Lessons Learned From the Felicity Ace Disaster

In February, the 60,000 gt car carrier, Felicity Ace, caught fire and burned for over a week before recovery teams could board. After running aground while being towed to safety, the ship began to sink and is now two miles beneath the surface of the Atlantic Ocean. The crew safely abandoned ship but the loss of the vessel’s cargo, comprising close to 4,000 vehicles estimated at $330m and accounting for anticipated wreck salvage costs, the total damages arising out of the casualty are expected to fall just shy of $500m.