Ocean Yield declares fire-stricken Höegh Xiamen “total constructive loss”
Norwegian shipowner Ocean Yield has declared the car carrier Höegh Xiamen a total constructive loss following a fire that broke out on board the vessel in early June 2020 in Jacksonville, Florida.
The vessel’s entire 21-strong crew were safely evacuated shortly after the blaze had ignited on board at around 15:53 local time on June 4.
The fire was finally extinguished eight days later on June 12.
Ocean Yield expects to receive insurance proceeds of about US$26 million in the third quarter of 2020. The net cash proceeds after repayment of debt related to the vessel will be about US$8 million.
Höegh Xiamen was employed on a bareboat contract to Höegh Autoliners when the incident occurred.