War Risk Insurance Pays $11M for Loss of Mayuree Naree
The Thai shipping company Precious Shipping reports it has received a payment of $10.98 million on the war risk insurance related to the bulker Mayuree Naree, which was destroyed during an attack in the Strait of Hormuz. The vessel, which later grounded in Iran, was declared a constructive total loss.
The 30,193-dwt bulker, which was built in 2008, was struck on March 11 by two projectiles. The company said the vessel had been following the safety advisories and was attempting to transit the Strait of Hormuz when it was struck at approximately 08:15 local time.
The attack caused a fire on the vessel in the engine room and flooding. A total of 20 of the 23 crew aboard were able to escape the ship and were rescued by the Royal Navy of Oman. They returned to Thailand on March 16.
Three seafarers were missing after the attack. The company had reported at the end of March that a specialized team searched the ship despite difficult conditions, including residual smoke, the fire damage in the engine room and surrounding compartments, and flooding. They were unable to locate the remains of the missing crew, but a second search days later located the crewmembers. The bodies were returned to Thailand at the beginning of July.
After the ship was abandoned, it continued to drift in the Strait. Iranian officials reported the ship had grounded in late March on the other side of the Strait. It was reported on the southern coast of Qeshm Island, north of Larak Island, under the control of the Iranians.
“The group received $10.98 million in war risk insurance proceeds relating to the vessel loss and statutory crew compensation,” the company said in its mid-year financial reports. It said that it had incurred an expense of $1.26 million from the incident, but that there were no cargo claims as the ship was sailing in ballast.
Three of the surviving crewmembers, however, have sued the company in the Labour Court in Thailand. The company acknowledges the suit, which was filed in early July with allegations that the company was not adequately providing for the survivors. The company said it had provided medical examinations, counseling, and psychological support while meeting its contractual obligations. Precious Shipping reports that 17 of the survivors have now returned to work.
that matters most
Get the latest maritime news delivered to your inbox daily.
The company, however, has a second ship still stuck in the Persian Gulf. It said in March a charter ended for the Hatthaya Naree (39,000 dwt). The Singapore-flagged vessel, which was built in 2015, was fixed on a new time charter on June 24, 2026. However, due to the continuing security situation in the Strait of Hormuz, the vessel remains in the region pending safe onward transit. Precious Shipping reports it has a total of 41 vessels after the loss of the Mayuree Naree.
The International Maritime Organization (IMO) listed the Mayuree Naree as one of a total of 64 confirmed incidents in the Strait of Hormuz and the Middle East since March. It calculates that 17 fatalities have been confirmed. There is no confirmed count on how many seafarers remain trapped in the region.
