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The insurers of the ship and/or cargo would be paying to salvage whatever value they can extract from the wreck, to reduce their losses. You’re right about the
by gnu8 6y ago
The insurers of the ship and/or cargo would be paying to salvage whatever value they can extract from the wreck, to reduce their losses. You’re right about the non-zero chance of insurmountable loss, which is why the owner of the ship and the owner of the cargo would both have a shitload of insurance. Read about Lloyd’s and the shipping insurance business. People have been doing this for hundreds of years.
- nradov 6y agoThis salvage operation is far more expensive than the scrap value of the ship and cargo.
- gnu8 6y agoDefinitely, but it’s the difference between losing $100 million or $99 million. They’ve already sustained the loss, the only thing to do now is try and offset it.
- SAI_Peregrinus 6y agoBut less expensive than the fines they'd eventually accumulate leaving it there.
- bluGill 6y agoThere are also fines for polluting the water. It wouldn't surprise me if the harbor authority was also levying a daily fine for blocking access to the port.
- deleted 6y ago[deleted]