Golden Ray Removal Claim Likely to Exceed $400 Million

Updated: November 18, 2020 (Originally published May 27, 2020)

The removal of the overturned Golden Ray in St. Simons Sound, Georgia is likely to top $400 million, according to the insurer handling the claim. 

The price tag easily puts the wreck removal as one of the biggest salvage jobs in U.S. history. 

In its annual review, P&I club North P&I said the gross claim figure for the Golden Ray is expected to be in excess of $400 million, making it one of the biggest claims ever handled by the International Group of P&I Clubs, which is made up of thirteen clubs providing marine liability coverage for approximately 90 percent of the world’s ocean-going tonnage.

The Golden Ray was carrying about 4,200 vehicles when it lost stability and grounded as it departed the Port of Brunswick back in September 2019. All vehicles remain inside the ship’s cargo holds.

The salvage of the vessel will involve cutting the wreck into large sections and removing them using the heavy lift catamaran VB-10,000. An environmental protection barrier has been constructed around the wreck to mitigate pollution to the surrounding waters.

The Golden Ray salvage is being led by T&T Salvage. 

So far a definitive timeline for the wreck’s removal has not been provided.

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