12/25/2022 0 Comments Forward ever forward![]() In his letter to Evergreen requesting the $100 million fund, Maryland Comptroller Peter Franchot wrote that “the incident has caused … environmental damage to the Chesapeake Bay” and that the ship “getting stuck in our waters undoubtedly has resulted in disruptions to the Bay’s fragile ecosystem.” “The actual battle wouldn’t be finished for a year or two or three, but the purpose of providing guarantees or cash deposits is that you get your cargo first, and you argue later,” said Jai Sharma, the head of marine cargo casualty practice at Clyde & Co., a London-based law firm that represents some of the insurance companies with cargo on the Ever Forward.Īnd although there were “no known fuel releases or pollution events,” per the Maryland Department of the Environment, the environmental impact has yet to be fully evaluated. General Average adjusters (a third party appointed by the ship owner) then determine how much each party owes, and attorneys who represent the cargo owners may negotiate that figure with the ship owner. ![]() ![]() So, though Evergreen will initially pay Donjon-SMIT, the salvor, for the full cost of the salvage, Evergreen will seek compensation from the hundreds, if not thousands, of cargo owners.Īs long as those cargo owners or their insurance companies pay a security deposit or bond - a concept similar to collateral - they will receive their cargo promptly. The amount each party pays is pro-rated by value, and because cargo is typically more valuable than the ship itself, oftentimes a ship owner pays less than half of the salvage cost. ![]() Evergreen, the Taiwanese shipping company, owns the Ever Forward, which sails under the Hong Kong flag, but that doesn’t mean the final cost of the salvage operation will fall squarely on the company’s shoulders.Īfter two failed refloating attempts in late March, Evergreen declared General Average, a standard of maritime law that requires all stakeholders in sea cargo, including the cargo owners, share in the cost of emergency salvage operations. ![]()
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