Base case: current Hapag-Zim deal falls at Golden Share hurdle
Israel holds the key
EXPD: QUOTE OF THE WEEKVW: MASSIVE JOB CUTSFDXF: FIRST TRADING UPDATE EXPD: MORE BULLISH THAN BEARISHFWRD: HUNTING FOR VALUEFDX: CAPITAL STRUCTURE ADJUSTMENTPLD: DOWN SHE GOESPLD: REIT DEAL-MAKINGFDX: HOLDING UPVW: BIG DIVESTMENTAMZN: AI INVESTMENTMAERSK: ANOTHER UPGRADE GXO: CONTRACT RENEWALFDX: SELL-SIDE REACTION TO INTERIMS
EXPD: QUOTE OF THE WEEKVW: MASSIVE JOB CUTSFDXF: FIRST TRADING UPDATE EXPD: MORE BULLISH THAN BEARISHFWRD: HUNTING FOR VALUEFDX: CAPITAL STRUCTURE ADJUSTMENTPLD: DOWN SHE GOESPLD: REIT DEAL-MAKINGFDX: HOLDING UPVW: BIG DIVESTMENTAMZN: AI INVESTMENTMAERSK: ANOTHER UPGRADE GXO: CONTRACT RENEWALFDX: SELL-SIDE REACTION TO INTERIMS
The fire-stricken box ship Wan Hai 503 is seeking an alternative ‘port of refuge’ after Sri Lanka joined India in denying entry to its gateways.
Explosions erupted on the Singapore-flagged vessel in early June, close to the coast of Kerala in southern India, sparking a blaze that burned for almost two months, causing the loss of four sailors, presumed dead.
The 4,300 teu vessel had been en route from Colombo to Nhava Sheva port on a joint service with Hapag-Lloyd, Evergreen, and Interasia Lines.
An update this morning noted the vessel was 130 nm from the Indian coas and Hapag-Lloyd said:, The request for a port of refuge in Sri Lanka has been declined by the authorities, [the] vessel will have to be towed outside Sri Lanka’s exclusive economic zone”.
The carrier added: “Discussions are under way to determine the most effective towing arrangements to reduce risks and minimise transit time. Possible destinations are still being evaluated.”
Following the decision of India to refuse the ship a port of refuge, the obvious move was to request the Sri Lankan authorities to use China Merchants-operated Hambantota International.
While it was reported that China Merchants was keen to facilitate this, suggestions were that repercussions of the sinking of the X-Press Pearl four years ago was putting the authorities off. That incident led to widespread economic harm and environmental pollution, with Sri Lankan courts now seeking $1bn in compensation from the vessel’s owners.
The 2005-built Wan Hai 503 carried some 650 boxes, as many as 157 containing goods falling under the IMDG category. A source told The Loadstar at the time that around 50 boxes had fallen overboard, with subsequent reports suggesting the remaining cargo has been destroyed.
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