High Shipping Costs Are Here to Stay Says Bloomberg
By Henry Ren (Bloomberg) Stubbornly high shipping expenses for businesses are getting sealed into contracts for the next 12 months, forcing companies to pass the extra costs on to consumers....
The Australian Maritime Safety Authority (AMSA) said today that it has contracted Titan Salvage to remove the wreckage of the M/V Tycoon from the cliffs of Christmas Island and work will begin immediately.
The Panamanian-flagged M/V Tycoon broke free its moorings in severe weather on January 8 and grounded along the cliffs on Christmas Island. The vessel had approximately 102 tons of intermediate fuel oil, 11,000 liters of lubricant oil, 32 tons of diesel oil and approximately 260 tons of phosphate onboard when she grounded.
Since the grounding, the vessel has been left untouched and deteriorating by its registered owners, Singapore’s Tycoon Navigation SA, who is ultimately responsible for the removal.
Fed up with inaction of the company, the Australian Government in April announced that it was stepping in to take over the removal of wreckage after funding for the operation was approved. The government added that it will take action to recover those costs from the vessels owner.
The operation to remove the wreckage is expected to take eight weeks.
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