Superyachts & Salvage. The real life Examples of salvage cases - - PowerPoint PPT Presentation

Superyachts & Salvage. The real life

Examples of salvage cases and their management in the superyacht industry

London, November 27th, 2019

STIGE Maritime

• Salvage. Is the meaning clear?

STIGE Maritime

Salvage: the act of saving goods from damage or destruction, especially from a ship that has sunk or been damaged or a building that has been damaged by fire or a flood: “The company is going to finance not just the salvage, but also the cleanup.” “They mounted a salvage operation after the fire.”

Salvage is not Rescue

No ethical or moral implication

• Salvage. Just a contractual matter?

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CLAUSE 19 SALVAGE During the period of the Charter, the benefits, if any, from all derelicts, salvages and towages, after paying the Crew’s proportion, hire for the relevant period and expenses, shall be shared equally between the OWNER and the CHARTERER

• Salvage. The reward

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IMO International Convention on Salvage, 1989 Article 13 - Criteria for fixing the reward

• 1. The reward shall be fixed with a view to encouraging salvage operations, taking into account the

following criteria without regard to the order in which they are presented below: (a) the salved value of the vessel and other property; (b) the skill and efforts of the salvors in preventing or minimizing damage to the environment; (c) the measure of success obtained by the salvor; (d) the nature and degree of the danger; (e) the skill and efforts of the salvors in salving the vessel, other property and life; (f) the time used and expenses and losses incurred by the salvors; (g) the risk of liability and other risks run by the salvors or their equipment; (h) the promptness of the services rendered; (i) the availability and use of vessels or other equipment intended for salvage operations; (j) the state of readiness and efficiency of the salvor's equipment and the value thereof.

• 2. Payment of a reward fixed according to paragraph 1 shall be made by all of the vessel and other

property interests in proportion to their respective salved values. However, a State Party may in its national law provide that the payment of a reward has to be made by one of these interests, subject to a right of recourse of this interest against the other interests for their respective shares. Nothing in this article shall prevent any right of defence.

• 3. The rewards, exclusive of any interest and recoverable legal costs that may be payable thereon, shall not

exceed the salved value of the vessel and other property.

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Rescate = Rescue Salvamento = Salvage? Secours = Rescue Sauvetage = Salvage? Soccorso = Rescue Salvataggio = Salvage?

• Salvage. Everything clear?

Bote de salvamento = Lifeboat IMO: Convention internationale sur la recherche et le sauvetage maritimes (Convention SAR) Scialuppa di salvataggio = Lifeboat

STIGE Maritime

IMO, International Convention On Salvage, 1989

Article 16 - Salvage of persons 1. No remuneration is due from persons whose lives are saved, but nothing in this article shall affect the provisions of national law on this subject. 2. A salvor of human life, who has taken part in the services rendered on the occasion of the accident giving rise to salvage, is entitled to a fair share of the payment awarded to the salvor for salving the vessel or other property

• r preventing or minimizing damage to the

environment.

• Salvage. Everything clear?

Case study 1 – Monaco Grand Prix

STIGE Maritime

Key points:

• Dispatched by Coast Guard
• No immediate peril
• No risk for human life
• No risk of pollution
• No damage
• Fine weather
• Few hours of service
• Estimated value EUR 5.8 mio
• Claimed salvage compensation

EUR 280,000 Azimut 105 Length 31.4 m 2xMTU 16V2000 M91 – 1741 kW each Insured Value: EUR 7,800,000

STIGE Maritime

Case study 2 – “The Rock”

Ferretti 630 Length 19.5 m 2xMAN V12-1224, 900 kW each Estimated Value: EUR 3,500,000 Key points:

• Skilled and immediate

assistance

• Serious risk of sinking
• No risk for human life
• Risk of pollution
• Huge damage
• Fine weather
• Towed and hauled to

salvors’ facilities

• Guessed value in

damaged condition EUR 900,000

• Claimed salvage

compensation EUR 352,000

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Case study 3 – Dangerous nuns

Sanlorenzo SD92 Length 27.6 m 2xMAN D2842LE453 V12 – 882 kW each Insured Value: EUR 4,000,000 Key points:

• Difficult location
• Local pressures
• Sensitive area
• Unfavourable weather forecast
• Serious risk of being torn to pieces
• No risk for human life
• Risk of pollution
• Flooded in full
• Intervention by SNSM, volunteers

partly funded by French state

• CTL
• P&I Club attended to wreck

removal

• No salvage claimed due to

“bureaucratic burden”

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Case study 4 – Fire on board

Custom yacht Length 34.5 m 2xMercedes OM404, 350 kW each Insured Value: EUR 4,000,000 Key points:

• Intervention by Coast

Guard

• No immediate peril
• No risk for human life
• No risk of pollution
• Important but

manageable damage

• Fine weather
• Few minutes of service
• Yacht value EUR 4.0 mio
• Hoped salvage

compensation EUR 350,000

STIGE Maritime

Salvage cases: lessons learnt

 Training of crew/awareness of owners  How to deal with authorities/local expectations  To be fast and determined. Time plays a role and is against us  Be aware that in any case a lot of money is involved  To consider a standard salvage contract

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Superyachts & Salvage. The real life

STIGE Maritime – Alessio Gnecco

Molo Ponte Morosini 51 – Genoa (Italy) www.stige.co.uk

Thank you very much

STIGE Maritime

Alessio Gnecco Molo Ponte Morosini 51 Genoa – Italy

• www. stige.co.uk