Thai shipping company Precious Shipping has received nearly $11 million in war-risk insurance compensation after its bulk carrier Mayuree Naree was attacked off Iran earlier this year and subsequently declared a constructive total loss.
The Thai-flagged vessel, IMO 9323649, was struck by two projectiles on March 11, shortly after crossing the Strait of Hormuz while sailing from Dubai Anchorage to Deendayal Port in Gujarat. The attack triggered a fire and caused significant damage to the vessel’s engine room.
Three crew members who were believed to have been trapped inside the engine room were later confirmed dead, while the remaining 20 crew members were rescued and repatriated to Thailand.
The vessel later ran aground off Qeshm Island, Iran, on March 27, where it has remained stranded. With the ship unable to return to service, it was declared a constructive total loss, meaning the cost or circumstances of recovery and repair made it uneconomical to restore the vessel.
During an earnings call on August 7, Precious Shipping said the insurance settlement of approximately $11 million included the vessel’s full insured value of $9.5 million, along with additional reimbursements.
These included compensation paid by the company to the families of three crew members who died in the attack, as well as expenses and contractual payments associated with the 20 crew members who were rescued and returned to Thailand.
Precious Shipping said the war-risk insurers are now seeking to sell Mayuree Naree on an “as-is-where-is” basis, with the proceeds from the sale going to the insurers.
The incident highlights the growing risks faced by commercial shipping operating through the Strait of Hormuz and surrounding waters, amid continuing regional tensions and attacks on merchant vessels.
India’s Ministry of External Affairs had condemned the attack following the incident. MEA spokesperson Randhir Jaiswal had said that Indian citizens had previously lost their lives in attacks during the conflict and warned that the intensity and lethality of attacks on commercial shipping appeared to be increasing.
The Mayuree Naree incident also underscores the mounting financial and operational exposure for shipowners, insurers and seafarers as geopolitical tensions disrupt one of the world’s most strategically important maritime corridors.