4 ms·
If the fines and damages are not paid then perhaps the ship and its cargo are liquidated?
by willvarfar 2y ago
If the fines and damages are not paid then perhaps the ship and its cargo are liquidated?
- mschuster91 2y agoThe problem is, the oil tankers are single wall, shoddily maintained, probably contaminated with all sorts of nasty stuff and with barely any history records. These things are effectively floating time bombs - assuming you can find a buyer for the seized cargo given the lack of paperwork in the first place, you need to sell the ship for scrap because it's nowhere near seaworthy (remember: single wall, no Western insurer will handle that), and that costs a loooot of money if you are a Western country and can't just haul it off to Alang [1] or whatever place and let others deal with the fallout. [1] https://www.bbc.com/news/uk-56196069 https://www.bbc.com/news/uk-56196069