Korean ship goes missing in Atlantic Ocean

Korean ship goes missing in Atlantic Ocean | Insurance Business

Korean ship goes missing in Atlantic Ocean
A very large ore carrier (VLOC) ship owned by Polaris Shipping of South Korea was reported missing on Friday while sailing past the coast of Uruguay in the Atlantic Ocean.
 
The ship, named Stellar Daisy, was built in 1993 and weighs 266,000 dwt. It was carrying 260,000 metric tons of iron ore when it left Brazil on March 26, sailing to China.
 
The vessel, which carried 24 crew members, went missing after its last contact on Friday. Two crew members have been rescued, but other lifeboats found in the area were empty or missing.

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The Stellar Daisy has protection and indemnity (P&I) insurance from Steamship Mutual, which is part of the 13-member International Group of P&I Clubs.
 
A marine surveyor based in Singapore told Platts that it is premature to make assumptions on the reasons behind the vessel’s disappearance, but he revealed that VLOCs can be vulnerable to “stability stress” issues.

“This incident is one of the most unfortunate ones. I can only think about stability stress having a role in this case. In most cases, during the docking of VLOCs, the class surveyor of the vessel will look for possible cracks on the vessel,” said the marine surveyor.


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