Bulker losses rise

According to dry bulk carrier owners association Intercargo there were 19 bulk carriers lost in 1998 – the highest total since 1991, and up from 12 in 1997. Eight were Actual Total Losses and other eleven were Constructive Total losses while the average age was 24 years.

A total of 87 lives were lost in 1998, also the highest total since 1991. Sinking/plate failure caused four of the losses, the second highest since 1991, as did groundings while three suffered engine room fires/explosions.

Between 1990 and 1998, sinking/plate failures caused the loss of 42 out of the 131 bulkers lost. All but three of the vessels lost last year were handysize – which account for almost half the fleet, with almost half twenty years of age or over.

Only one vessel, NYK`s `sea Prospect`, was under twenty years of age. The 1996-built vessel was lost after it capsized.