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Report: South Korea tanker explosion could lead to $70M marine hull loss

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Report: South Korea tanker explosion could lead to $70M marine hull loss

The marine hull market could face up to $70 million in losses following a tanker explosion in South Korea, The Insurance Insider reported.

An explosion occurred on the Stolt Groenland while it was docked at Yeompo Quay in the port of Ulsan on Sept. 28. All crew members were evacuated from the vessel, with one suffering minor injuries.

It is unclear if the damage will constitute a total loss, but insurers will be liable for more than $70 million in payment if it does, according to the report, citing sources in the London market. Norway-based Gard AS leads the hull and machinery policy, according to the report.

Stoelt Groenland is operated by Stolt Tankers, a subsidiary of Stolt-Nielsen Ltd.