Bloomberg Businessweek recently published a feature story on energy shipping company Maersk's line of cargo vessels that are each more than 1,300 feet long: bigger than the Titanic, as it points out in a graphic comparison. It raises a good point for those looking to cover all of their bases when it comes to their supply and transport lines: if marine cargo insurance is necessary even in normal operations, imagine how much more vital it becomes in the face of grand ventures of this nature.
This type of ship, known as the Triple-E, can, according to this report, carry roughly twice the cargo of a standard ship in its industry and costs $185 million per craft to build. Construction is undertaken by Korean company Daewoo, and it is already considered the largest specimen in its field, even though the first one was just launched earlier this year.
However, with greater capabilities come higher expenses, such as fuel, which the Triple-E attempts to balance by a reduced speed. Twenty different models of this ship are currently in production, which could mean that this extraordinarily heavy craft could begin setting standards for those looking to enhance their own shipping capabilities.
But if that's the case, then the boat insurance coverage needs of operators will most likely grow as well, with these large ships representing massive potential liabilities should something unexpected later go wrong. Every contractor and company involved with the production and maintenance of these kinds of vessels should be aware of the conditions they may need to respond to and the services available to them.