Investigations by Shipping Position Daily have revealed that the owners of the rogue vessel; MT Heroic Idun may have lost over $22.6 million in the last 283 days following the detention of the vessel by the Nigerian Navy from August 12 2022 till today (May 22 2023).
The losses are apart from the consequential damages to the Very Large Crude Carrier (VLCC), whose crew were also taken in by the Nigeria Navy. By our calculation, the vessel has so far spent 283 days in detention equivalent to over nine months.
The huge loss is computed based on data gathered by our correspondent from the Baltic Exchange time charter equivalent rate. The data revealed that the price of Very Large Crude Carrier (VLCC) spot rate to which the MT Heroic Idun belongs is about $80,000 per day from negative territory to a peak of nearly $80,000 a day within the period the vessel has been in detention.
The Heroic Idun (IMO: 9858058) according to a check by our correspondent has a current market value of $113.4 million and a demolition value of $23.8 million. The vessel is a Crude Oil Tanker built in 2020, that is about three years ago and sailing under the flag of Marshall has a carrying capacity is 299995 tons DWT and her current draught is reported to be 11 meters. Her length overall (LOA) is 336 meters and her width is 60 meters
Recall that the vessel was arrested in Equatorial Guinea on August 12, 2022 shortly after fleeing Nigerian waters, after a failed attempt to lift crude oil without clearance and also raising the alarm that sea pirates were pursuing it.
The Navy had moved the tanker from Bioko in Equatorial Guinea, where it was under arrest and returned it to Nigerian waters, where it was moored at the Bonny Offshore Terminal remaining at the exact position since the period of detention.
Seafarers including Masters Mariners who spoke to our correspondent noted that, aside the income the vessel may have lost within the period of detention, the vessel may have also suffered technical challenges by remaining in the exact same position for almost one year without being dry docked or serviced.
Speaking specifically, Capt. Tajudeen Alao; President of the National Association of Master Mariners (NAMM) expressed concern that the multi-million dollar vessel without crew to run the engines may likely deteriorate in such situation, adding that the owner is surely going to encounter technical challenges. He also expressed fears that the crew of the vessel, while being whisked away, may not have shut down the ship properly.
He said, “the detention is regrettable under normal circumstances but the ship and command committed an offence which the owners apologized for the infraction in Lloyd’s list.
“I think the Command did not handle the situation well; the crew I pity them, they might be treated as innocent seafarers, the ship without crew to run the engines, stood to deteriorate in such a situation. The owner is surely going to encounter technical challenges. I suspect that the crew being whisked away did not shut down the ship normally”.
Speaking also Capt. Alfred Oniye, a maritime security specialist and Secretary General, Merchant Seafarers Association of Nigeria, said removing the entire crew of the vessel is a violation of International Safety Standard. He stated that some of the crew members ought to have been left on the vessel to maintain the vessel and as well avoid disaster that may want to arise as a result of the vessel detention.
He said: “What do you expect when you keep an iron in salt water? Propeller is not rolling, there is no crew to maintain that vessel; definitely the ship will be in a mess, If we are to follow the safety procedure or safety standard, you don’t remove the Captain from the ship, when you arrest a ship either the Captain or the Chief Engineer you leave them on board of that vessel because anything can happen.
“So, for safety reasons, removing the entire crew is a violation of safety standards because if that ship sinks, it’s another disaster because it will block that channel and it will become another damage that NIMASA will need to start spending money on to remove the wrecks. So, by removing the whole crew, you are violating international safety standard. So, removing the entire crew is a safety disaster” he said.
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