Wreck Removal - More Expensive Nowadays

By Finance

Reports from insurers showed that wreck removals are more expensive because of the fact that nowadays ships are bigger and bigger.
Dealing with shipwrecks becomes a challenge. Removal costs burden is passed to insurers, reinsurers and ship owners.
Recent years example for expensive wreck removals are the ship Rena(sank in New Zealand in 2011). Cost for removing the container ship is estimated to $240 million. Another tragic example is Costa Concordia wreck removal is still in progress.
Lloyd informed that the total amount of money for the last 10 years for the 20 most expensive wreck removals is estimated in $2.1 bn. Vessels grow in size, cargo volumes are rising and wreck removal costs are rising too. 10-12 years agoo a large container ship carried 5,000 TEU today the capacity is 16,000 TEU.