BSC gets $14.37m payout for vessel hit by missile in Ukraine

The Sadharan Bima Corporation has paid the $14.37 million insurance claim to the Bangladesh Shipping Corporation (BSC) for the MV Banglar Samriddhi ship, which has been abandoned in Ukraine after a missile attack.

The hull insurer of the ship on 21 March paid the money equivalent to the market price of the damaged ship to the shipping corporation, the owner of Banglar Samriddhi, reads a press release issued on Friday.

The state-owned oceangoing ships management authority on 8 March last year, made an insurance claim of around $22.8 million from the Sadharan Bima Corporation, which insured the hull of the ship.

During the issuance claim, the BSC gave a formal Notice of Abandon (abandoned) to the issuer, and presented a Constructive Total Loss (CTL) claim, read the press release.

As per the Blocking & Trapping Clause of the insurance contract, the BSC was paid $14.37 million in compensation, excluding insurance premiums, from the claimed amount.

Banglar Samriddhi, a bulk carrier of the BSC, was anchored at Alvia port in Ukraine on 22 February last year, and the Ukraine- Russia War began on 24 February. The ship could not leave the port for its closure due to the laying of mines at the entrance, and the lack of permission from the port authorities.

The Bangladeshi ship was hit by a missile at the Ukrainian port on 2 March last year during the Ukraine war, killing Hadisur Rahman, the third engineer of the ship, and leaving all navigation tools including the bridge room completely damaged.

With the help of the Ministry of Shipping, Ministry of Foreign Affairs, and Bangladesh Embassies in Poland and Romania, BSC was able to bring sailors of the ship back to the country on 9 March of that year, and the deceased engineer Hadisur's body on 14 March.

On 16 June last year, the Ministry of Shipping paid a total compensation of Tk7 crore to the affected sailors and their families.