Höegh Xiamen declared a constructive total loss –

Ocean Yield owned car carrier Höegh Xiamen has been declared a constructive total loss after a fire erupted onboard the vessel at Port of Jacksonville on June 5. The 4,900 ceu car carrier had been on bareboat charter to Höegh Autoliners.

During firefighting operations, an explosion onboard the ship injured eight firefighters.

Ocean Yield said it expects to receive insurance proceeds of around $26m, and net cash proceeds after repayment of debt related to the vessel will be about $8m.

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