Car carrier in Jacksonville blaze declared constructive total loss

Written by Nick Blenkey
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[U.S. Coast Guard photo by Petty Officer 2nd Class Jessica Maldonado Gonzalez]

The car carrier Höegh Xiamen has been declared a constructive total loss following the fire that broke out onboard the vessel last month at Blount Island, Jacksonville, Fla.

The vessel was on bareboat charter to Höegh Autoliners from Ocean Yield ASA, which says it expects to receive insurance proceeds in the third quarter of about $26 million, which is close to the book value of the vessel. Ocean Yield’s net cash proceeds after repayment of debt related to the vessel will be about $8 million

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