By
Adam Lawrence and Michele Witthaus |
Navy explosives experts blew holes in the hull of the Costa Concordia on Tuesday morning to assist divers searching the stricken vessel as the number of missing passengers and crew listed rose from 16 to 29.
It was also revealed on Tuesday that Dutch salvage company Smit had been contracted to remove the more than 2,000 tonnes of fuel from the ship, following concerns about a possible leak that had led to a boom being erected around the vessel to prevent any spillage spreading. Six people have been confirmed dead so far following the incident in which the Concordia ran aground and capsized off the Italian island of Giglio.
In compliance with financial disclosure requirements, Carnival announced on Monday: "The company has insurance coverage for damage to the vessel with a deductible of approximately $30 million as well as insurance for third party personal injury liability subject to an additional deductible of approximately $10 million for this incident. The company self-insures for loss of use of the vessel."
The Standard Club confirmed that it is the lead P&I insurer for the Concordia, and stated: "As well as supporting our member, we are giving the authorities full assistance in their response to the incident."
Initial investor response to the event was swift, with the London stock exchange reporting on Monday that shares in parent company Carnival had fallen 20 per cent since the vessel ran aground on Friday night. According to Lloyd's List, the company expects to lose $90m in its fiscal 2012 for the loss of the use of the vessel.
Costa Crociere has operated the 1,500-cabin vessel, built by Fincantieri, since taking delivery in 2006. The ship was the first of a series of three ordered by the line, including the Costa Favulosa and the Costa Fascinosa.