricolor a car carrier that sank in the English Channel in 2002 H H Osaka Osaka in January 2015 the car carrier ho Osaka AKA ran ground on its way from 12:01 Southampton to Bremer Haven carrying 1,450 luxury cars according to findings from Marine investigators there was a significant difference between the actual cargo weight and the estimate making it unstable leading to this accident then a report from the Marine accident investigation Branch or maib said that theth 5 1,000 ton ship left Southampton on the evening of January 3rd 2015 and experienced a tilt to the right when the ship crossed West Bramble solent the Tilt caused some cargo to shift and resulted in flooding inside the ship when realizing his ship was tilting the captain immediately ordered to shut off the 13:02 engine however the ship continued to tilt up to 40° causing its Rudder and propeller to come out of the water one off duty crew member suffered a broken arm and leg when he tripped and fell 18 M down a corridor hitting a door at the end learning from this incident m aib gave advice to Ho autoliners to improve their internal procedures and instructions to ensure that their ship stability is maintained throughout its operation cougar Cougar Ace Ace this is a car carrier built in Japan in 1993 the 64.6 Ft long 55328 ton ship is worth more than $100 million and is the largest car carrier 14:05 capable of carrying more than 5,000 cars although owned by Japan's mitsui OS lines or M O the cougar Ace sailed under the Singapore flag unfortunately this ship has to experience an unwanted incident in mid July 2006 cougar Ace was assigned to carry 473 brand new Mazda cars tied to its 14 decks then on July 23rd the ship's large 15,683 horsepower diesel engine moved the ship near the uan islands towards the coast of of Alaska and then down to three Mazda ports along the North American West 15:07 Coast suddenly everything started to go wrong quickly whether it was mechanical failure or human error the ship experienced flooding causing all its crew consisting of two singaporeans eight Myanmar citizens and 13 Filipinos to slide along the steel deck fortunately they were all rescued cougar Ace itself experienced flooding and eventually tilted up to 90° 5 days later the ship had drifted 100 m closer to the Rocky shs of the uan 16:03 islands m o hired tugboats to pull it away and bring it to Safety in Dutch Harbor within the city limits of unalaska Alaska Grande America Grande America caught fire on March 10th 2019 while on a journey from Casablanca Morocco to Hamburg Germany the ship carrying 26 crew members and one passenger sailed with cargo consisting of 2,100 Vehicles various types of vehicles carried by this ship ranged from Cars motor homes trucks buses Earthworks Machinery Western Goods transport vehic Les to 365 containers the ship also carried 45 17:07 hazardous material caros 16 of which were 16 different hazardous substances this massive fire occurred in containers on the ship's deck while the ship was sailing through the Bay of bisque about 140 nautical miles of the Southwest coast of Britany France the ship slowly sank Eastward in waterers 4,600 M deep on March 11th 27 people on board were rescued from lifeboats by the frigate HMS argil which was called to provide assistance and taken to the port of breast 18:03 on the same day the maritime prefect for the Atlantic ordered the operator galdi group to take all necessary actions to stop the dangerous situation caused by the ship in the French exclusive economic zone on March 13th a french navy reconnaissance aircraft saw a large oil spell about six M long and less than 1 mile wide in the wreck area as well as about 10 containers falling into the sea the maritime chief for the Atlantic ordered the pollution response ship Argonaut to be sent to the location and start spill response operations to address this about 10 ships were deployed to clean up the oil spill around the Grande America wreck 19:01 these ships consisted of ships owned or chartered by the French navy spanish-owned ships to ships owned by the European Maritime safety agency or emsa MV modern Grande America Express MV modern Express is is a pure car truck carrier or pctc type ship built in 2001 in South Korea and managed by cedo shipping this Panama registered ship experienced an incident on January 26th 2016 while on its way to laav France carrying 3,600 tons of Earth moving equipment trucks and 20:08 logs this accident was caused by strong winds that made Modern Express tilt 40° while sailing in the Bay of bisque about 150 nautical miles off the coast of Spain the Spanish Maritime safety and Rescue Agency known as salvamento maritimo immediately responded to the MayDay call from MV modern Express and that afternoon all 22 crew members were successfully rescued by two Spanish helicopters this operation was carried out quickly because the ship was in a state of drifting due to being Carried Away by strong currents and 21:04 winds there was great concern that this ship could run a ground and cause an environmental disaster when the weather improved on February 1st 2016 a second attempt by Smit Salvage successfully attached a toll line to MV modern Express the ship was towed to Bilbo Spain where it was straightened using its Ballance tanks for 3 weeks however in the end the modern Express Ship was repaired and sold to ship Breakers in Turkey MV Diamond Highway 22:06 built in 2004 MV Diamond highway is a car carrier with a dead weight of 19,000 tons and a capacity of 6,354 cars however on June 15th 2019 the ship previously known as utopia Ace experienced a fire incident while on its way from Singapore to the Philippines as many as 25 Diamond Highway crew members were forced to abandon ship and were then rescued by bulk carrier the ship burned for several days until the Philippine Coast Guard and local firefighters in the sebu region Central Philippines extinguished the 23:01 fire on MV Diamond Highway after being successfully extinguished the ship was tow to Batangas port and then reportedly be taken to keal Shipyard for repairs however in December 2021 MV Diamond Highway ran a ground due to Typhoon Ray which at that time hit parts of the Philippines and killed more than 400 [Music] people not only that the diamond Highway ship also caught fire again in Punta andano Lapu Lau City sebu on April 28th 2023 it was known that the fire occurred due to a crew member cutting scrap metal in the the right bow area the Coast Guard reported that the 24:04 scrap metal company supervisor said they had safely lowered all their personnel who had carried out scrap metal operations the Coast Guard labeled the incident as ongoing and issued regular progress updates as the event MV Honor unfolded MV honor this ship caught fire after departing Southampton England for Baltimore on February 24th 2017 the English Coast Guard said it had received notification at 3:45 a.m. and reported that the ship's fixed fire extinguishing system was used to extinguish the fire and the cargo space had been sealed the crew continued to monitor the cargo 25:02 area as the ship returned to Southampton under its own power and with full maneuverability the ship was planned to Anchor in the southeast of the aisle of white in the solent fortunately no crew members were injured from this incident for information MV honor was built in 1997 and is one of eight roro ships operated by Arc with ship management provided by toot te Services according to to these ships primarily trade between the US East Coast Gulf Coast and Northern Europe with additional routs between Asia and the US West Coast 26:00 arc's us flagged vessels are part of the maritime security program or MSP and support the US military as needed MV courage MV courage is a pctc type ship built in 1991 one basically pctc is a class of ship with a system that allows the ship to be quickly reconfigured to accommodate various caros and maximize lift capacity this system is permanently installed making it truly capable of operating independently on June 2nd 2015 the courage ship experienced a massive fire while 27:05 transiting from Bremer Haven Germany to Southampton England the accident caused severe damage to the ship's cargo space as well as the cargo of vehicles and household goods due to this incident the owner of MV courage suffered losses reaching $100 million and decided to dispose of the ship according to the investigation report conducted by the US national Transportation safety board or NTSB the most likely cause of This ship's fire was an electric arc on the automatic braking system or ABS module of the vehicles carried inside 28:01 although almost all the vehicles inside were burned the crews actions and extinguishing the fire were timely and appropriate crew and firefighting teams were deployed immediately after the general alarm sounded the captain Chief mate and chief engineer correctly assessed the danger and activated the CO2 fire extinguishing system which quickly put out the [Music] fire the firefighting team performed boundary Cooling and monitored the room temperature they didn't try to re access the space which could have caused Sparks there were no casualties and the ship was able to continue its journey to Port 29:03 MV Freemantle Highway lastly there is the car carrier MV free manle Highway that caught fire off the coast of amaland Island Netherlands on July 25th [Music] 20123 at that time the ship was on its way from Bremer Haven Germany to Port SED Egypt with Singapore as its final destination on this journey freemantle Highway carried about 3,000 vehicles that were likely to be sold in Asia this incident killed one sailor and injured 22 other crew members however several crew members managed to jump from a height of 100 ft into the 30:04 sea to escape the Flames the crew members also tried to extinguish the fire themselves but were overwhelmed and eventually had to flee according to observations from the Coast Guard the fire on this Panama flaged ship lasted for days the sides of the ship were sprayed with water to cool it but rescue ships avoided pouring too much water onto the ship due to the risk of sinking most likely the cause of This ship's fire was started from the electric car batteries carried by the ship

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