News & Events
NEWS | Sep 25

Post online – Europe: The cost of Concordia

The Costa Concordia cruise liner, which had been lying dormant off the Tuscan coast of Italy, has just had a rude awakening. The 952 foot-long wreck was put completely upright shortly after 2am GMT on Tuesday 17 September after an operation using cables and metal boxes filled with water rolled the ship onto a specially constructed undersea platform – a process known as parbuckling.

The ship, carrying more than 3200 passengers, ran aground on a reef near the Italian island of Giglio in January 2012. The cost of the disaster has been significant  32 people lost their lives, the ship was valued at $500m and, last month, Munich Re estimated the cost of removing the wreck would likely exceed $1.1bn.

Safety regulations
Nigel Russell, marine director at broker RFIB, concludes: “I think there have already been further rules and regulations in the EU that are due to come out on marine safety but that is a normal political response.”

For all that one can see, this appears to be human error a lack of judgement. How far you can go to completely take out the human error element of the risk is open to question.”

To view the article online click here