YM Efficiency loses cargo off NSW

YM Efficiency loses cargo off NSW

You may have seen over the weekend that there was a collapse of stow on board YM Efficiency affecting 83 containers, which were either lost overboard or badly damaged.

We understand that as a result of this incident, General Average may be declared by the carrier upon the vessel’s arrival at Port Botany, NSW.

This may result in a substantial General Average (GA) claim against everyone with interests in the cargo on the vessel, regardless of whether their cargo was one of the 83 consignments directly affected.

AlphaXO Risk Partners’ experienced claims team will be pleased to assist their cargo, container operators and logistics clients with any enquiries about General Average and requisite security demands for insured and uninsured consignments.

The event is a useful reminder of the value that having appropriate insurance for your cargo will not only cover the General Average costs but also additional costs related to getting your goods to where they need to go.

Read ABC news article