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Norgas Cathinka detention costs IM Skaugen $6.7mNorgas Cathinka detention costs IM Skaugen $6.7m
The detention of the Norgas Cathinka following a collision in Indonesia Septmeber 2012 cost owners IM Skaugen $6.7m.
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The Norgas Cathinka collided with a 40-year ferry Bahuga Jaya on 26 September 2012 in Indonesia resulting in the loss of seven passengers and one crew member. The vessel and its crew were held for seven months before being released in April 2013.
“The ship and its crew were finally released after sitting in a ‘hostage’ like situation for more than seven months,” IM Skaugen said in its full year results announcement.
The company said the incident resulted in a $6.7m shortfall in EBITDA including loss of revenues, costs incurred, legal expenses to free the ship and its crew.
As a group IM Skaugen a profit of $18.4m in 2013, compared to a loss of $15.9m in 2012. However, the Norgas portion of its business saw EBITDA fall to $8.4m in 2013 compared to $24.1m a year earlier.
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