The car carrier Hoegh Xiamen declared a constructive total loss after fire

03 Jul 2020

Hoegh Xiamen is a car carrier owned by Ocean Yield ASA ("Ocean Yield") and employed on a bareboat contract to Hoegh Autoliners.

The vessel has been declared a constructive total loss following a fire that broke out onboard the vessel in early June in Jacksonville, USA.

Ocean Yield expects to receive insurance proceeds in Q3 2020 of about USD 26 million, which is close to the book value of the vessel.

The net cash proceeds after repayment of debt related to the vessel will be about USD 8 million.

Ocean Yield ASA press release