Car Carrier Höegh Xiamen Declared Constructive Total Loss After Fire

Höegh Xiamen is a car carrier owned by Ocean Yield ASA (“Ocean Yield”) and employed on a bareboat contract to Höegh Autoliners. The vessel has been declared a constructive total loss following a fire that broke out on board the vessel in early June in Jacksonville, USA.

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.

Reference: oceanyield.no

Background:

Watch: 9 Firefighters Injured While Fighting Fire Onboard Vessel Höegh Xiamen In Florida

Nine firefighters got injured while fighting a fire aboard a ship in Florida. According to reports, they have been hospitalized after suffering injuries from an explosion on board. The ship was planned to leave the Jacksonville area when the explosion occurred.

Jacksonville Fire and Rescue tweeted about the explosion and the injuries shortly after 7 p.m. First Coast News reported that the Norwegian vessel was carrying old and used cars and was scheduled to leave Jacksonville.

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