Go Cargo Insurance News

Hyundai Fortune Catches Fire

The Hyundai Fortune caught fire last week in the Gulf of Eden, with hi-tech cargo on board estimated at upwards of $300 million by broker Aon. 

An explosion on 21 March ripped a hole in the side of the vessel, blowing between 60-90 cargo containers overboard.  Shipping newspaper Lloyd’s List reported the fire may have damaged one-third of the 5,000 containers, costing insurers up to $100 million.  Although the cause of the explosion is not currently known, one theory is that it originated in seven cargo containers of fireworks being carried.