Attacked vessel in Strait of Hormuz awarded $10.98 million

Thai shipowner Precious Shipping has announced that it has received US$10.98 million in war risk insurance compensation for the total loss of its bulk carrier "Mayuree Naree", which was damaged in an attack in the Strait of Hormuz. The vessel came under attack on March 11 this year, subsequently caught fire and took on water, and eventually ran aground on the south coast of Iran's Qeshm Island, where it was declared a constructive total loss.

At the time of the incident, the 2008-built "Mayuree Naree" was attempting to transit the Strait of Hormuz in accordance with safety recommendations. At approximately 08:15 local time, the vessel was struck during its passage, with the engine room engulfed in flames and flooding occurring. There were 23 crew members on board, 20 of whom successfully evacuated and were rescued by the Royal Navy of Oman, before being returned to Thailand on March 16. A subsequent search recovered the bodies of three deceased crew members, which were repatriated to Thailand in early July.

Precious Shipping confirmed that it has received a total of US$10.98 million in war risk insurance payouts relating to the total loss of the vessel and statutory crew compensation. At the same time, the company incurred approximately US$1.26 million in expenses arising from the incident. As the vessel was in ballast at the time, no cargo claims have been filed.

Earlier, three surviving crew members filed a lawsuit against the company in the Labour Court of Thailand, alleging that the company failed to provide them with adequate protection. The lawsuit was filed in early July, and the company responded by stating that it had fulfilled its contractual obligations in accordance with the law, providing crew members with medical examinations, psychological counselling and emotional support, and adding that 17 survivors have now returned to work.

In addition to the lost "Mayuree Naree", another Precious Shipping bulk carrier, the "Hatthaya Naree" (39,000 deadweight tonnes, built in 2015), remains stranded in the Persian Gulf. The vessel's previous charter expired in March, and a new time charter contract was signed on June 24, but due to the continued tense security situation in the Strait of Hormuz, the ship has not yet been granted safe passage and remains in the area awaiting clearance. The company's current fleet stands at 41 vessels.