On the call todayAdam Smallman, Head of ContentWally Mandryk, Market Intelligence ManagerDavid Osler, Industrial Editor
In the next 40 minutes we’ll…•   Probe vessel’s movements•   Compare the movements with others•   Understand casualties pa...
Our information• Lloyd’s List editorial team• Lloyd’s List Intelligence data, analysis• Unique use of AIS stations+Lloyd’s...
Concordia’s movements• The fateful voyage• Comparison to similar visit in August last year• Other Costa Crociere vessels m...
Vessel Movements
Vessel Movements
Vessel Movements
Vessel Movements
Vessel Movements
Vessel Movements
Movements Summary• Costa unusual in its vessels’ proximity to the island  versus other operators• But Concordia more frequ...
Casualties Backgrounder• Annually, some 60 cruise vessels out of 500-strong  fleet involved in casualties• Navigation inci...
Casualties Backgrounder• Navigation issues largest contributor to lives lost• External events (weather, piracy) a minority...
Casualties Backgrounder
Casualties Backgrounder
Casualties by company• Carnival, Royal Caribbean account for half of casualties but have  fleet share sub-30%• Pre-Concord...
Ownership backgrounder• Complex vessel/company linkages exist within  maritime• If analysing casualty and trend informatio...
Ownership
Insurance exposures• RSA surveyors not yet on board• Total loss or recovery decision on $550M vessel some  way off• Carpet...
Insurance exposures• Carnival P&I coverage somewhat unusual• Has ‘excess’ of $10M before P&I involvement• Then it’s split ...
Legislation Backgrounder• 1912: Titanic spelt Safety of Life at Sea convention• 1987: Herald of Free Enterprise saw adopti...
Legislation Outlook• US House Transportation and Infrastructure  Committee hearing launches next month• Italian government...
Legislation Focus?•   Stability standards•   Technical specifications•   Management procedures•   Lifeboat provision and r...
What Lloyd’s List will cover next• Carnival strategy: damage limitation, payout implications, the  Costa brand• Passenger ...
Need to know more?In the U.S? Speak with David Pender to get Lloyd’s List on your iPhone, iPad,desktop and e-maildavidpend...
www.lloydslist.com/ll/topic/costa-concordia/
Lloyd's List Costa Concordia webinar
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Lloyd's List Costa Concordia webinar

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Costa Concordia: what comes next?

Slides from the Lloyd's List Costa Conccordia webinar held on 27th January.

Webinar contents -

•Casualty trends at Costa Concordia and the cruise sector
•Who lies behind the corporate veil
•The entities behind the Costa brand name
•What the vessel movements data tells us
•What lies ahead on the story

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Lloyd's List Costa Concordia webinar

  1. 1. On the call todayAdam Smallman, Head of ContentWally Mandryk, Market Intelligence ManagerDavid Osler, Industrial Editor
  2. 2. In the next 40 minutes we’ll…• Probe vessel’s movements• Compare the movements with others• Understand casualties patterns• See complex ownership• Gauge salvage, legislation implications• Hear how Lloyd’s List will cover it next• Take questions
  3. 3. Our information• Lloyd’s List editorial team• Lloyd’s List Intelligence data, analysis• Unique use of AIS stations+Lloyd’s agents+satellite• Land-based stations used in Concordia case• Casualties data from our 24/7 alerting service• Analysis done by Wally, colleagues, journalists
  4. 4. Concordia’s movements• The fateful voyage• Comparison to similar visit in August last year• Other Costa Crociere vessels movements near Giglio• Previous Concordia voyages in the region• Other cruise ship movements in the region
  5. 5. Vessel Movements
  6. 6. Vessel Movements
  7. 7. Vessel Movements
  8. 8. Vessel Movements
  9. 9. Vessel Movements
  10. 10. Vessel Movements
  11. 11. Movements Summary• Costa unusual in its vessels’ proximity to the island versus other operators• But Concordia more frequent than other Costa vessels• Summer voyage last year looks pre-determined toward Giglio• Jan 13 voyage shows far later turn-in toward Giglio
  12. 12. Casualties Backgrounder• Annually, some 60 cruise vessels out of 500-strong fleet involved in casualties• Navigation incidents remain relatively high last year, though equipment failures fell sharply• Around 40% of cruise sector casualties feature vessels less than 10 years old – a surprise• Almost two-thirds involved in casualty were flagged with open registries (so-called ‘flags of convenience’)
  13. 13. Casualties Backgrounder• Navigation issues largest contributor to lives lost• External events (weather, piracy) a minority of incidents• Majority, including fatalities, occur on largest vessels (+40,000GT) Wally Mandryk, Market Intelligence Manager
  14. 14. Casualties Backgrounder
  15. 15. Casualties Backgrounder
  16. 16. Casualties by company• Carnival, Royal Caribbean account for half of casualties but have fleet share sub-30%• Pre-Concordia, 11 cruise ship fatalities since ’06 on seven vessels• But only two due to grounding• Including Concordia, half the eight vessels beneficially owned by Carnival• All were classed by respected International Association of Classification Societies Wally Mandryk, Market Intelligence Manager
  17. 17. Ownership backgrounder• Complex vessel/company linkages exist within maritime• If analysing casualty and trend information it is important to view incidents within the relevant ownership structures• Ownership structures in the Concordia case are best understood by visual representation
  18. 18. Ownership
  19. 19. Insurance exposures• RSA surveyors not yet on board• Total loss or recovery decision on $550M vessel some way off• Carpet alone valued at $4M• P&I exposure may be as high as $1B, with ~$100M for wreck recovery• U.S. class action may drive up costs• Regional impact (Tunisia proximity, others) may lift exposure• Will hull/machinery market harden?
  20. 20. Insurance exposures• Carnival P&I coverage somewhat unusual• Has ‘excess’ of $10M before P&I involvement• Then it’s split between Standard Club and Steamship Mutual (liable for $4M-a-piece before International Club)• International Club has $3.06B of coverage• If liability claims pass through $60M – likely? - International’s excess of loss reinsurance triggered• Total loss will hit P&I with wreck removal. Scrapped?• Carnival, other cruise firms costs to rise
  21. 21. Legislation Backgrounder• 1912: Titanic spelt Safety of Life at Sea convention• 1987: Herald of Free Enterprise saw adoption of Safety of Life at Sea amendments and new rules on ferry stability• 1989: Exxon Valdez oil spill resulted in Oil Pollution Act 1990• 1999: Erika sinking propelled EU-wide ban on single-hull tankers David Osler, Industrial Editor
  22. 22. Legislation Outlook• US House Transportation and Infrastructure Committee hearing launches next month• Italian government• E.U.• International Maritime Organization confirms Costa Concordia investigation findings to be eventually considered David Osler, Industrial Editor
  23. 23. Legislation Focus?• Stability standards• Technical specifications• Management procedures• Lifeboat provision and release times• Safety training of hotel staff• Timing of safety briefings• Proscription on sailing close to shore David Osler, Industrial Editor
  24. 24. What Lloyd’s List will cover next• Carnival strategy: damage limitation, payout implications, the Costa brand• Passenger ship safety standards, regulatory backlash, cost to industry• Insurers to reconsider their attitude to cruise ship risk?• Legal: flag state developments, criminal investigations, class actions, legal precedents• Size rethink: changes to salvage, safety procedures and even willingness to opt for giant vessels•
  25. 25. Need to know more?In the U.S? Speak with David Pender to get Lloyd’s List on your iPhone, iPad,desktop and e-maildavidpender@informausa.com +1 (212) 652 5332In Europe, Chris Rowe will helpchris.rowe@informa.com +44 (20) 701 74187In the U.S.? For movements data, analysis & insight from Lloyd’s ListIntelligence, speak with Brad Brownebrad.browne@informa.com +1 (646) 957 8968In Europe, Jonathan Fletcher will help:jonathan.fletcher@informa.com +44 (20) 337 73302
  26. 26. www.lloydslist.com/ll/topic/costa-concordia/

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