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Car carrier Höegh Xiamen declared constructive total loss after fire

Christian Fernsby ▼ | July 3, 2020
Höegh Xiamen car carrier has been declared "a constructive total loss" following a fire that broke out on the vessel in early June in Jacksonville, USA.
Höegh Xiamen
Fire   Höegh Xiamen
Höegh Xiamen is a car carrier owned by Ocean Yield ASA and employed on a bareboat contract to Höegh Autoliners.

Topics: Höegh Xiamen

Ocean Yield on Friday said the vessel had been declared a total loss following a fire that broke out onboard the vessel in early June in Jacksonville, USA. During the initial response, several firefighters sustained serious injuries.

Ocean Yield expects to receive insurance proceeds in Q3 2020 of about USD 26 million, which is close to the book value of the vessel. The net cash proceeds after repayment of debt related to the vessel will be about USD 8 million.


 

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