Legal Law

Statistics of the week: it’s time to talk about the law of the sea

The owners and insurers of the grounded container ship Ever Given, which trades an estimated $ 400 million an hour, are facing reports this week with far-reaching potential claims.

The BBC found today that the stranded ship is delaying an estimated $ 9.6 billion worth of goods on a daily basis, and experts say it could take weeks for the ship to be freed.

Grounding-related claims could be as varied as lost revenue for the canal, cost of salvage, damage to the canal itself, and losses related to perishable goods, experts recently told Reuters.

An anonymous shipping attorney speaking to the publication put it this way:

It is possibly the world’s largest container ship disaster without a ship popping.

In an interview with Law.com, ocean freight attorney Ian Woods of Clyde & Co. gave some insight into how broad the legal issues involved could be:

In relation to these container ship casualties, there is the potential of 20,000 containers on board. Each container could potentially have a different cargo owner, cargo insurer, and cargo interest, and all contracts for the carriage of goods on board the ship could be subject to many different laws and jurisdictions.

In theory, this incident could result in up to 20,000 different claims being tried in many different jurisdictions around the world, and there is a possibility that many different law firms in different countries could become involved and briefed once those claims went up and down are the contractual chains involved. They are quite complicated in that regard.

The Suez Blockade holds up $ 9.6 billion worth of goods every day [BBC]Blasted Suez shipowners, insurers face millions of claims [Reuters]
Suez Drama: Legal ramifications will be exponential, lawyers say [Law.com]

Jeremy Barker is the Director of Content Marketing for Breaking Media. Feel free to email him with questions or comments and connect on LinkedIn.

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