Attacked India-bound ship 'Mayuree Naree' fetches $11 million war-risk insurance payout

Months after the India-bound bulk carrier Mayuree Naree (IMO: 9323649) was attacked off the coast of Iran, it fetched its owner, Precious Shipping, a war-risk insurance payout of almost $11 million.

The Thai-flagged vessel later ran aground (got stuck in shallow waters) off Iran's Qeshm Island on March 27, where it has remained ever since, due to which it was declared a constructive total loss.

The Thai owners of the ship reported in an August 7 earnings call that the roughly $11 million payout included the full insured value of the vessel at $ 9.5 million, as well as a number of reimbursements.

This includes the compensation that Precious Shipping had paid to three of the ship's crew members who died after the attack, as well as the expenses and contractual payments made to the 20 crew members who were rescued and repatriated to Thailand.

The company added that the war-risk insurers are now trying to sell the bulk carrier on an "as-is-where-is basis", with all proceeds to go to the latter.

The attack on the 'Mayuree Naree'

The bulk carrier was struck by two projectiles of unknown origin on March 11, just after it crossed the Strait of Hormuz en route from the Dubai Anchorage to the Deendayal Port in Gujarat.

Precious Shipping said that this attack had caused a fire and damaged the engine room of the vessel.

Three people believed to have been trapped in the engine room at the time were later confirmed dead, while the 20 remaining crew members were safely evacuated to Oman.

India's Ministry of External Affairs (MEA) condemned the attack back then, and in general, attacks on commercial shipping amid the war in the Gulf, which is now past the four-month-mark.

"Precious lives, including of Indian citizens, have already been lost in multiple such attacks in the earlier phase of this conflict and the intensity and lethality of the attacks only seems to be increasing," MEA spokesperson Randhir Jaiswal had said in an X post.