The Bangladesh vessel wrecked by shelling in a Ukrainean seaport has war coverage that guarantees wide compensation, mostly from its London reinsurer, officials say.
Meanwhile, all but one of the sailors of Banglar Samriddhi, owned by Bangladesh Shipping Corporation, who were evacuated out of Ukraine into Romania, may come back home today (Wednesday).
An official at Sadharan Bima Corporation (SBC) Tuesday told the FE that the BSC has issued letter claiming compensation for the ill-fated vessel.
It has an insurance coverage worth US$ 22.4 million. And of the amount, 98 per cent were reinsured with London Lloyd, a globally reputed reinsurer.
"The vessel took the war-risk coverage before entering the war zone by giving extra premiums," says an official at the reinsurance department of the SBC. There are provisions of such facility applicable to the vessels.
The SBC official says they also have already informed the reinsurer of the war accident, which also took the life of the one sailor mentioned above.
He, however, says there are many procedures involved in getting the compensation. "The inspections through P & I club and others are going on."
The P & I club had a meeting few days back with BSC.
As a state-owned company the BSC is insured with the SBC.
The shipping corporation rented the vessel to Danish firm Delta Corporation. The bulk carrier arrived in Ukraine on February 22. Russia invaded the country on Feb 24 and a rocket struck the vessel on Mar 02, killing one of the Bangladeshi crew members.
The rest in the crew then abandoned the ship at Olivia port of Ukraine. They were moved out of Ukraine into Romania safely, and they might come back today, sources say.
In the strike the ship's navigation bridge got heavily damaged. Fire from the explosion also damaged other parts of the ship.
The BSC bought the ship for $26.3 million around three and a half years back. After depreciation, officials say, the ship is now worth $22.4 million.
The state shipping corporation has eight ships in its fleet- five oil tankers and three cargo vessels. Six of them, including Banglar Samriddhi, have been rented out to local and foreign firms. The two other ships are used as lighter vessels. The five oil tankers and three cargo vessels are insured with the SBC.
BSC is a listed company with the country's bourses. After the damage to the vessel the stock prices started falling. On Tuesday, its share closed at Tk 108 against Tk 115 on February 27 last.
